U.S. Auto Parts Network Inc. (PRTS, Financial) filed Quarterly Report for the period ended 2012-09-29.
U.s. Auto Parts Network, Inc. has a market cap of $91.1 million; its shares were traded at around $2.9 with and P/S ratio of 0.3.
Net sales decreased $5.6 million, or 7.1%, for Q3 2012 compared to Q3 2011. Our Q3 2012 net sales consisted of online sales, representing 90.8% of the total (compared to 94.0% in Q3 2011), and offline sales, representing 9.2% of the total (compared to 6.0% in Q3 2011). The net sales decrease was primarily due to a decline of $7.6 million, or 10.2%, in online sales, partially offset by a $2.0 million, or 42.0%, increase in offline sales. Online sales decreased primarily due to a 9.5% reduction in e-commerce unique visitors and a decline in average order value by 5.4%, partially offset by an increase of 2.8% in revenue capture (revenues retained after taking into consideration returns, credit card declines and product fulfillment). Our online sales consist of our e-commerce, online marketplace sales channels and online advertising. Our e-commerce channel includes our e-commerce websites supported by our call-center sales agents who generate cross-sell and up-sell opportunities. Our online marketplaces consist primarily of auction and other third-party websites. Online advertising is sold on our e-commerce websites. Our offline sales, which consist of our Kool-Vue and wholesale operations, continued to show solid growth.
Net sales decreased $8.7 million, or 3.5%, for the thirty-nine weeks ended September 29, 2012 (YTD Q3 2012), compared to the thirty-nine weeks ended October 1, 2011 (YTD Q3 2011). Our YTD Q3 2012 net sales consisted of online sales, representing 92.3% of the total (compared to 94.1% in 2011), and offline sales, representing 7.7% of the total (compared to 5.9% in 2011). The net sales decrease was primarily due to a $12.4 million, or 5.3%, decrease in online sales, partially offset by a $3.7 million, or 25.3%, increase in offline sales. Online sales decreased primarily due to lower e-commerce unique visitors and average order value. Our offline sales continued to show solid growth.
Total marketing expense decreased $1.1 million, or 7.8%, for Q3 2012 compared to Q3 2011. Online advertising expense, which includes catalog costs, was $5.0 million, or 7.5%, of online sales for Q3 2012, compared to $7.0 million, or 9.7%, of online sales for Q3 2011. Marketing expense, excluding online advertising, was $7.9 million, or 10.9%, of net sales for Q3 2012, compared to $7.0 million, or 8.9%, of net sales for Q3 2011. Online advertising expense decreased primarily due to reduced catalog advertising costs of $0.9 million and non-catalog online adverting expenses (including listing and placement fees paid to commercial and search engine websites) of $1.1 million. Marketing expenses, excluding online advertising, increased primarily due to higher depreciation and amortization expense related to software deployments.
Total marketing expense decreased $2.6 million, or 6.2%, for YTD Q3 2012 compared to YTD Q3 2011. Online advertising expense, which includes catalog costs, was $16.3 million, or 7.3%, of online sales for YTD Q3 2012, compared to $21.6 million, or 9.2%, of online sales for YTD Q3 2011. Marketing expense, excluding online advertising, was $23.0 million, or 9.6%, of net sales for YTD Q3 2012, compared to $20.4 million, or 8.2%, of net sales for YTD Q3 2011. Online advertising expense decreased primarily
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U.s. Auto Parts Network, Inc. has a market cap of $91.1 million; its shares were traded at around $2.9 with and P/S ratio of 0.3.
Highlight of Business Operations:
We reported net sales for the third quarter ended September 29, 2012 (Q3 2012) of $73.0 million compared with the third quarter ended October 1, 2011 (Q3 2011) net sales of $78.6 million, a decrease of 7.1% from Q3 2011 net sales. Q3 2012 net loss was $2.7 million, or $0.09 per share, compared with Q3 2011 net loss of $5.3 million, or $0.17 per share. We generated Adjusted EBITDA (EBITDA plus current periods share-based compensation, loss on debt extinguishment, legal costs to enforce intellectual property rights and restructuring costs) of $2.7 million for Q3 2012 compared to $3.1 million for Q3 2011, a decrease of 14.1% from Q3 2011. Adjusted EBITDA is presented because such measure is used by rating agencies, securities analysis, investors and other parties in evaluating the Company. It should not be considered, however, as an alternative to operating income as an indicator of the Companys operating performance or as an alternative to cash flows as a measure of the Companys overall liquidity as presented in the Companys consolidated financial statements. Further, the Adjusted EBITDA measure shown for the Company may not be comparable to similarly titled measures used by other companies.Net sales decreased $5.6 million, or 7.1%, for Q3 2012 compared to Q3 2011. Our Q3 2012 net sales consisted of online sales, representing 90.8% of the total (compared to 94.0% in Q3 2011), and offline sales, representing 9.2% of the total (compared to 6.0% in Q3 2011). The net sales decrease was primarily due to a decline of $7.6 million, or 10.2%, in online sales, partially offset by a $2.0 million, or 42.0%, increase in offline sales. Online sales decreased primarily due to a 9.5% reduction in e-commerce unique visitors and a decline in average order value by 5.4%, partially offset by an increase of 2.8% in revenue capture (revenues retained after taking into consideration returns, credit card declines and product fulfillment). Our online sales consist of our e-commerce, online marketplace sales channels and online advertising. Our e-commerce channel includes our e-commerce websites supported by our call-center sales agents who generate cross-sell and up-sell opportunities. Our online marketplaces consist primarily of auction and other third-party websites. Online advertising is sold on our e-commerce websites. Our offline sales, which consist of our Kool-Vue and wholesale operations, continued to show solid growth.
Net sales decreased $8.7 million, or 3.5%, for the thirty-nine weeks ended September 29, 2012 (YTD Q3 2012), compared to the thirty-nine weeks ended October 1, 2011 (YTD Q3 2011). Our YTD Q3 2012 net sales consisted of online sales, representing 92.3% of the total (compared to 94.1% in 2011), and offline sales, representing 7.7% of the total (compared to 5.9% in 2011). The net sales decrease was primarily due to a $12.4 million, or 5.3%, decrease in online sales, partially offset by a $3.7 million, or 25.3%, increase in offline sales. Online sales decreased primarily due to lower e-commerce unique visitors and average order value. Our offline sales continued to show solid growth.
Total marketing expense decreased $1.1 million, or 7.8%, for Q3 2012 compared to Q3 2011. Online advertising expense, which includes catalog costs, was $5.0 million, or 7.5%, of online sales for Q3 2012, compared to $7.0 million, or 9.7%, of online sales for Q3 2011. Marketing expense, excluding online advertising, was $7.9 million, or 10.9%, of net sales for Q3 2012, compared to $7.0 million, or 8.9%, of net sales for Q3 2011. Online advertising expense decreased primarily due to reduced catalog advertising costs of $0.9 million and non-catalog online adverting expenses (including listing and placement fees paid to commercial and search engine websites) of $1.1 million. Marketing expenses, excluding online advertising, increased primarily due to higher depreciation and amortization expense related to software deployments.
Total marketing expense decreased $2.6 million, or 6.2%, for YTD Q3 2012 compared to YTD Q3 2011. Online advertising expense, which includes catalog costs, was $16.3 million, or 7.3%, of online sales for YTD Q3 2012, compared to $21.6 million, or 9.2%, of online sales for YTD Q3 2011. Marketing expense, excluding online advertising, was $23.0 million, or 9.6%, of net sales for YTD Q3 2012, compared to $20.4 million, or 8.2%, of net sales for YTD Q3 2011. Online advertising expense decreased primarily
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