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Kaboose Reports First Quarter 2009 Results

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^{Published in Science and Technology on Wednesday, May 13th 2009 at 5:40 GMT, Last Modified on 2009-11-02 15:23:40 by Market Wire}  

 TORONTO, May 13 /CNW/ - Kaboose Inc. (TSX: KAB), one of the largest family-focused new media companies in the world, today announced financial results for its first quarter of fiscal 2009 ended March 31, 2009. Financial Highlights for the Quarter - Revenue in the first quarter was $16.75 million, compared to $16.30 million in the same quarter last year, an increase of 3%; - EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation, restructuring and other non-recurring charges) was $2.76 million, compared to $1.44 million in the same quarter last year (after adjustment for discontinued operations), an increase of 92%; - Net loss for the quarter was $4.91 million or $0.03 per share, compared to a loss of $3.79 million or $0.03 per share in the first quarter of fiscal 2008; net loss for the first quarter of fiscal 2009 included amortization related to previous acquisitions of $3.26 million and restructuring and other non-recurring charges of $2.07 million, compared to amortization of $3.52 million and restructuring and other non-recurring charges of $1.34 million in the first quarter of 2008; and - Balance sheet as at March 31, 2009 remains strong with cash and cash equivalents totaling $13.21 million and bank debt totaling $18.27 million. Operational Highlights for the Quarter - On March 31, 2009, Kaboose entered into two separate agreements which would effect the sale of the Company's UK business, Bounty Group Limited, to a company controlled by funds managed by Barclays Private Equity Limited ("BPE") and the sale of the Company's North American assets to Disney Online, a unit of Disney Interactive Media Group segment. - On February 9, 2009, the Company sold its Birthday in a Box subsidiary; Financial Summary ------------------------------------------------------------------------- Three-month period Income Statement Data ended March 31 (in $ millions) 2009 2008(1) ------------------------------------------------------------------------- Revenue $16.75 $16.30 EBITDA(2) 2.76 1.44 Net loss (4.91) (3.79) ------------------------------------------------------------------------- (1) 2008 results revised to reflect discontinued operations. (2) Reconciliation of EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation, restructuring and other non-recurring charges), as reported above, to generally accepted accounting principles (GAAP). Loss for the three-month periods ended March 31, 2009 and 2008 are shown below (all numbers expressed in millions). ------------------------------------------------------------------------- Three-month period ended March 31 (in $ millions) 2009 2008(1) ------------------------------------------------------------------------- Net loss $(4.91) $(3.79) Add/(Deduct) Income tax expense (recovery) 0.59 (0.77) Interest, net 0.47 0.36 Amortization 3.26 3.52 Restructuring and other non-recurring charges 2.07 1.34 Foreign currency gain - (0.14) Stock-based compensation 1.02 1.07 Loss from discontinued operations 0.26 (0.15) ------------------------------------------------------------------------- EBITDA(2) $2.76 $1.44 ------------------------------------------------------------------------- (1) 2008 results revised to reflect discontinued operations. (2) Kaboose presents EBITDA information as a supplemental figure because management believes it provides useful information regarding operating performance. EBITDA is not a recognized measure under Canadian GAAP, does not have standardized meaning, and is unlikely to be comparable to similar measures used by other companies. Accordingly, investors are cautioned that EBITDA should not be construed as an alternative to net earnings or loss determined in accordance with GAAP as an indicator of the financial performance of the Company or as a measure of the Company's liquidity and cash flows. About Kaboose Inc. Kaboose Inc. is a global media company fully dedicated to meeting the needs of moms and their families. Kaboose ranks as one of the world's top five family destinations and is a respected leader in the online parenting category in three of the largest English speaking countries - the United States, Canada and the United Kingdom. Kaboose provides parents with an extensive array of relevant information, resources, tools and community that support their efforts during the parenting life cycle. Kaboose's websites include its award-winning flagship, Kaboose.com, which gives moms the tools they need to plan an active, healthy and rewarding family life; Bounty, the UK's favourite parenting club, providing information, support and products for young families; BabyZone.com, serving the needs of expectant and new moms; ParentZone.com, a family-focused local resource and event site; AmazingMoms.com, providing simple and easy solutions for birthday parties, family crafts and special occasions; and Funschool.com which promotes learning while helping kids have fun. Kaboose trades on the Toronto Stock Exchange under the symbol "KAB". This document may contain forward-looking statements, relating to Kaboose Inc.'s operations or to the environment in which it operates, which are based on Kaboose Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Kaboose Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Kaboose Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

For further information: Jonathan Pollack, Chief Financial Officer, TEL: (416) 593-3000, FAX: (416) 593-4658