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/C O R R E C T I O N -- U.S. Auto Parts Network, Inc./

In the news release, U.S. Auto Parts Network, Inc. Reports Second Quarter 2014 Results, issued 05-Aug-2014 by U.S. Auto Parts Network, Inc. over PR Newswire, we are advised by the company that in the "Q2 2014 Financial Highlights" section, the third bullet reading "Total impairment loss was..." should not have been included in the release. The complete, corrected release follows:

U.S. Auto Parts Network, Inc. Reports Second Quarter 2014 Results

- Net sales $76.9 million

- Total sales increase 13.3%

- Adjusted EBITDA of $2.2 million

CARSON, Calif., Aug. 5, 2014 /PRNewswire/ -- U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), one of the largest online providers of automotive aftermarket parts and accessories, today reported net sales for the second quarter ended June 28, 2014 ("Q2 2014") of $76.9 million compared with the second quarter ended June 29, 2013 ("Q2 2013") of $67.9 million, an increase of 13.3% from Q2 2013. During the same period, net sales channels, excluding website eliminated in 2013, increased by 18.4%.  Q2 2014 net loss was $2.2 million or $0.07 per share, compared with Q2 2013 net loss of $9.6 million or $0.29 per share. The Company generated Adjusted EBITDA (EBITDA plus share-based compensation expense and restructuring costs) of $2.2 million for Q2 2014 compared to $1.1 million for Q2 2013. For further information regarding Adjusted EBITDA, including a reconciliation of net loss to Adjusted EBITDA, see non-GAAP Financial Measures below.

"I am pleased with our double digit growth this quarter and believe our growth highlights U.S. Auto Parts ability to take advantage of the growing online auto parts market." – stated, Shane Evangelist.

Q2 2014 Financial Highlights

  • Net sales increased to $76.9 million for Q2 2014 compared to $67.9 million for Q2 2013. Our Q2 2014 net sales consisted of online sales, representing 91.3% of the total (compared to 91.0% in Q2 2013), and offline sales, representing 8.7% of the total (compared to 9.0% in Q2 2013). The net sales increase was primarily due to an increase of $8.4 million, or 13.6%, in online sales. The $8.4 million increase in online sales was driven by a $11.2 million, or 19.3%, increase from continuing online sales channels partially offset by a reduction in online sales from websites we discontinued of $2.7 million.  The continuing sales channels growth is the result of a $5.7 million or 12.1% increase in our continuing e-commerce sales channels and a $5.5 million or 48.9% increase in our online marketplaces.  The $5.7 million increase in our continuing e-commerce sales channels was driven by a 14.6% increase in conversion partially offset by a 5.8% decrease in traffic and 0.9% decline in AOV.  The discontinued websites resulted in a 2.5 million reduction in unique visitors in Q2 2014 compared with Q2 2013.  The $5.5 million increase in our online marketplaces was driven by a 55.6% increase in orders partially offset by a 7.2% decline in AOV. 
  • Gross profit increased by $1.4 million, or 7.4%, in Q2 2014 compared to Q2 2013. Gross margin rate decreased 1.5% to 26.5% in Q2 2014 compared to 28.0% in Q2 2013 due to reduced margins from online sales and inventory write-downs associated with restructuring.
  • Marketing expense was $11.0 million, or 14.2%, of net sales in Q2 2014, down from $11.2 million, or 16.5%, of net sales in Q2 2013. Online advertising expense, which includes catalog costs, was $5.0 million, or 7.1%, of online sales for Q2 2014, compared to $4.6 million, or 7.4%, of online sales for Q2 2013. The increase in online spend of 8.7% for Q2 2014 compared to Q2 2013 was due to more efficient spend across commercial and search engine websites which  resulted in  higher sales. Marketing expense, excluding online advertising, was $6.0 million, or 7.8%, of net sales for Q2 2014, compared to $6.6 million, or 9.7%, of net sales for Q2 2013. The decline was primarily due to lower depreciation and amortization expense of $0.7 million and lower marketing overhead costs of $0.1 million
  • General and administrative expense was $4.6 million, or 6.0%, of net sales in Q2 2014, down from $4.7 million, or 6.9%, of net sales in Q2 2013. The decrease of $0.1 million, or 1.2%, for Q2 2014 compared to Q2 2013, was primarily due to lower depreciation and amortization expense.
  • Fulfillment expense was $5.4 million, or 7.0%, of net sales in Q2 2014 compared to $5.0 million, or 7.4%, of net sales in Q2 2013. The increase of $0.4 million was primarily due to severance costs related to the restructuring.
  • Technology expense was $1.3 million, or 1.6%, of net sales in Q2 2014, compared to $1.3 million, or 1.9%, of net sales in Q2 2013. The decrease as a percent of net sales was primarily due to overhead falling to 0.4% of net sales in Q2 2014 from 0.7% of net sales in Q2 2013.
  • Capital expenditures for Q2 2014 were $1.5 million compared with $2.2 million in Q2 2013.
  • Cash and cash equivalents and investments were $2.5 million and total debt under our revolver was $0.0 million as of June 28, 2014 compared to $1.4 million and $0.8 million as of March 29, 2014.

Q2 2014 Operating Metrics

























Q2 2014



Q2 2013



Q1 2014


Conversion Rate 1



1.76

%



1.49

%



1.61

%

Customer Acquisition Cost 1


$

7.11



$

7.52



$

6.96


Marketing Spend (% Online Sales) 1



7.1

%



7.5

%



7.2

%

Unique Visitors (millions) 1



30.8




35.1




30.3


Number of Orders - E-commerce only (thousands)



541




523




488


Number of Orders - Online Marketplace (thousands)



291




187




264


Total Number of Internet Orders (thousands)



832




710




752


Revenue Capture (% Sales) 2



85.6

%



83.2

%



84.9

%

Average Order Value - E-commerce only


$

113



$

114



$

107


Average Order Value - Online Marketplace


$

64



$

69



$

65


Average Order Value - Total Internet Orders


$

96



$

102



$

92















1

Excludes online marketplaces and media properties (e.g. AutoMD).

2

Revenue capture is the amount of actual dollars retained after taking into consideration returns, credit card declines and product fulfillment and excludes online marketplaces and media properties (e.g. AutoMD).

Non-GAAP Financial Measures
Regulation G, "Conditions for Use of Non-GAAP Financial Measures," and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide "Adjusted EBITDA," which is a non-GAAP financial measure. Adjusted EBITDA consists of net income before (a) interest expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; (e) share-based compensation expense; and (f) restructuring costs.

The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measure reflect an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company's business and results of operations.

Management uses Adjusted EBITDA as a measure of the Company's operating performance because it assists in comparing the Company's operating performance on a consistent basis by removing the impact of items not directly resulting from core operations. Internally, this non-GAAP measure is also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; for evaluating the effectiveness of operational strategies; and for evaluating the Company's capacity to fund capital expenditures and expand its business. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in our industry. Additionally, lenders or potential lenders use Adjusted EBITDA to evaluate the Company's ability to repay loans.

This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring.

The table below reconciles net loss to Adjusted EBITDA for the periods presented (in thousands):

 







Thirteen Weeks Ended

Twenty-Six Weeks Ended


June 28, 2014

June 29, 2013

June 28, 2014

June 29,
2013

Consolidated                                                       





Net loss

$        (2,180)

$         (9,567 )

$        (1,979)

$       (12,910 )

Interest expense, net

238

228

497

415

Income tax provision

21

69

53

90

Amortization of intangibles

126

107

210

213

Depreciation and amortization

2,252

3,626

4,620

7,264






EBITDA

457

(5,537)

3,401

(4,928)






Share-based compensation

629

341

1,005

750

Impairment loss on property and equipment

0

4,832

0

4,832

Impairment loss on intangible assets

0

1,245

0

1,245

Inventory write-down related to Carson closure

478

0

478

0

Restructuring costs

625

225

625

723






Adjusted EBITDA

$           2,189

$           1,106

$           5,509

$           2,622






Conference Call

The conference call is scheduled to begin at 2:00 pm Pacific Time (5:00 pm Eastern Time) on Tuesday, August 5, 2014. Participants may access the call by dialing 877-941-4774 (domestic) or 480-629-9760 (international). In addition, the call will be broadcast live over the Internet and accessible through the Investor Relations section of the Company's website at www.usautoparts.net where the call will be archived for two weeks. A telephone replay will be available through August 19, 2014. To access the replay, please dial 877-870-5176 (domestic) or 858-384-5517 (international), passcode 4678391.

About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket parts, including body parts, engine parts, performance parts and accessories. Through the Company's network of websites, U.S. Auto Parts provides individual consumers with a broad selection of competitively priced products that are mapped by a proprietary product database to product applications based on vehicle makes, models and years. U.S. Auto Parts' flagship websites are located at www.autopartswarehouse.com, www.jcwhitney.com, and www.AutoMD.com and the Company's corporate website is located at www.usautoparts.net.

U.S. Auto Parts is headquartered in Carson, California.

Safe Harbor Statement
This press release contains statements which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "believes," "predicts," "projects," "seeks," "estimates," "may," "will," "would," "will likely continue" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the Company's expectations regarding its future operating results and financial condition, impact of changes in our key operating metrics, our potential growth and our liquidity requirements. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, the Company's ability to integrate and achieve efficiencies of acquisitions, economic downturn that could adversely impact retail sales; marketplace illiquidity; demand for the Company's products; increases in commodity and component pricing that would increase the Company's per unit cost and reduce margins; the competitive and volatile environment in the Company's industry; the Company's ability to expand and price its product offerings, control costs and expenses, and provide superior customer service; the mix of products sold by the Company; the effect and timing of technological changes and the Company's ability to integrate such changes and maintain, update and expand its infrastructure and improve its unified product catalog; the Company's ability to improve customer satisfaction and retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement the Company's business plans both domestically and internationally; the Company's cash needs, including requirements to amortize debt; regulatory restrictions that could limit the products sold in a particular market or the cost to produce, store or ship the Company's products; any changes in the search algorithms by leading Internet search companies; the Company's need to assess impairment of intangible assets and goodwill; the Company's ability to comply with Section 404 of the Sarbanes-Oxley Act and maintain an adequate system of internal controls; and any remediation costs or other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.usautoparts.net and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise. 

 


U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited, In Thousands, Except Par and Liquidation Value)





June 28,
2014

December 28,
2013

ASSETS



Current assets:



Cash and cash equivalents

$            1,675

$        818

Short-term investments

786

47

Accounts receivable, net of allowances of $295 and $213 at June 28, 2014 and December 28, 2013, respectively

3,731

5,029

Inventory

35,178

36,986

Other current assets

3,000

3,234




Total current assets

44,370

46,114

Property and equipment, net

17,936

19,663

Intangible assets, net

1,828

1,601

Other non-current assets

1,355

1,804




Total assets

$         65,489

$   69,182







LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:



Accounts payable

$          21,784

$   19,669

Accrued expenses

7,439

5,959

Revolving loan payable

6,774

Current portion of capital leases payable

256

269

Other current liabilities

4,180

3,682




Total current liabilities

33,659

36,353

Capital leases payable, net of current portion

9,387

9,502

Deferred income taxes

387

335

Other non-current liabilities

1,895

2,126




Total liabilities

45,328

48,316




Commitments and contingencies



Stockholders' equity:



Series A convertible preferred stock, $0.001 par value; $1.45 per share liquidation value or aggregate of $6,017; 4,150 shares authorized; 4,150 shares issued and outstanding at June 28, 2014 and December 28, 2013

4

4

Common stock, $0.001 par value; 100,000 shares authorized; 33,506 and 33,352  shares issued and outstanding at June 28, 2014 and December 28, 2013, respectively

34

33

Additional paid-in-capital

170,111

168,693

Common stock dividend distributable

60

60

Accumulated other comprehensive income

420

446

Accumulated deficit

(150,468)

(148,370)




Total stockholders' equity

20,161

20,866




Total liabilities and stockholders' equity

$         65,489

$   69,182




 

 

U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS

(Unaudited, in Thousands, Except Per Share Data)




Thirteen Weeks Ended



Twenty-Six Weeks Ended



June 28, 2014



June 29, 2013



June 28,
2014



June 29,
2013

Net sales


$

76,947



$

67,889



$

144,975



$

133,294

Cost of sales(1)



56,527




48,876




103,854




94,543

















Gross profit



20,420




19,013




41,121




38,751

















Operating expenses:
















Marketing



10,963




11,186




21,078




22,377

General and administrative



4,623




4,678




8,770




9,365

Fulfillment



5,383




4,991




10,095




10,372

Technology



1,264




1,316




2,412




2,831

Amortization of intangible assets



126




107




210




213

Impairment loss on property and equipment






4,832







4,832

Impairment loss on  intangible assets






1,245







1,245

















Total operating expenses



22,359




28,355




42,565




51,235

















Loss from operations



(1,939)




(9,342)




(1,444)




(12,484)

















Other income (expense):
















Other income, net



18




72




15




79

Interest expense



(238)




(228)




(497)




(415)

















Total other expense, net



(220)




(156)




(482)




(336)

















Loss before income taxes



(2,159)




(9,498)




(1,926)




(12,820)

Income tax provision



21




69




53




90

















Net loss



(2,180)




(9,567)




(1,979)




(12,910)

















Other comprehensive income (loss), net of tax:
















Foreign currency translation adjustments



(12)




31




(4)




25

Net unrecognized losses on derivative instruments



(22)







(22)




Unrealized gains on investments






2




0




2

















Total other comprehensive income (loss)



(34)




33




(26)




27

















Comprehensive loss


$

(2,214)



$

(9,534)



$

(2,005)



$

(12,883)

















Basic and diluted net loss per share


$

(0.07)



$

(0.29)



$

(0.06)



$

(0.40)

















Shares used in computation of basic and diluted net loss per share



33,460




33,119




33,422




32,130

















(1)   Excludes depreciation and amortization expense which is included in marketing, general and administrative and fulfillment expense.


 

 

 U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, In Thousands)




Twenty-Six Weeks Ended


June 28,
2014

June 29,
2013

Operating activities



Net loss

$          (1,979)

$        (12,910)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:



Depreciation and amortization expense

4,620

7,264

Amortization of intangible assets

210

213

Impairment loss on property and equipment

4,832

Impairment loss on intangible assets

1,245

Deferred income taxes

51

90

Share-based compensation expense

1,005

750

Stock awards issued for non-employee director service

21

Amortization of deferred financing costs

41

41

Loss from disposition of assets

2

Changes in operating assets and liabilities:



Accounts receivable

1,298

2,087

Inventory

1,808

8,546

Other current assets

161

(323)

Other non-current assets

79

144

Accounts payable and accrued expenses

3,775

(10,783)

Other current liabilities

498

(771)

Other non-current liabilities

(161)

490




Net cash provided by operating activities

11,408

936




Investing activities



Additions to property and equipment

(3,036)

(4,815 )

Proceeds from sale of property and equipment

6

Cash paid for intangible assets

(100)

Purchases of marketable securities and investments

(745)

Purchases of company-owned life insurance

(106)




Net cash used in investing activities

(3,875)

(4,921)




Financing activities



Borrowings from revolving loan payable

2,109

10,187

Payments made on revolving loan payable

(8,883)

(23,140)

Proceeds from sale leaseback transaction

9,584

Proceeds from issuance of Series A convertible preferred stock

6,017

Payment of issuance costs from Series A convertible preferred stock

(822)

Proceeds from issuance of common stock

2,235

Payment of issuance costs from common stock

(223)

Payments on capital leases

(128)

(62 )

Proceeds from exercise of stock options

218

22




Net cash provided by (used in) financing activities

(6,684)

3,798




Effect of exchange rate changes on cash

8

8




Net change in cash and cash equivalents

857

(179)

Cash and cash equivalents, beginning of period

818

1,030




Cash and cash equivalents, end of period

$             1,675

$                851




Supplemental disclosure of non-cash investing and financing activities:



Accrued asset purchases

$                518

$             1,046

Unrealized gain on investments

2

Supplemental disclosure of cash flow information:



Cash paid during the period for income taxes

$                  20

$                  —

Cash paid during the period for interest

468

367

 

Investor Contacts:

David Robson, Chief Financial Officer
U.S. Auto Parts Network, Inc.
[email protected]
(310) 735-0085

SOURCE U.S. Auto Parts Network, Inc.

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Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
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