Drugstore.com Q3 sales up
The company has reported a net loss of $2.4 million, or $0.02 per share, compared to $2.5 million, or $0.03 per share. The company achieved record performance across a number of key financial metrics: gross margins reached 23.2%, adjusted EBITDA was approximately $2.1 million and operating cash flow was $4.4 million. GAAP net loss for the third quarter of 2007 was $2.4 million, or $0.02 per share, compared to a net loss of $2.6 million, or $0.03 per share, for the third quarter of 2006. The third quarter losses include $2.1 million and $1.8 million, in non-cash stock-based compensation expense for 2007 and 2006, respectively. Dawn Lepore, CEO and chairman of the board of drugstore.com, said: "In the seasonally challenging third quarter, we continued to grow our OTC business, reported strong gross margin improvement and record adjusted EBITDA. OTC revenues increased by 20% year-over-year with a number of our key growth initiatives rolling out later in the quarter. Gross margins increased 170 basis points year-over-year leading to record adjusted EBITDA of $2.1 million, an improvement of over 57% from the same period in the prior year."