Newly christened Evine Live, formerly ShopHQ, posted a 4 percent increase in sales in the fourth quarter, up to $201 million.
The company Wednesday reported adjusted net income of $3.7 million, a rise over $3.4 million in the year-ago period.
For fiscal 2014, the home shopping channel racked up sales of $675 million, up 5 percent over fiscal 2013.
“Our fourth quarter results were solid,and we are pleased with the progress we have made in strengthening the organization and repositioning to a digital commerce company,” CEO Mark Bozek said in a canned statement.
“Most importantly, at this early stage we have created a high level of enthusiasm and competitiveness that has not existed at this company in a long time,” he said. “We have begun a range of brand partnerships and digital commerce initiatives that we believe will help drive long-term sustainable growth in sales and profitability. We look forward to hosting an investor day at our headquarters on May 28th, where we will share more on our progress.”
William McGrath, EVP & CFO of EVINE Live, also chimed in.
“Our adjusted EBITDA margin of 3.4 percent for fiscal 2014, reflected a 60 basis point annual improvement. We are committed to continuing to improve our profitability levels and to enhance our liquidity. At the end of the quarter, we had $21.9 million in cash, including restricted cash. On March 6th, we increased our revolving credit facility with PNC by an additional $15 million. This expansion provides the company with greater flexibility and liquidity to support future growth.”