Miss Kitty
AKA Broomstick Babe
- Joined
- Jun 24, 2008
- Messages
- 225
Taken from GEMS TV HOLDINGS LIMITED, First Quarter Financial Statement And Dividend Announcement, Nov 10, 2008. For the Financial Period Ended: 30/09/2008
"Total Revenue in Q1 FY2009 declined 22% to $37.4mn compared to Q1
FY2008. The decrease is the result of worsening general economic conditions
in our main markets.
Total Revenue from our US subsidiary, Gems TV (USA) Ltd, continued to
grow in Q1 FY2009, increasing 25% to $23.7mn although at a much slower
pace than previous quarters. The US marketplace progressively worsened
throughout the quarter as the financial crisis became more severe. September
2008 was particularly affected because our viewers were easily distracted by
other TV programming such as the US presidential elections and negative
news reports of economic conditions in the US. Total items sold increased by
28% while average selling prices (“ASPs”) were $99 compared to $102 in our
Q1 last year as we tried to move more items to keep the pace of our reverse
auction games high and to attract more customers.
However, this increase in US revenue was more than offset by a reduction in
sales in our UK operations resulting from challenging economic conditions,
poor consumer sentiment, a previously announced regulatory change in how
we are allowed to play our reverse auction games and a highly price competitive environment.
Total revenue in the UK declined 60% to $11mn
compared to Q1 FY2008. The overall market continued to slow drastically
which was evidenced by the fall in the number of gold items hallmarked in the
UK during our Q1 FY2009 which fell 31% from the same period last year.
The number of items we sold in the UK fell 55% compared to Q1 FY2008 and
our ASPs fell from $78 to $69 as we shifted to lower priced products."
Full details can be found here: http://www.gems.tv/investor.html
"Total Revenue in Q1 FY2009 declined 22% to $37.4mn compared to Q1
FY2008. The decrease is the result of worsening general economic conditions
in our main markets.
Total Revenue from our US subsidiary, Gems TV (USA) Ltd, continued to
grow in Q1 FY2009, increasing 25% to $23.7mn although at a much slower
pace than previous quarters. The US marketplace progressively worsened
throughout the quarter as the financial crisis became more severe. September
2008 was particularly affected because our viewers were easily distracted by
other TV programming such as the US presidential elections and negative
news reports of economic conditions in the US. Total items sold increased by
28% while average selling prices (“ASPs”) were $99 compared to $102 in our
Q1 last year as we tried to move more items to keep the pace of our reverse
auction games high and to attract more customers.
However, this increase in US revenue was more than offset by a reduction in
sales in our UK operations resulting from challenging economic conditions,
poor consumer sentiment, a previously announced regulatory change in how
we are allowed to play our reverse auction games and a highly price competitive environment.
Total revenue in the UK declined 60% to $11mn
compared to Q1 FY2008. The overall market continued to slow drastically
which was evidenced by the fall in the number of gold items hallmarked in the
UK during our Q1 FY2009 which fell 31% from the same period last year.
The number of items we sold in the UK fell 55% compared to Q1 FY2008 and
our ASPs fell from $78 to $69 as we shifted to lower priced products."
Full details can be found here: http://www.gems.tv/investor.html
No wonder they are running Ultra Clearance events.
I would like to point out that we did warn them that this would happen.
