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Parent Co. Posts Wider Net Loss in Q2; Net Sales Up 41.4% - Update

Tuesday, The Parent Co. (KIDS), a provider of eCommerce and eContent resources for families, reported a wider net loss for the second-quarter. However, on per share basis, loss narrowed down on a higher share count compared with the prior-year quarter. Net sales for the period soared 41.4% over last year.

Net loss attributable to common shareholders for the second quarter widened to $7.6 million from a loss of $7.3 million last year. On per share basis, second-quarter loss stood at $0.31 on a share count of 24.2 million shares, compared with a loss of $1.71 on a share count of 4.3 million shares previous year.

Net loss for the quarter widened to $7.6 million from $7.1 million in the same quarter previous year.

For the quarter, net loss from continuing operations was $7.58 million, wider than $6.73 million prior year. Net loss per share from continuing operations was $0.31, narrower than $1.62 in the year-ago quarter.

Quarterly net sales increased 41.4% to $9.89 million compared with $7 million in the year-ago quarter.

The total operating expenses for the quarter mounted to $8.9 million, up from $6.3 million in the prior-year quarter.

During the quarter, company signed several contracts and agreements. It completed multi-year financing agreement with the D. E. Shaw group, agreed with Personal Shopper to market select toys and baby products, announced new merchandising partnership with leading online retailer drugstore.com, signed an agreement to launch My Twinn dolls on Costco.com and agreed to extend eToys, BabyUniverse, My Twinn websites internationally.

For the first-half, net loss attributable to common shareholders stood at $13.96 million or $0.58 per share compared with a loss of $13.77 million or $3.31 per share last year. Net sales for the period increased 39.0% to $19.8 million over $14.3 million prior year.

Monday, KIDS stock ended trading at $1.32 on the Nasdaq.

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