Blue Nile Inc reported financial results for its third quarter ended October 1, 2006.
Blue Nile reported net sales of $53.2 million in the third quarter of 2006, compared to net sales of $42.0 million in the third quarter of 2005, an increase of 26.8%. Net income in the third quarter totaled $1.8 million, or $0.11 per diluted share, compared to $2.5 million, or $0.13 per diluted share, in the prior year.
Effective with its fiscal year 2006, the Company adopted the new accounting requirements of Statement of Financial Accounting Standards No. 123R (Revised 2004), "Share-Based Payment", related to expensing stock- based compensation, which had the effect of reducing net income by $0.05 per diluted share in the third quarter of 2006.
Net cash provided by operating activities increased 21.7% to $30.3 million for the trailing twelve month period ended October 1, 2006, compared to $24.9 million for the trailing twelve month period ended October 2, 2005. Non-GAAP free cash flow increased 22.7% to $28.3 million for the trailing twelve month period ended October 1, 2006, compared to $23.1 million for the trailing twelve month period ended October 2, 2005.
"Our business model continues to demonstrate the ability to generate exceptional results, as reflected in our third quarter financial performance," said Mark Vadon, Chief Executive Officer. "The growing appeal of the Blue Nile brand, along with our focused operational execution, helped drive strong revenue growth and robust earnings results. Our performance reflects the powerful combination of our unequaled consumer value proposition and our efficient cost structure."
marketing@alchempro.com
