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VANCOUVER, British Columbia, Dec. 19, 2012 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal" or "the Company") (Nasdaq:COA) (TSX:COA) (Stockholm:COA), the largest online retailer of vision care products in the world, announced today its financial results for the fourth quarter and fiscal year ended October 31, 2012.
For the year ended October 31, 2012:
Total eyeglasses sales increased 22% to $48 million from $39 million during the same period in 2011.
Sales increased by $13.4 million or 7% to $196.1 million from $182.7 million during the same period in 2011.
Total contact lens sales increased 3% to $148.2 million from $143.5 million during the same period in 2011.
Gross profit increased 11% to $84.5 million and as a percentage of sales, gross margin increased to 43% compared with 42% during the same period in 2011.
Adjusted EBITDA* was $1.4 million compared with $0.7 million during the same period in 2011.
Cash and equivalents of $19.2 million compared with $16.9 million at the end of the same period in 2011.
* Adjusted EBITDA is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Refer to table for a reconciliation of net earnings to Adjusted EBITDA.
The Company noted the following operating highlights for 2012: