EVINE Live (EVLV) Prelim. Q4 EPS Misses Views; CEO Bozek Steps Down

EVINE Live Inc. (NASDAQ: EVLV) today announced preliminary unaudited results for the fourth quarter of fiscal 2015:

• Net sales expected to be between $209 and $212 million (The Street sees revenue of $210 million.)
• Gross profit as a percentage of net sales expected to be between 31.0% and 31.6%
• Adjusted EBITDA expected to be between $4.9 and $5.4 million
• Net Income expected to be between $0.0 and $0.5 million
• EPS expected to be between $0.00 and $0.01 (The Street is at EPS of $0.04.)
• Total cash, including restricted cash, at year end is approximately $12 million with an additional $28 million of availability on a revolving credit facility with PNC Bank

EVINE Live Fourth Quarter and Fiscal 2015 Earnings Conference Call

EVINE Live will release its fourth quarter and fiscal 2015 results on Wednesday, March 23, 2016 at approximately 6:00 a.m. ET before the market opens. Bob Rosenblatt, Chairman and Interim Chief Executive Officer, and Tim Peterman, Chief Financial Officer, will hold a conference call at 8:30 a.m. ET to review these results.

Those interested in participating in the conference call should dial 1-877-407-9039 at least five minutes prior to the call. The passcode is: 13630363. There will be a simultaneous audio webcast available at the following link: http://event.on24.com/wcc/r/1133422/6794CB6BDA99C9E566C9EC62A7001D95. A replay of the conference call will also be hosted on the company's website for a limited time.

Management Changes:

EVINE Live also announced that its Board of Directors has appointed Bob Rosenblatt, Chairman of the EVINE Live Board, as interim Chief Executive Officer, effective immediately. Mr. Rosenblatt will continue to serve as Chairman of the EVINE Live Board. Mr. Rosenblatt's appointment as interim Chief Executive Officer follows Mark Bozek’s decision to step down as EVINE Live’s Chief Executive Officer and as a member of the EVINE Live Board. EVINE Live also announced that Russell Nuce will step down from his position as EVINE Live’s Executive Vice President, Chief Strategy Officer, interim General Counsel and Corporate Secretary.

The EVINE Live Board has initiated a formal search process to identify a Chief Executive Officer. The EVINE Live Board has engaged Korn Ferry, a leading national executive search firm, to help identify candidates and will consider both internal and external candidates.

Landel Hobbs, Vice Chairman of the EVINE Live Board, said, “We are pleased to have someone of Bob’s caliber and expertise taking on the role of interim CEO. With his profound knowledge and experience in both e-commerce and televised shopping businesses, and the in-depth understanding of all aspects of EVINE Live gained during his tenure as Chairman, Bob is the natural choice to lead the Company through this period of transition. The Board appreciates his willingness to take on this expanded role and looks forward to working closely with him.”

Mr. Hobbs continued, “On behalf of the Board, I want to thank Mark and Russell for their contributions to EVINE Live. We are grateful for Mark’s leadership during a dynamic period in the Company’s history.”

“EVINE Live could not be better positioned for the future,” said Mr. Rosenblatt. “We will bring an even greater focus and discipline to EVINE Live’s merchandising strategy, margin profile, and execution to deliver profitable growth and shareholder value. With EVINE Live’s assets of cable distribution, a strong merchandising organization, deep knowledge of our customers, a new fulfillment operation, the overall trends in e-commerce, and video now being the prime driver of content consumption at home, work and via mobile, EVINE Live is really in the right place at the right time.”

Mr. Rosenblatt continued, “I look forward to working with the team to continue delivering products and experiences that attract customers and win a greater share of wallet. Our team members remain our greatest asset, and together, we stand well positioned to execute on our strategic objectives.”

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