Good Sam Reports Improved Q3 Financials
Good Sam Enterprises LLC reported improved sales and eanings results for the third quarter ending Sept. 30.
Revenues of $139.6 million for the third quarter of 2012 increased $11.0 million, or 8.6% from the comparable period in 2011, the company reported.
Net income in the quarter was $3.3 million, or 65% higher compared to $2.0 million for the same period in 2011.
Membership Services revenues of $38.7 million for the quarter decreased $0.4 million, or 1.1%, from the comparable period in 2011. This revenue decrease was largely attributable to a $1.7 million decrease in member events revenue due to the timing of annual member rallies, a $1.0 million decrease in revenue resulting from merging the President’s Club into the Good Sam Club, partially offset by a $2.0 million revenue increase from extended vehicle warranty programs, and a $0.3 million increase in emergency road service revenue.
Retail revenues of $95.4 million for the quarter increased by $13.2 million, or 16.1%, from the comparable period in 2011. Store merchandise sales increased $10.9 million from the third quarter of 2011 due to a same store sales increase of $5.4 million, or 9.3%, compared to a 2.5% decrease for the third quarter of 2011, and a $6.1 million increase due to the opening of 16 new Camping World stores over the last21 months, which were partially offset by decreased revenue from discontinued stores of $0.6 million.
Two stores were closed in the last 21 months in order to consolidate operations within specific geographic areas. Same store sale calculations for a given period include only those stores that were open both at the end of that period and at the beginning of the preceding fiscal year.
Also, mail order and Internet sales increased $3.8 million, installation and service fees decreased $1.2 million, and supplies and other revenue decreased $0.3 million.
Media revenues of $5.5 million for the quarter decreased $1.8 million, or 24.1%, from the comparable period in 2011. This decrease was primarily attributable to a $0.7 million reduction in consumer show revenue, a $0.6 million reduction resulting from the sale or closure of non-core media businesses in 2011, and a $0.5 million reduction in magazine revenue.