Good Sam Enjoys Sales, Income Jump in 2012
Good Sam Enterprises LLC posted improved performance for 2012 as revenue totaled $518.7 million, representing an increase of $37.3 million, or 7.8%, from 2011. Good Sam reported the opening of 17 Camping World Inc. stores over the past two years that pushed retail sales to a 15.4% increase.
Net income for the full year was $9.4 million compared to $3.9 million for 2011.
For the fourth quarter, ended Dec. 31, Good Sam reported sales of $122.7 million while the company incurred a loss of just over $1 million.
Good Sam’s financials do not reflect rolling stock sales from the company’s Camping World unit.
A breakdown by segment for the full year showed:
• Membership Services revenue for 2012 of $153.8 million increased $6 million, or 4%, from 2011. This revenue increase was largely attributable to a $6.2 million increase in extended vehicle warranty program revenue due to contract price increases and the development of additional programs, a $1.6 million increase in roadside assistance revenue, a $2.4 million increase in member events revenue due to two additional annual member rallies, and a $0.6 million increase in marketing fee revenue from health and life insurance products.
• Retail revenues of $325.8 million for 2012 increased $43.4 million, or 15.4%, from 2011. Store merchandise sales increased $34.2 million from 2011 due to a same store sales increase of $19.3 million, or 9.9%, (compared to a 1.1% decrease in same store sales for 2011 versus 2010), and a $17.3 million revenue increase from the opening of 17 new stores over the past 24 months, partially offset by decreased revenue from discontinued stores of $2.4 million.
• Membership Services – Media revenues of $39.2 million for 2012 decreased $12.1 million, or 23.5%, from 2011. This decrease was primarily attributable to a $3.9 million revenue reduction resulting from the sale or closure of non-core media businesses in 2011, a $1.6 million reduction in circulation and advertising magazine revenue, a $1.1 million reduction in consumer show revenue resulting from reduced sponsorship revenue and three fewer shows produced, and a $5.5 million reduction in annual directory revenues due to combining two annual directories in order to create an upgraded product with reduced brand confusion, reduced direct mail marketing and phase out the unprofitable CD/DVD version.
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