Shutterfly Q4 Profit Rises; Announces 2015 Strategic Initiatives - Quick Facts

(RTTNews) - Shutterfly Inc. (SFLY) reported fourth-quarter net income of $99.65 million or $2.51 per share, compared to $43.65 million or $1.10 per share, prior year. Adjusted earnings per share was $2.57, for the quarter.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $2.50 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $483.33 million from $410.79 million last year. Analysts expected revenue of $476.86 million for the quarter.

For the first quarter 2015, the company expects: net revenues to range from $153.0 million to $157.0 million, GAAP net loss per share to range from $1.27 to $1.45, and non-GAAP net loss per share to range from $1.20 to $1.36. Analysts expect the company to report first-quarter loss per share of $0.88 on revenue of $159.51 million.

For the full year 2015, the company expects: net revenues to range from $1.04 billion to $1.06 billion, GAAP net loss per share to range from $0.31 to $0.43, non-GAAP per share results to range between a loss of $0.12 and profit of $0.04. Analysts expect the company to report fiscal 2015 earnings per share of $0.28 on revenue of $1.05 billion.

The company announced that its Board has authorized and its Audit Committee has approved a share repurchase program granting the company authority to repurchase up to $300 million of outstanding Shutterfly common stock, in addition to amounts remaining under our previously announced and expanded program.

Shutterfly also announced its 2015 strategic initiatives. The company will begin a 15 to 18 month process to build the next generation of Shutterfly. The next generation of Shutterfly will incorporate ThisLife service directly into Shutterfly.com and consolidate ThisLife and Shutterfly mobile apps, which is intended to accelerate the rate of adoption of ThisLife's features and functionality, and drive greater usage and monetization of the service.

Shutterfly will discontinue the Treat brand and migrate one-to-one greeting offering to the Shutterfly brand by the end of the first quarter of 2015. Shutterfly will close its MyPublisher brand manufacturing facility located in Elmsford, NY and redirect all production and customer service operations throughout the Shutterfly manufacturing network by the end of third quarter of 2015.