FTD Companies, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Full Year 2016
For the nine months, the company reported total revenues of $842,327,000 compared to $922,101,000 a year ago. Operating income was $9,727,000 compared to $9,372,000 a year ago. Income before income taxes was $4,668,000 compared to income before income taxes of $2,934,000 a year ago. Net income was $4,221,000 or $0.15 diluted per share compared to $3,374,000 or $0.11 per basic and diluted share a year ago. Net cash used in operating activities of $3,192,000 compared to $2,704,000 a year ago. Purchases of property and equipment were $12,018,000 compared to $10,760,000 a year ago. Adjusted EBITDA was $91,119,000 compared to $93,197,000 a year ago. Adjusted net income was $43,311,000 compared to $44,717,000 a year ago.
The company provided earnings guidance for the full year 2016. For the period, the company expects consolidated revenues to decline 7% to 8% on a reported basis, or 5% to 6% on a constant currency basis, compared to $1.22 billion of revenues in 2015. Net income of approximately $5 million to $7 million, excluding costs associated with Mr. Apatoff's employment agreement. Consolidated Adjusted EBITDA of approximately $121 million to $123 million, representing Adjusted EBITDA margin of approximately 11%. Capital expenditures of approximately $20 million.