Shutterfly Provides Preliminary Q4 Revs $259-$264M from $270.5-$275.5M Prior and vs $267.7M Est
Shutterfly, Inc. (NASDAQ: SFLY) today provided preliminary financial information for its fourth quarter ending December 31, 2011.
Based on preliminary, quarter-to-date financial information, Shutterfly now estimates that its fourth quarter 2011 net revenues will range from $259 million to $264 million compared with its previous guidance of $270.5 million to $275.5 million. In addition, the Company now estimates that its fourth quarter adjusted EBITDA will range from $84 million to $88 million compared with its previous guidance of $96.3 million to $101.1 million.
"While we are pleased to once again set new records for fourth quarter net revenues, we believe that the uncertain economic environment, combined with heavy competitor discounting throughout the peak holiday shopping season, contributed to the net revenue and adjusted EBITDA shortfalls,” said President and Chief Executive Officer Jeffrey Housenbold. “We continue to believe that we are targeting large, early-stage market opportunities and that our sustained commitments to innovation, outstanding product quality, customer service and overall value will continue to represent the core of our long-term strategy."
The Company will discuss its fourth quarter and full year 2011 financial results on its fiscal 2011 earnings conference call that is scheduled for February 1, 2012.
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