FTD Companies, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six-Months Ended June 30, 2017; Provides Earnings Guidance for the Full Year 2017
For the six months, revenues were $644.6 million for the six months ended June 30, 2017, compared to $668.5 million in the six months ended June 30, 2016. Net income was $18.7 million compared to $13.5 million for the six months ended June 30, 2016. Adjusted EBITDA was $62.3 million, or 9.7% of consolidated revenues compared to $75.7 million, or 11.3% of consolidated revenues, for the prior year period. Net cash provided by operating activities was $19.6 million compared to $24.4 million for the prior year period. For each of the six month periods ended June 30, 2017 and 2016, the company generated Free Cash Flow of $18.6 million. Operating income was $35,589,000 compared to $20,686,000 a year ago. Net income before income taxes was $31,074,000 compared to $17,930,000 a year ago. Diluted earnings per share were $0.67 compared to $0.48 a year ago. Purchases of property and equipment and intangible assets were $6,370,000 compared to $8,176,000 a year ago. Adjusted EBITDA was $62,254,000 compared to $75,683,000 a year ago. Capital expenditures were $6,370,000 compared to $8,176,000 a year ago.
For the full year 2017, the company has updated its outlook. The company now expects the following: consolidated revenues for 2017 to be down 3% to 4% on reported basis compared to the company's 2016 consolidated revenues of $1.12 billion, or down 2% to 3% on a constant currency basis (using an average GBP to USD exchange rate of 1:1.26 as compared to the 2016 average exchange rate of 1:1.36); net income of approximately $8 million to $12 million; consolidated Adjusted EBITDA margin of 7.25% to 7.75% of consolidated revenues, primarily as a result of the lower consolidated revenues outlook and an increase in marketing investments compared to fiscal 2016; and capital expenditures of approximately $22 million to $25 million, primarily due to planned enhancements to the company's technology platform.