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Fri, Jun. 17, 9:09 AM
- Philip Marineau will resign as chairman and from the board following the company's annual meeting on June 21. Governance committee chair Brian Swette will serve as interim chairman, while a search takes place to fill open board seats.
- Marineau on May 31 stepped down as SFLY's interim CEO when Chris North took over the job.
- Source: Press Release
Wed, May 11, 12:28 PM
- "The mall is not dead, it has just moved online," asserts EQM Indexes CEO and SA contributor Jane Edmondson. Though her analysis is not entirely new, it's certainly well-timed amid a battering of mall-based chains this week (see reports on L Brands, Gap, and Macy's for some of the carnage details).
- EQM licensed its online retail index to ETF provider Amplify Investment for use in the new Amplify Online Retail ETF (NASDAQ:IBUY).
- The online retail ETF lists Copart (NASDAQ:CPRT), NutriSystem (NASDAQ:NTRI), PetMed Express (NASDAQ:PETS), Shutterfly (NASDAQ:SFLY), Amazon (of course), PayPal (NASDAQ:PYPL), Stamps.com (NASDAQ:STMP), Grubhub (NYSE:GRUB), Overstock.com (NASDAQ:OSTK), FTD Companies (NASDAQ:FTD), Wayfair (NYSE:W), Netflix (NASDAQ:NFLX), Priceline (NASDAQ:PCLN), and Lands End (NASDAQ:LE) as top holdings.
- The fund has only traded for a few weeks, but could catch some attention with the ground shifting underneath traditional retail.
- Earlier today, the Global Millennials Thematic ETF (NASDAQ:MILN) was highlighted. This ETF shares some of the same holdings as the online retail play and has Amazon as its top holding.
- Complete list of Amplify Online Retail ETF holdings
- Previously: Amazon rambles to all-time high amid retail chaos (May 11)
Wed, Apr. 27, 4:04 PM
Tue, Apr. 26, 5:35 PM
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Thu, Mar. 17, 5:06 PM
- Chris North, Amazon's U.K. managing director since 2011, has been named Shutterfly's (NASDAQ:SFLY) CEO, effective May 31. As one would expect, he'll also join the board.
- The online photo service provider announced in early December Jeff Housenbold would be stepping down as CEO. In February, Shutterfly stated chairman Phil Marineau has been named interim CEO, in tandem with a disclosure about buyout interest from a P-E firm (believed to be Thomas H. Lee).
Mon, Mar. 14, 7:10 PM
- CFO Michael Pope and CTO Satish Menon have been granted contract amendments that provide them with 12 months of salary and the full acceleration of equity grants in the event of a "qualifying termination" within 12 months of a "Corporate Transaction." The benefits expire at the end of 2017.
- A "qualifying termination," for those wondering, includes a termination without cause or a resignation within 3 months of an event constituting "Good Reason." Such events include a "material reduction" in responsibilities, the relocation of the execs' offices by more than 35 miles, and a material reduction in compensation.
- The provisions come after Shutterfly (NASDAQ:SFLY) disclosed in February it has received buyout interest from a P-E firm. Reuters has reported the firm in question is Thomas H. Lee.
Tue, Feb. 23, 4:00 PM
- Reuters reports P-E firm Thomas H. Lee has approached Shutterfly (SFLY +7.6%) with a preliminary buyout offer.
- The report follows an 8-K filing in which Shutterfly disclosed receiving communications from an unnamed P-E firm that indicated "an interest in acquiring the company." Shutterfly: "The Board exercises its fiduciary duties in giving due consideration to such indications of interest, but is not engaged in negotiations regarding the sale of the Company. The Company's highest priorities at this time are delivering its 2016 results and hiring a new Chief Executive Officer."
- Shutterfly has also disclosed chairman Philip Marineau has been named interim CEO. He replaces Jeffrey Housenbold, whose pending departure was announced on Dec. 1.
- Four days ago: Shutterfly rallies after Axiom declares sale inevitable
Fri, Feb. 19, 4:33 PM
- Shutterfly (NASDAQ:SFLY) closed up 4.2% on a day the Nasdaq rose just 0.4%. Apparently helping: Axiom Capital (Buy rating, target hiked by $2 to $51) argued a sale of the online photo service provider is inevitable given the presence of activist Marathon Partners on the board, and that the company's free cash flow (over $100M/year) and under-levered balance sheet make it attractive to potential suitors.
- Axiom thinks a buyout valuation of 7.5x-8.5x EBITDA (32% upside at the midpoint) makes sense. P-E firm Silver Lake reportedly considered acquiring Shutterfly and HP's Snapfish unit (with the goal of combining the rivals) in 2014, but ultimately decided against doing so; Snapfish was later sold to District Photo.
- Axiom's call follows a 2015 in which Shutterfly announced the departures of CEO Jeffrey Housenbold, CFO Brian Regan, and COO Daniel McCormick, and in which Marathon (has criticized Shutterfly's executive compensation and M&A activity, among other things) won two board seats.
Wed, Feb. 3, 4:05 PM
- Shutterfly (NASDAQ:SFLY): Q4 EPS of $3.45 misses by $0.11.
- Revenue of $548.08M (+13.4% Y/Y) beats by $3.38M.
- Shares -2.35%.
Tue, Feb. 2, 5:35 PM
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Dec. 10, 2015, 5:42 PM| Dec. 10, 2015, 5:42 PM
Dec. 1, 2015, 4:12 PM
- Jeffrey Housenbold will step down as CEO and board member in February to "pursue other opportunities." Executive search firm Spencer Stuart has been hired to help find a successor.
- Shutterfly (NASDAQ:SFLY) uses the announcement to reiterate its full-year guidance. Housenbold, 45, has been the online photo service provider's CEO since 2005. News of his pending departure comes in the wake of a CFO change.
Nov. 23, 2015, 11:47 AM
- Ten retailers are expected to post adjusted profit growth of 40% or better in Q4, according to data from S&P Capital IQ.
- The list includes companies boosting the bottom line through acquisitions, mergers, cost-cutting, and sales leverage.
- Expected Q4 profit growth: Fred's (NASDAQ:FRED) 710%, Amazon (NASDAQ:AMZN) 261.2%, Tile Shop (NASDAQ:TTS) 137.4%, Chico's (NYSE:CHS) 51.9%, Office Depot (NASDAQ:ODP) 49.4%, Mattress Firm (NASDAQ:MFRM) 45.6%, Shoe Carnival (NASDAQ:SCVL) 44.4%, Francesca Holdings (NASDAQ:FRAN) 44.4%, Shutterfly (NASDAQ:SFLY) 42%, Ascena Retail (NASDAQ:ASNA) 41.5%.
- Of the bunch of high-flyers, only Shoe Carnival trades with a price-to-earnings ratio of below 20.
Oct. 27, 2015, 6:17 PM
- In tandem with its Q3 report, Shutterfly (NASDAQ:SFLY) announces CFO Brian Regan is leaving the company, effective Nov. 6. Fortune states Regan is joining P-E firm Spectrum Equity. Mike Pope, formerly the CFO of Clean Power Finance, will replace Regan.
- Q4 sales guidance of $528.7M-$548.7M (+9.4%-13.5% Y/Y) is largely below a $546.9M consensus. However, GAAP EPS guidance of $3.46-$3.64 is above a $3.09 consensus. Gross margin is expected to be in a range of 59.2%-59.9%.
- Shares haven't yet moved after hours. They fell 2.6% in regular trading ahead of the Q3 report.
- Q3 results, PR
Shutterfly, Inc. engages in the provision of digital personalized photo products and services. It operates through the Consumer and Enterprise segments. The Consumer segment includes sales from the company's brands and are derived from the sale of photo-based products, such as photo books,... More
Industry: Consumer Services
Country: United States