Marathon Partners L.P. to nominate candidates for Shutterfly board

The Shutterfly Board of Directors and management team said they welcome open communications with, and are committed to acting in the best interests of, all stockholders, and value constructive input toward the goal of maximizing long-term stockholder value.

The company recently announced strong fourth quarter results with revenue growth of 18%, representing its 56th onsecutive quarter of year-on-year revenue growth, an adjusted EBITDA growth of 16%, and net income per share growth of 128%. These results capped record revenue, adjusted EBITDA and free cash flow for full year 2014.

Shutterfly said in a press release the company’s Board of Directors and management team had demonstrated their ongoing commitment to return value to stockholders through the repurchase of nearly $100 million of shares over the past 14 months and the recently announced authorization by the Board of Directors to repurchase up to an additional $300 million of Shutterfly common stock. Shutterfly believes that this share repurchase program is consistent with its long-term capital allocation strategy, which aims to maximize stockholder value while maintaining flexibility to make strategic investments and acquisitions.