Shutterfly announces third quarter 2009 financial results

The company reported that its third-quarter net loss was $6.35 million or $0.25 per share, compared to a loss of $2.80 million or $0.11 per share in the same quarter last year. Non-GAAP net loss for the quarter was $2.90 million or $0.11 per share, compared to a loss of $2.87 million or $0.11 per share in the same quarter last year.

Net revenues for the quarter were $40.50 million, compared to $35.95 million in the prior year quarter.

For the fourth quarter, the company expects net revenues to be in the range of $102.6 million – $112.6 million. GAAP net income per share is expected to be in the range of $0.55 – $0.66, and Non-GAAP net income per share to be in the range of $0.68 to $0.78. Analysts expect the company to report earnings of $0.70 per share on revenues of $110.58 million for the fourth-quarter.

For fiscal 2009, the company now expects net revenues to be in the range of $218 million to $228 million, GAAP result to be in the range of net loss of $0.14 to net income of $0.01. Non-GAAP net income per share is now expected to be in the range of $0.27 to $0.40. Earlier, the company expected net revenues to be in the range of $205 million to $220 million, GAAP net loss of $0.21 to net income of $0.03, and Non-GAAP income per share of $0.14 to $0.38.

“Shutterfly delivered very solid third quarter results with better than expected revenue and EBITDA growth, despite an increasingly tough macro-economic environment,” said President and Chief Executive Officer Jeffrey Housenbold. “During the quarter we launched the innovative Simple Path photo book creation experience, enhanced our cards and stationery offering and acquired Tiny Pictures. We also made strong progress on our commercial printing initiative and prepared our manufacturing facilities in Charlotte and Phoenix for the seasonally busy fourth quarter.”