Shutterfly announces 58 percent increase in fourth quarter revenues

Shutterfly's Jeff Housenbold

Shutterfly Inc., Redwood City, Calif., reported fourth-quarter net revenues were $263.8 million, a 59-percent year-over-year increase.

In the fourth-quarter, Personalized Products and Services net revenues totaled $218.9 million, a 77 percent  year-over-year increase, and represented represented 83 percent of total net revenues.

Net revenues from Prints totaled $40.3 million. Commercial Print net revenues totaled $4.6 million.

Net income in the quarter was $ 35.411 million, compared to $ 32.513 million last year.

For the full year, net revenues totaled $473.3 million, a 54 percent year-over-year increase. Personalized Products and Services net revenues totaled $374.7 million, a 71 percent  year-over-year increase, representing 79 percent of total net revenues. Net revenues from Prints totaled $85.0 million. Commercial Print net revenues totaled $13.5 million, a 165 percent year-over-year increase. GAAP net income was $14.0 million, compared to $17.1 million in 2010.

For the coming quarter, Shutterfly is projecting net revenues to range from $83 million to $85 million, a year-over-year increase of 45-49 percent. For the full year, the company expects net revenues from $550-$560 million.

“Our strategic investments throughout 2011, combined with our focus on strong execution, diverse product offerings and improved efficiencies led to record revenues, adjusted EBITDA, and free cash flows,” says Jeffrey Housenbold, president and CEO. “We continue to outpace the industry in terms of innovation, user experience, quality, and customer service. With the social expression and personal publishing markets still in the early stages, Shutterfly is well prepared to extend our leadership position in these large markets.”