Shutterfly Inc., Redwood City, Calif., reported first-quarter net revenues totaled $91.3 million, a 60% percent year-over-year increase. First-quarter profits still elude the company, however, as the GAAP net loss widened $10.0 million, compared to $7.8 million in the first quarter of 2011.
For the quarter, Personalized Products & Services net revenues totaled $70.2 million, a 72 percent year-over-year increase, and represented 77 percent of total net revenues. Net revenues from Prints totaled $14.9 million. Commercial Print net revenues totaled $6.2 million.
“The first quarter was a solid start to the year for us with strength across all three of our business categories,” says Jeffrey Housenbold, president and CEO. “Capitalizing on our scale and profitability, we enhanced our product and service offerings, launched Treat, our 1:1 greeting card service and were successful in negotiating the transfer of Kodak Gallery’s customer accounts and data to Shutterfly.”
Transacting customers totaled 1.6 million, an 18 percent year-over-year increase. Orders totaled 2.5 million, a 22 percent year-over-year increase. Average order value was $24.60, a decrease of 8 perccent year-over-year.
For the second quarter, Shutterfly is projecting net revenues to range from $90-92 million, a year-over-year increase of 19-21 percent. This range assumes minimal revenue from the pending Kodak Gallery transaction.