October 2, 2002, 12:00 AM

Proflowers records its first operating profit on strong revenue growth

Proflowers, which sells flowers direct from growers at Proflowers.com, has achieved its first-ever fiscal year operating profit--$1 million--on revenue growth of 53% in the past year, the San Diego-based company reported today.

 

San Diego-based Proflowers Inc., which sells flowers direct from growers at Proflowers.com, has achieved its first-ever fiscal year operating profit on revenue growth of 53% in the past year, the company reported today.

Proflowers reported an operating profit of $1 million on revenues of $70.2 million for the fiscal year ended June 30, compared to revenues of $46 million in the year ago period. A net loss for the period, which narrowed to $300,000 from $15.9 million in fiscal 2001, was the result of a one-time charge associated with discontinued operations of a wholly owned Japanese subsidiary, the company said.

In the fourth quarter, the company reported an operating profit of $2.9 million on revenues of $24.7 million, a 36% increase over $18.2 million in the 2001 fourth quarter.

Proflowers attributed its strong revenue growth to a growing base of repeat customers as well as to a b2b channel that grew 231% during the year.

"Given the strong and consistent revenue growth the company has experienced since it was founded in 1998, we anticipate this to be the first of many profitable years to come," said Proflowers CEO Bill Strauss.

 

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