Shutterfly Inc., an online retailer of digital photo services, posted a 60% gain in sales for the fourth quarter and a 47% increase for 2006.
In Q4 Shutterfly had net income of $12.2 million on revenue of $65.7 million, compared with net income of $24.1 million on revenue of $41 million in Q4 2005. For 2006, the company had net income of $5.8 million on sales of $123.4 million vs. net income of $28.9 million on revenue of $83.9 million in the previous year.
Net income for the fourth quarter of 2005 and the full year included a $24.1 million non-cash tax benefit due to the release of net deferred tax valuation allowances, Shutterfly says.
“We are extremely pleased with both the fourth quarter and full year results,” says Shutterfly CEO Jeffrey Housenbold. “"Our strong financial results and leading market position provide us with an excellent foundation for future growth."
In 2006 Shutterfly processed 1.8 million orders with an average ticket of $35.72, the company says. "Our strategy has been to grow revenues rapidly while maintaining annual profitability,” says Stephen Recht, chief financial officer of Shutterfly. "We plan to continue to invest in our infrastructure in order to capitalize on the momentum in our market."
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