Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Provide Commerce Inc.’s Proflowers.com packs up more than 6 million roses, 2 million tulips, and other floral gifts to support 532,000 shipments in the week before Valentine’s Day. That’s up from 409,000 shipments last year and 300,000 in 2003.
Provide Commerce Inc.’s Proflowers.com made record Valentine’s Day shipments, the company announced. From Feb. 8 to Feb. 14, Proflowers.com shipped more than 6 million rose stem, 2 million tulip stems, and other floral gifts for a total of more than 532,000 shipments for the holiday, compared to approximately 409,000 for Valentine`s Day last year and 300,000 in 2003
The company, which uses a direct-from-grower supply model that it says cuts days off the delivery time of the traditional floral supply chain, reports that Valentine’s Day is the second-busiest season at ProFlowers.com, right after Mother’s Day. “Our value pricing, targeted marketing and extensive flower product selection continued to drive growth,” says CEO Bill Strauss. “We look forward to building on this momentum through the remainder of fiscal 2005.”
Lifted chiefly by its ProFlowers.com floral business, Provide Commerce Inc. reported that net sales rose 44% from a year ago to $23.3 million for its second fiscal year quarter ended Dec 31. Net income for the quarter was $984,000. Net income reflects an income tax expense of $891,000 plus $752,000 in stock-based compensation. Without the stock-based compensation effect and related tax effect, earnings for the quarter were $1.5 million, compared to $436,000 for similarly-adjusted earnings in the second quarter a year earlier.
Provide Commerce also operates CherryMoonFarms.com and UptownPrime.com food sites.