Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Fourth-quarter sales at Provide Commerce, an online retailer of flowers and other perishable goods, rose 28% year-over-year to $66.5 million, as net income rose 17% to $4.9 million, the company said.
Net sales at Provide Commerce Inc., an online retailer of flowers and other perishable goods, rose 28% year-over-year to $66.5 million for the fourth quarter ended June 30, up from $51.9 million, as net income rose 17% to $4.9 million, the company said.
Gross profit for the quarter rose 27% to $29.8 million from $23.4 million a year ago.
This year’s Q4 results include the Mother’s Day holiday, though Q4 of last year also included the Easter holiday, Provide noted. “Despite the Easter holiday not being in the fourth quarter this year, we were pleased with the substantial growth we were able to generate in both revenues and earnings per share,” said CEO Bill Strauss. Earnings per share rose to 36 cents per diluted share from 31 cents.
For the full year ended June 30, net sales rose 37% to $177.1 million from $128.8 million in the prior year, as GAAP earnings attributable to common stockholders declined by half to $8.9 million from $18 million. The change in earnings was affected by accounting treatments related to deferred tax assets of $14 million and by a larger amount of stock-based compensation in 2005, $3 million, compared to $2 million in 2004, Provide said.
Provide Commerce operates ProFlowers.com, which is its flagship web site, and food sites CherryMoonFarms.com and UptownPrime.com.