Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Netflix delivers another boffo year with sales up 29%.
Netflix keeps on churning out the financial milestones. This year’s accomplishment: generating more than $2 billion in e-commerce sales.
For the fiscal year ended Dec. 31, 2010, Netflix reported:
- Total revenue increased by about 29.4% to $2.16 billion from $1.67 billion in 2009.
- Net income was $160.9 million, a 38.8% increase from net income of $115.9 million last year.
- Subscribers increased by 63% to 20.01 million from 12.27 million.
More than one-third—over 2.5 million—of Netflix’s 7.7 million new subscribers are signing up for the pure streaming plan and not receiving discs in the mail, the company says, “We expect that percentage to grow over time. The balance of new subscribers primarily takes our $9.99 1-DVD combination plan. Very few of our existing subscribers are downgrading to the pure streaming plan,” says Netflix.
The company, No.14 in the Internet Retailer Top 500 Guide, introduced a streaming-only subscription plan in November priced at $7.99 per month.
For the fourth quarter of 2010, Netflix reported:
- Sales of $596 million, a 34% increase from $445 million in the prior year quarter.
- Net income was $47 million, a 52% increase compared with net income of $31 million for Q4 of 2010.
Netflix projects sales for the first quarter of 2011 to range from $684 billion to $704 billion, operating income to range from $98 million to $116 million and subscribers from 21.9 million to 22.8 million.