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Exhibit 99.1
1-800-FLOWERS.COM, Inc. Reports Financial Results From Continuing Operations For Its Fiscal 2015 Fourth Quarter and Full Year
Fourth Quarter Highlights:
Full Year Highlights:
(1Adjusted EBITDA and Adjusted EPS for the fiscal fourth quarter exclude one-time costs associated with the integration of Harry & David which the Company acquired on September 30, 2014; 2Adjusted EBITDA and Adjusted EPS for the fiscal 2015 full year exclude one-time costs associated with the acquisition and integration of Harry & David and the impact of the Fannie May warehouse fire in November 2014.)
CARLE PLACE, N.Y.--(BUSINESS WIRE)--August 27, 2015--1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS), the world’s leading florist and gift shop, today reported results for its fiscal 2015 fourth quarter and full year. For the fourth quarter, total revenue from continuing operations increased 21.8 percent to $228.3 million, compared with $187.4 million in the prior year period. The increase primarily reflects contributions from Harry & David, which the Company acquired on September 30, 2014, combined with growth across all three of the Company’s business segments.
Gross profit margin from continuing operations for the quarter increased 40.0 basis points to 43.0 percent reflecting strong gross margins in the Company’s Consumer Floral and BloomNet segments. Operating expense ratio for the quarter increased to 49.3 percent of total net sales, compared with 40.0 percent in the prior year, primarily reflecting increased operating expenses associated with the seasonality of the Harry & David business.
Adjusted EBITDA1 for the quarter, excluding stock-based compensation, was a loss of $1.8 million, reflecting the seasonality of Harry & David. Excluding Harry & David, Adjusted EBITDA1 for the quarter was $10.6 million, down 6.5% compared with $11.3 million in the prior year period, reflecting the shift of some revenues associated with the early-season Easter holiday into the Company’s fiscal third quarter somewhat offset by a strong contribution from BloomNet. Adjusted Net Loss from continuing operations attributable to 1-800-FLOWERS.COM, Inc. for the quarter was $8.7 million, or $0.13 per share, compared with a gain of $3.1million, or $0.05 per diluted share in the prior year period. Excluding Harry & David, Adjusted Net Income attributable to the Company was $1.7 million, or $0.03 per diluted share, compared with $3.1 million, or $0.05 per diluted share, reflecting the aforementioned shift of some Easter revenues into the Company’s third quarter.
Reported EBITDA loss for the quarter, excluding stock-based compensation, was $5.3 million, compared with a gain of $11.3 million in the prior year period. Reported net loss from continuing operations attributable to the Company was $10.7 million, or $0.16 per share, compared with a gain of $3.1 million, or $0.05 per diluted share, in the prior year period.
Fiscal 2015 Full Year Results:
Revenues from continuing operations for the Company’s full fiscal 2015 year grew 48.3 percent to $1.12 billion, compared with $756.3 million in the prior year, reflecting contributions from Harry & David as well as growth across all three of the Company’s business segments. Gross margin for the year increased 170 basis points to 43.4 percent, compared with 41.7 percent in the prior year, reflecting increases in all three of the Company’s business segments. Operating expense ratio for the year was 40.1 percent, compared with 38.5 in the prior year period, reflecting transaction and integration costs, as well as increased operating expenses associated with Harry & David.
Adjusted EBITDA2 for the year, excluding stock-based compensation expense, was $95.3 million, compared with $48.2 million in the prior year. Excluding Harry & David, Adjusted EBITDA1 for the year increased 11.6 percent to $53.8 million, compared with $48.2 million in the prior year period. Adjusted Net Income from continuing operations attributable to 1-800-FLOWERS.COM, Inc. was $34.7 million, or $0.51 per diluted share, compared with $14.6 million, or $0.22 per diluted share, in the prior year. Excluding Harry & David, Adjusted Net Income attributable to the Company was $15.9 million, or $0.24 per diluted share, compared with $14.6 million, or $0.23 per diluted share.
Reported EBITDA for the year, excluding stock-based compensation, was $72.7 million, compared with $48.2 million in the prior year period. Reported net income from continuing operations attributable to the Company was $20.3 million, or $0.30 per diluted share, compared with $14.6 million, or $0.22 per diluted share, in the prior year period. Free Cash Flow for the year was $93.2 million, compared with $19.6 million in the prior year period. This primarily reflected the timing of the Harry & David acquisition which closed on September 30, 2014.
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