Time Inc. has received a buyout bid from billionaire Edgar Bronfman Jr., which has reportedly been rejected by the company’s board. The offer was for $18 a share, a 30% premium over the company’s Friday closing price, Keith Kelly of The New York Post reported. Bronfman, managing partner of private equity firm Accretive LLC, went in on the bid with fellow billionaire Leonard Blavatnik, founder of holding company Access Industries, and Israeli businessman Ynon Kreiz, according to Kelly. Recently, Time Inc. has been repositioning itself as more of a digital media company—becoming less dependent on print ad revenue. click Read More below for more of the story
1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS), the leading gourmet food and floral gift provider for all occasions, today reported total net revenues from continuing operations grew 2.6 percent, or $14.1 million, to $548.4 million for its fiscal 2016 second quarter ended December 27, 2015, compared with total revenues from continuing operations of $534.3 million in the prior year period. The revenue increase was driven by the Company’s Gourmet Food and Gift Baskets segment.
The Company noted that total revenues for the period, on a comparable basis, grew approximately 1.0 percent adjusting for the sale of two small, non-core businesses that provided approximately $5.9 million in the prior year period, combined with $13.8 million in lost revenues associated with a Thanksgiving-day 2014 fire at the Company’s Fannie May warehouse and a $1.6 million purchase accounting adjustment related to the Harry & David acquisition, which closed September 30, 2014.
Gross profit margin for the quarter increased 110 basis points to 46.1 percent on a reported basis, compared with 45.0 percent in the prior year period, while operating expenses, on a reported basis, improved 220 basis points to 28.8 percent of total revenues compared with 31.0 percent in the prior year period. This reflected the Company’s focus on leveraging its business platform to achieve cost reductions, including increased benefits achieved through the effective integration of Harry & David.
*Total revenues from continuing operations grew 2.6 percent, or $14.1 million, to $548.4 million, compared with $534.3 million in the prior year period, primarily driven by the Company’s Gourmet Foods and Gift Baskets segment.
*EBITDA, excluding stock-based compensation, grew 23.3 percent, or $19.8 million, to $104.8 million, compared with $85.0 million in the prior year period. Compared with prior year period Adjusted EBITDA of $100.7 million, EBITDA increased 4.0%, or $4.1 million.
*EPS grew 35.3 percent, or $0.24 per diluted share, to $0.92 per diluted share compared with $0.68 per diluted share in the prior year period. Compared with prior year period Adjusted EPS of $0.83 per diluted share, EPS increased 10.8 percent, or $0.09.
more at: http://investor.1800flowers.com/releasedetail.cfm?ReleaseID=952133