"Q3 marked an important milestone for the company as we substantially completed the platform consolidation and the restructuring announced earlier this year in February," said Christopher North, President and Chief Executive Officer. "Now, Shutterfly, TinyPrints, and our Weddings business - representing the overwhelming majority of our Consumer customers - are on a single technical platform. Combined with our streamlined cost structure and sharpened focus, we're in a strong position to execute against our growth plan going forward." "Our Shutterfly brand and Shutterfly Business Solutions performed well in Q3. We continue to make good progress against our areas of strategic focus while maintaining strong cost control, and also closed a $500 million credit facility. And we're ready for the fourth quarter with a beautiful selection of holiday products for both Shutterfly and TinyPrints customers, and having significantly improved customer experiences both on the web and in our mobile app." Net revenues totaled $195.4 million, a 4% year-over-year increase. Consumer net revenues totaled $135.4 million, a 6% year-over-year decrease as anticipated, as we migrated TinyPrints customers to the Shutterfly Platform, and shut down Wedding Paper Divas in the quarter and MyPublisher earlier in the year. Shutterfly Business Solutions net revenues totaled $60.0 million, a 39% year-over-year increase. GAAP Operating loss totaled $35.8 million and Net loss was $25.6 million or $0.78 per share. Click Read More below for additional information.
HarperCollins Christian Publishing is moving the Zondervan Books and Zondervan Thrive imprints from Grand Rapids, Mich., to HCCP’s corporate office in Nashville. The move, HCCP said, will allow it to share best practices across the company’s trade book publishing program for both the Thomas Nelson and Zondervan publishing groups.
“Creating a more cohesive structure for our trade book publishing imprints allows for us to manage our nonfiction brands under Don Jacobson’s leadership,” said Mark Schoenwald, president and CEO of HarperCollins Christian Publishing and HarperCollins Focus, in a statement. “We believe that having the Zondervan Books and Zondervan Thrive leadership in Nashville will help the teams better manage author relationships and allow them to collaborate on larger corporate initiatives.”
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