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FTD announces Q2 results
John C. Walden, FTD's President and Chief Executive Officer, commented, "I am pleased with the considerable progress we have made on our strategic review of our business. We remain on-track to complete our review and strategic plan later this year, and I am increasingly optimistic about our opportunities. I have also recently made two significant additions to our executive leadership team, in the critical roles of Chief Marketing Officer and Chief Operating Officer, and I expect them to make early positive impacts. Although we still have a lot of work to do and our near-term financial results remain challenged by historical underinvestment, I believe we are beginning to put in place the important building blocks required to restore the Company's growth and create a more compelling future."
Second Quarter Results
Consolidated revenues were $328.1 million for the second quarter of 2017, compared to $338.2 million for the second quarter of 2016. Changes in foreign currency exchange rates negatively impacted 2017 second quarter consolidated revenues by $3.5 million. Excluding the impact of foreign currency exchange rates, the decrease in second quarter consolidated revenues compared to the prior year quarter was primarily due to a decrease in Consumer segment revenues, partially offset by increases in the Provide Commerce and Florist segment revenues.
Net income was $9.7 million for the second quarter of 2017, compared to net income of $11.8 million for the second quarter of 2016. The decrease in net income was primarily attributable to an increase in sales and marketing expenses and an increase in the provision for income taxes, partially offset by a decrease in amortization of intangible assets.
Adjusted EBITDA was $31.2 million, or 9.5% of consolidated revenues, for the second quarter of 2017, compared to $45.1 million, or 13.3% of consolidated revenues, for the second quarter of 2016. Adjusted EBITDA is a non-GAAP financial measure. Please refer to the tables in this press release for a reconciliation of all non-GAAP financial measures.
Six Month Results
Consolidated revenues were $644.6 million for the six months ended June 30, 2017, compared to $668.5 million in the six months ended June 30, 2016. Changes in foreign currency exchange rates negatively impacted consolidated revenues by $10.6 million for the first six months of 2017. Excluding the impact of foreign currency exchange rates, the decrease in six month 2017 consolidated revenues compared to the prior year period was primarily due to a decrease in Consumer segment revenues, partially offset by an increase in the Provide Commerce segment revenues.
Net income was $18.7 million for the six months ended June 30, 2017, compared to $13.5 million for the six months ended June 30, 2016.
Adjusted EBITDA was $62.3 million , or 9.7% of consolidated revenues, for the first six months of 2017, compared to $75.7 million, or 11.3% of consolidated revenues, for the prior year period.
The full results can be found here.
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