1-800-Flowers.com Q4 net income down
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $12.2 million for the fourth quarter of fiscal 2008, compared with $17.1 million in the prior-year period. Total revenues were $219.8 million, compared with $231.8 million in the prior-year period. Net income for fiscal 2008 increased 23% to $21.1 million, or $0.32 per diluted share, compared with $17.1 million, or $0.26 per diluted share, in the prior year. EBITDA grew 9.3% to $57.7 million, compared with $52.8 million in the prior year. Total revenues increased 0.7% to $919.4 million for fiscal 2008. Jim McCann, CEO of 1-800-Flowers.com, said: "We are pleased with our strong EPS and EBITDA growth in fiscal 2008, which was achieved despite a challenging economic environment that impacted consumer spending throughout the year. Despite slower sales growth, we continued to drive double-digit bottom-line growth and generated free cash flow of $38 million for the year. These results were achieved by leveraging our business platform to reduce costs while targeting our marketing and merchandising initiatives to achieve profitable growth."