Litespeed Management LLC Initiates Stake in FTD Companies Inc (FTD)

Litespeed Management LLC, led by Jamie Zimmerman, in a filing disclosed that it initiated a position in FTD Companies Inc (NASDAQ:FTD) and bought 1.11 million shares, representing a 5.97% stake in common stock of the company.

02 Jamie Zimmerman

FTD Companies, Inc. (NASDAQ:FTD) a premier floral and gifting company, successfully completed its spin off from United Online, Inc. in the third quarter of last year. The spin off was executed by offering FTD common stock held by United Online to United Online stockholders, wherein one share of FTD common stock was offered for every five shares of United Online common stock held.

In the third quarter, FTD Companies, Inc. (NASDAQ:FTD) posted revenue of $118.5 million, representing a 2% increase from the third quarter of 2012. There was a 1% increase in consumer order volume. The Operating income fell to $2.4 million from $4.6 million in the prior comparable quarter, this decrease was attributed to $3.3 million of Transaction Related Costs related to spin off from United Online. The net income fell to $0.2 million from $1.5 million in the third quarter of 2012.

FTD Companies, Inc. (NASDAQ:FTD), has laid down its guidance for the full year 2013, according to which it expects revenue to be between $625 and $631 million, and Adjusted EBITDA in the range of $83.0 million to $84.5 million. The annual capital expenditures for the full year is expected to be in the range of $10 million to $12 million, including incremental capital expenditures with respect to the spin off.

Litespeed Management LLC is an event-driven hedge fund, which focuses on   distressed securities, special situations and bankruptcies. The fund has invested 13.73% of its equity portfolio in SandRidge Energy Inc. (NYSE:SD), holding 13.74 million shares, with a reported value of $80.50 million. In the third quarter of 2013, the fund had initiated a position in Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX), owning 523,368 shares, worth $65.26 million. The third company, where the company has invested 10.87% of its portfolio, is Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), with 1.93 million shares.

Disclosure: none

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