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

Recommended Reading:

Farallon Capital Management Adds Sycamore Networks Inc. (SCMR) To Its Equity Portfolio

Largest SOEs in the world: PetroChina Company Limited (ADR), (PTR), Petroleo Brasileiro Petrobras SA (ADR) (PBR) & Others

Corvex Capital Increases Stake in Williams Companies Inc. (WMB)

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!