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 Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

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!