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FTD

FTD Companies

$4.52

0.06 (1.35%)

16:18
07/19/18
07/19
16:18
07/19/18
16:18

FTD Companies explores strategic alternatives, announces CEO to step down

FTD Companie announced that its board has initiated a review of strategic alternatives focused on maximizing stockholder value. The strategic alternatives expected to be considered include, but are not limited to, a sale or merger of the company, FTD continuing to pursue value-enhancing initiatives as a standalone company, a capital structure optimization that may involve potential financings, or the sale or other disposition of certain of the company's businesses or assets. FTD has retained Moelis as financial advisor to assist with its strategic alternatives review. The FTD board also announced that it has appointed Scott Levin, currently FTD's executive VP, general counsel and secretary, as interim president and CEO. Levin succeeds John Walden, who has stepped down from these positions and from FTD's board of directors, effective immediately. FTD also announced a corporate restructuring and cost savings plan, under which it has identified opportunities to optimize its operations, drive efficiency and reduce costs. Under this plan, FTD expects to generate approximately $18M-$23M in annualized run-rate cost savings in 2019, with approximately $4M-$5M in savings expected in the second half of 2018. FTD expects to incur pre-tax restructuring and corporate reorganization costs in the second half of 2018 in connection with the implementation of this plan. The company expects to disclose an estimate of these costs when it reports financial results for Q2. As a result of these corporate restructuring efforts, the COO position held by Simha Kumar has been eliminated, effective immediately. In addition, Jeffrey D. T. Severts, FTD's executive VP and CMO, will be leaving the company following a transition of his marketing responsibilities to Jay Topper. Topper, who joined FTD as CIO in October 2016, has been promoted to the newly expanded role of executive VP and CDO. FTD's floral and gifting general managers will now report directly to the CDO.

FTD FTD Companies
$4.52

0.06 (1.35%)

05/09/18
DADA
05/09/18
NO CHANGE
Target $5.25
DADA
Neutral
FTD Companies price target raised to $5.25 from $3.50 at DA Davidson
DA Davidson analyst Linda Bolton Weiser raised her price target on FTD Companies to $5.25 and kept her Neutral rating after its Q1 results. Weiser notes that while the company beat consensus on revenues and maintained its FY18 outlook, costs were also higher and EBITDA missed expectations. The analyst adds however that the issues with Q4 earnings revolving around a poorly executed Valentine's Day promotion have been resolved, and with about a third of the ordering for Mother's Day completed, the outcome is expected to improve.
03/09/18
DADA
03/09/18
NO CHANGE
Target $4.25
DADA
Neutral
FTD Companies had 'poor Valentine's Day execution', says DA Davidson
DA Davidson analyst Linda Bolton Weiser lowered her price target on FTD Cmpanies to $4.25 from $6.50 after the company's Q1 warning that was attributed to poor execution in marketing strategies around Valentine's Day. The analyst adds that in order to reach the company's revenue outlook for the entire FY18, she also had to bump up her forecasts for Q2-Q4, suggesting that the company's low end of FY18 EBITDA guidance of $52M may prove to be a stretch. Weiser keeps her Neutral rating on FTD Companies.
11/15/17
DADA
11/15/17
NO CHANGE
Target $8
DADA
Neutral
FTD Companies price target lowered to $8 from $17 at DA Davidson
DA Davidson analyst Linda Bolton Weiser lowered her price target on FTD Companies to $8 and kept her Neutral rating following last week's Q3 results, noting accelerating sales decline due in part to hurricane impacts and the holiday timing shift to Q4 of last year. The analyst's lowered price target is attributed to the uncertainty regarding the timing of return to sales growth as investors await a 5-year strategic turnaround plan from the new CEO John Walden early next year.
11/09/17
CHLM
11/09/17
NO CHANGE
Target $10
CHLM
Hold
FTD Companies price target lowered to $10 from $18 at Craig-Hallum
Craig-Hallum analyst Alex Fuhrman lowered his price target for FTD Companies to $10 from $18, citing lower Q3 results on continued revenue headwinds. The analyst reiterates a Hold rating on the shares.

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