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Shutterfly, Inc. (SFLY) Announces Second Quarter Results – Stock Price Falls to a New 52-Week Low

Shutterfly, Inc. (NASDAQ: SFLY), an Internet-based social expression and personal publishing service that provides high-quality products and world-class services to allow consumers to preserve their digital photos in a creative and thoughtful manner, recently announced the company’s second quarter results and outlook for the remainder of 2008.

Shares of Shutterfly, Inc. dropped to a new 52-week low late last week after the company reported second quarter 2008 financial results for the period ended June 30, 2008. Net revenues totaled $35.4 million for the quarter, or 19 percent increase during the same time period last year. GAAP net loss per diluted share reached $0.16, compared to $0.10 loss per share during the second quarter of 2007. Despite rocky economic conditions, Shutterfly posted its 30th consecutive quarter of year-over-year revenue growth and better-than-expected gross and net margins.

Senior management expects third quarter revenue to fall in the range of $33 million to $36 million and GAAP diluted loss to range from $0.15 per share to $0.30 per share. The company’s outlook for fiscal year 2008 includes expectations for net revenues to range from $225 million to $240 million and GAAP diluted income per share to range from $0.01 to $0.20. Shutterfly will continue to strengthen its brand and franchise, as well as introduce new products and services to increase customer loyalty and sponsorship revenue.

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