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Blackhawk Announces First Quarter 2013 Financial Results Consistent With Estimates Provided In Prospectus

PLEASANTON, Calif., April 25, 2013 (GLOBE NEWSWIRE) -- Blackhawk Network Holdings, Inc. (Nasdaq:HAWK), a majority-owned subsidiary of Safeway Inc. (NYSE:SWY), today announced financial results for the first quarter ended March 23, 2013. The financial results are consistent with the estimates included in Blackhawk's prospectus filed with the Securities and Exchange Commission in connection with its initial public offering.

GAAP financial results for the first quarter of 2013 compared to the first quarter of 2012

  • Operating revenues totaled $185.1 million, an increase of 22.1% from $151.5 million for the quarter ended March 24, 2012. This increase was due primarily to an increase in load value of 23.0%, partially offset by a 20 basis point (0.2 percentage point) decline in commissions and fees as a percentage of load value, which is within the range of historical quarterly fluctuations experienced in fiscal year 2012.
  • Net income totaled $0.3 million compared to $2.9 million for the quarter ended March, 24, 2012. The change was due primarily to an increase in distribution partner commissions paid as a percentage of commissions and fees, increased marketing expenses net of marketing revenues and increased distribution partner program development expenses.
  • Earnings per basic and diluted share was $0.01 compared to $0.06 for the quarter ended March 24, 2012.

Non-GAAP financial results for the first quarter of 2013 compared to the first quarter of 2012

  • Adjusted operating revenues totaled $89.1 million compared to $73.8 million for the quarter ended March 24, 2012.
  • Adjusted EBITDA totaled $7.4 million compared to $9.9 million for the quarter ended March 24, 2012.
  • Adjusted net income totaled $1.9 million compared to $4.0 million for the quarter ended March 24, 2012.

Distribution partner commissions paid as a percentage of commissions and fees for the quarter ended March 23, 2013 increased 190 basis points (1.9 percentage points) from distribution partner commissions paid as a percentage of commissions and fees for the quarter ended March 24, 2012. The majority of this increase (approximately 100 basis points or 1.0 percentage points) was the result of increased commissions paid to Safeway pursuant to the amendment of our distribution partner agreements with Safeway that eliminated the previous differential in commissions shared with Safeway as compared to other distribution partners. The remainder was due to changes to the distribution partner mix and the territories in which our products are sold.

Stock quotes in this article: HAWK 

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