Last $32.93 USD
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Volume 486.9K
As of 8:10 PM 10/23/14 All times are local (Market data is delayed by at least 15 minutes).

blackhawk network holdings i (HAWK) Key Developments

Blackhawk Network Holdings, Inc. Announces Management Changes

Blackhawk Network Holdings, Inc. appointed Richard H. Bard and Jane J. Thompson as directors. Mr. Bard will serve as a Class III director with a term expiring at the 2016 annual meeting of stockholders. Ms. Thompson will serve as a Class I director with a term expiring at the 2017 annual meeting of stockholders. The board of directors accepted the resignation of Douglas J. Mackenzie as a member of the Audit Committee of the board of directors, effective October 6, 2014, and appointed Mr. Bard, as a member of the Audit Committee to replace Mr. Mackenzie on that same date. Mr. Mackenzie remains a member of the board of directors, a member of the Conflicts Committee and a member of the Nominating and Corporate Governance Committee.

Blackhawk Network Holdings, Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 6, 2014; Provides Effective Tax Rate Guidance for the Fourth Quarter of 2014; Revises Earnings Guidance for the Full Year 2014

Blackhawk Network Holdings, Inc. reported unaudited consolidated financial results for the third quarter and nine months ended September 6, 2014. For the third quarter, the company reported total operating revenues of $269,027,000 compared to $205,996,000 for the same period a year ago. Operating income was $1,663,000 compared to $3,734,000 last year. Income before income tax expense was $765,000 compared to $3,793,000 last year. Net income attributable to the company $555,000 or $0.01 per diluted share compared to $2,355,000 or $0.04 per basic and diluted share last year. Adjusted operating revenues were $130,428,000 compared to $100,635,000 last year. EBITDA was $12,128,000 compared to $10,046,000 last year. Adjusted EBITDA was $14,714,000 compared to $11,477,000 last year. Adjusted income before income tax was $7,436,000 compared to $6,430,000 last year. Adjusted net income attributable available to common shareholders was $4,681,000 compared to $53,074,000 last year. Adjusted diluted earnings per share were $0.09 compared to $0.08 per share last year. This increase in revenue was due to a 28% increase in commissions and fees driven primarily by higher closed loop gift card sales, a 73% increase in program, interchange, marketing and other fees due to strong open loop gift card sales in the U.S., issuing bank contract amendments and the acquisition of InteliSpend, and a 4% increase in product sales. The decline in net income was driven primarily by intangibles asset amortization expense and interest expense related to the InteliSpend and Retailo acquisitions. Capital expenditures were $7.7 million up 24% from last year. For the nine months, the company reported total operating revenues of $786,086,000 compared to $616,908,000 for the same period a year ago. Operating income was $6,391,000 compared to $9,413,000 last year. Income before income tax expense was $4,436,000 compared to $9,845,000 last year. Net income attributable to the company was $2,830,000 or $0.05 per basic and diluted share compared to $4,832,000 or $0.09 per basic and diluted share last year. Net cash used in operating activities was $63,409,000 compared to $537,589,000 last year. Expenditures for property, equipment and technology and intangible assets were $25,960,000 compared to $21,349,000 last year. Adjusted operating revenues were $385,963,000 compared to $297,412,000 last year. EBITDA was $38,544,000 compared to $26,376,000 last year. Adjusted EBITDA was $48,225,000 compared to $37,361,000 last year. Adjusted income before income tax was $28,319,000 compared to $23,114,000 last year. Adjusted net income attributable available to common shareholders was $17,619,000 compared to $14,391,000 last year. Adjusted diluted earnings per share were $0.33 compared to $0.28 per share last year. Net cash flow used in operating activities was $463,409,000 compared to $537,589,000 a year ago. Adjusted net cash from operating activities was $7,536,000 compared to $1,130,000 last year. Expenditures for property, equipment and technology amounted to $25,960,000 compared to $21,349,000 a year ago. CapEx was $26.0 million, up 22% from a year ago. The company expects full year 2014 CapEx, excluding the Parago acquisition, in the range of $35 million to $37 million or around 5.3% of adjusted operating revenues, down from 5.6% in 2013. The company expects to finish the year within its previous guidance range for adjusted operating revenues of $670 million to $690 million. Now this guidance excludes the acquisitions of Parago and CardLab, which should add another $20 million to $25 million revenues, resulting in total revenues in the range of $690 million to $715 million. The expects adjusted net income to be high end of its previously stated annual guidance range of $64 million to $67 million or $1.19 to $1.24 per diluted share. The company expects total 2014 earnings to be in the range of $1.54 to $1.59 per share. The company expects year 2014 tax rate on adjusted income before income taxes to be just under 39%. The company expects fourth quarter 2014 tax rate to be just under 39%.

Blackhawk Network Holdings, Inc. to Report Q3, 2014 Results on Oct 08, 2014

Blackhawk Network Holdings, Inc. announced that they will report Q3, 2014 results at 8:30 AM, US Eastern Standard Time on Oct 08, 2014

Blackhawk Network Holdings, Inc., Q3 2014 Earnings Call, Oct 08, 2014

Blackhawk Network Holdings, Inc., Q3 2014 Earnings Call, Oct 08, 2014

Blackhawk Network Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 14, 2014; Provides Earnings Guidance for the Full Year of Fiscal 2014

Blackhawk Network Holdings, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 14, 2014. For the quarter, the company announced total operating revenues of $283,944,000 compared to $225,862,000 for the same period a year ago. Operating income was $8,941,000 compared to $5,379,000 for the same period a year ago. Income before income tax expense was $8,338,000 compared to $5,475,000 for the same period a year ago. Net income attributable to the company was $5,116,000 compared to $2,131,000 for the same period a year ago. Diluted earnings per class A and class B share was $0.09 compared to $0.04 for the same period a year ago. EBITDA was $19,711,000 compared to $11,303,000 for the same period a year ago. Adjusted EBITDA was $21,096,000 compared to $18,528,000 for the same period a year ago. Adjusted income before income tax expense was $14,308,000 compared to $13,597,000 for the same period a year ago. Adjusted net income attributable to the company was $8,940,000 compared to $8,737,000 for the same period a year ago. Adjusted diluted earnings per share were $0.17 compared to $0.16 for the same period a year ago. Operating revenues increase was due to a 22% increase in commissions and fees driven primarily by higher closed loop gift card sales, a 40% increase in program, interchange, marketing and other fees due to the acquisition of InteliSpend in late 2013 and strong open loop gift card sales in the U.S. that was partially offset by lower open loop card expiration revenues in Australia, and a 35% increase in product sales primarily driven by Cardpool. Capital expenditures were $9.7 million for the quarter, up 8% from the second quarter of last year, so a slower rate as the company has predicted so far this year. For the full year, the company announced total operating revenues of $517,059,000 compared to $410,912,000 for the same period a year ago. Operating income was $4,728,000 compared to $5,679,000 for the same period a year ago. Income before income tax expense was $3,671,000 compared to $6,052,000 for the same period a year ago. Net income attributable to the company was $2,275,000 compared to $2,477,000 for the same period a year ago. Diluted earnings per class A and class B share was $0.04 compared to $0.05 for the same period a year ago. Adjusted operating revenues were $138,596,000 compared to $107,709,000 for the same period a year ago. Net cash used in operating activities was $411,377,000 compared to $488,669,000 for the same period a year ago. Expenditures for property, equipment and technology were $18,241,000 compared to $15,110,000 for the same period a year ago. Adjusted operating revenues were $254,442,000 compared to $196,777,000 for the same period a year ago. EBITDA was $26,416,000 compared to $16,330,000 for the same period a year ago. Adjusted EBITDA was $32,418,000 compared to $25,884,000 for the same period a year ago. Adjusted income before income tax expense was $19,790,000 compared to $16,684,000 for the same period a year ago. Adjusted net income attributable to the company was $12,334,000 compared to $10,698,000 for the same period a year ago. Adjusted diluted earnings per share were $0.23 compared to $0.20 for the same period a year ago. Free cash flow used was $21,361,000 compared to $12,140,000 for the same period a year ago. Net income increased was driven by overall business growth, the benefits from the favorable court ruling, the amended issuing bank contract described above, and lower mark-to-market partner equity expense, partially offset by lower open loop gift card revenues in Australia and intangible asset amortization expense related to the InteliSpend and Retailo acquisitions. The company provided earnings guidance for the full year of fiscal 2014. The company now expects the full year tax rate on adjusted income before income taxes will be approximately 39% as compared to the 2013 actual rate of 38.2%. The company announced as it looks forward to the rest of 2014, it will, in fact, grow capital expenditure at a lower rate than revenue growth, which will reduce as it goes forward into next year the increase in depreciation expense that the company is seeing this year. For the full year, the company expects: adjusted operating revenues will be in the range of $670 million to $690 million, which would be growth of 24% to 28%; adjusted EBITDA between $137 million and $142 million, growth of 20% to 24%; and adjusted net income in the range of $64 million to $67 million, 11% to 16% growth; and diluted adjusted EPS in the range of $1.19 to $1.24, excluding the cash tax benefit.

 

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