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As of 8:04 PM 03/5/15 All times are local (Market data is delayed by at least 15 minutes).

spark networks inc (LOV) Key Developments

Spark Networks, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014

Spark Networks, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. Revenue in the fourth quarter of 2014 was $14.3 million, a decrease of 17% compared to the year ago period. The year over year decrease was primarily driven by a 22% decrease in average paying subscribers, reflecting a 27% and 12% decrease in average paying subscribers for the Christian and Jewish Networks segments, respectively. Operating income was $3.228 million against operating loss of $3.513 million a year ago. Income before income taxes was $2.987 million against loss before income taxes of $3.457 million a year ago. Net income was $3.869 million or $0.16 per basic and diluted share against net loss of $3.549 million or $0.15 per basic and diluted share a year ago. EBITDA was $3.504 million against LBITDA of $2.896 million a year ago. Adjusted EBITDA was $4.096 million against Adjusted LBITDA of $2.787 million a year ago. Full year 2014 revenue was $61.6 million, an 11% decrease compared to 2013. The decrease was primarily driven by a 12% decline in average paying subscribers, reflecting a 12% and 8% decrease in average paying subscribers for the Christian and Jewish Networks segments, respectively. Operating loss was $0.938 million against $12.114 million a year ago. Loss before income taxes was $1.502 million against $11.885 million a year ago. Net loss was $1.127 million or $0.05 per basic and diluted share against $12.380 million or $0.54 per basic and diluted share a year ago. EBITDA was $0.639 million against LBITDA of $9.807 million a year ago. Adjusted EBITDA was $5.539 million against Adjusted LBITDA of $9.072 million a year ago.

Spark Networks, Inc., Q4 2014 Earnings Call, Mar 05, 2015

Spark Networks, Inc., Q4 2014 Earnings Call, Mar 05, 2015

Spark Networks Appoints Robert O'Hare as CFO

Spark Networks, Inc. announced the appointment of Robert O'Hare as Chief Financial Officer, effective March 1, 2015. Mr. O'Hare will report to CEO, Michael Egan and will have responsibility for the Company's global financial operations. Brett Zane, after having made significant contributions as CFO since 2007, will work closely with Mr. O'Hare to ensure a seamless transition. Mr. Zane will leave the Company on March 11, 2015. Mr. O'Hare is joining the Company from Square, Inc., where he served as Corporate Finance & Investor Relations Lead since 2013. From 2010 to 2013, he served as Director of Financial Planning & Analysis at Pandora Media, Inc.

Spark Networks Announces Amendments to its Credit Agreement

On January 28, 2015, Spark Networks, Inc. entered into an Eighth Amendment to Credit Agreement, along with its wholly-owned subsidiary Spark Networks USA, LLC, as borrower, certain subsidiaries of the Company, as guarantors, and Bank of America, N.A. as administrative agent, and the lenders thereto. The Eighth Amendment amends the Credit Agreement, originally dated February 14, 2008, to, among other things, modify certain financial covenants governing leverage ratios and capital expenditures. Under the Eighth Amendment, for each quarter ending December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, the minimum consolidated adjusted EBITDA for each six month period shall not be less than $3.3 million, $3.8 million, $2.2 million and $2.3 million, respectively. For the quarter ending December 31, 2015 and each fiscal quarter ending thereafter, the minimum consolidated adjusted EBITDA for each six month period shall not be less than $1.8 million. The Eighth Amendment also imposes limitations on capital expenditures in the ordinary course of business not exceeding $3 million during each fiscal year, subject to certain exceptions; provided, that for fiscal 2015, the capital expenditure limitation shall be $3.5 million.

Spark Networks, Inc. Announces Management Changes

On December 15, 2014, Spark Networks, Inc. announced that the company’s Board of Directors will appoint Michael S. Egan as Chief Executive Officer, effective January 2, 2015. In conjunction with Mr. Egan’s appointment, Michael J. McConnell will step down from his position as Interim Executive Chairman on January 2, 2015, but will retain his role as Chairman of the Board. Mr. Egan is joining the company from Internet Brands, Inc., where he served in a number of capacities since 2008. He has most recently served as Senior Vice President and Group General Manager of the Home, Careers, Money and Health Divisions. Also on December 15, 2014, Stephen Davis resigned from the Board and Audit Committee of the company, effective immediately. Mr. Davis is not resigning from the Board due to any disagreement with the company on any matter relating to the company’s operations, policies, or practices. Also on December 15, 2014, effective immediately, the Board appointed Lee K. Barba to serve as director and member of the Audit Committee, with a term ending at the company’s 2015 annual meeting of stockholders. Mr. Barba fills the vacancy created by the resignation of Mr. Davis. At this time, the Board also has appointed Mr. Barba to the Audit Committee. Since 2009, Mr. Barba has been an active investor and a member of the board of directors of several privately held companies.

 

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