Shutterfly Files Initial Public Offering on All Common Stock

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July 5, 2006 – Last Thursday, Photo-sharing and printing website, Shutterfly, Inc., filed a registration statement with the Securities and Exchange Commission for an initial public offering (IPO) of all of its common stock. Shutterfly proposes to sell up to $92 million in common stock, according to The Wall Street Journal.

The IPO will be managed by Goldman, Sachs & Co., J.P. Morgan Securities, Inc., Piper Jaffray & Co., and Jefferies & Co., Inc., said Shutterfly’s Thursday press release.

Founded in 1999, Shutterfly reported revenues of $83.9 million last year, up from $55.5 million in 2004, according to Business Week Online.

"The company’s finances are not as strong as they look at first glance," said Business Week Online, due to high overhead costs and competition from other photo-printing websites, including HP’s Snapfish.com and Eastman Kodak’s KodakGallery.com. Newer websites such as Riya, Tabblo, and Photobucket also contribute to the photo website industry competition, said The Wall Street Journal.

Shutterfly has filed the IPO, but the registration statement has not yet become effective, said Shutterfly’s release. Shutterfly will not sell its securities nor accept offers for its stocks until the registration statement becomes effective, according to the release.

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