Spark Networks, Inc. (LOV) Tops Q2 EPS by 3c; Enters Agreement with PEAK6, Includes Exec Changes
- AT&T (T) Agrees to Acquire Time Warner (TWX) for More than $80 Billion - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Spark Networks, Inc. (NYSE: LOV) reported Q2 EPS of $0.01, $0.03 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $9.1 million versus the consensus estimate of $9.62 million.
Board Member John H. Lewis commented, "Spark Networks has industry-leading brands in the Jewish and Christian communities. The Board continues to see significant potential in expanding these brands to serve much larger audiences. PEAK6 is bringing a comprehensive and transformative package to Spark Networks that includes access to significant operational resources and a new leadership team with an outstanding track record of success with both large, established brands like Microsoft, Orbitz, and FTD.com, and smaller entrepreneurial success stories like OptionsHouse. The transaction also brings additional strength to Spark's balance sheet."
The highlights of the PEAK6 agreement:
- PEAK6 purchased 5.0 million shares at $1.55 per share, resulting in $7.8 million of cash proceeds
- PEAK6 now owns approximately 16% of Spark's outstanding shares
- Pro Forma for the agreement, Spark's Q2 2016 net cash position increases from $3.1 million to $10.9 million
- Spark issues PEAK6 warrants to purchase 7.5 million shares with an exercise price of $1.74 per share. These warrants vest as to 50% of the shares when the share price reaches $2.50 per share and the remaining 50% of the shares vest when the share price reaches $3.50 per share
- PEAK6 executive Danny Rosenthal to become Chief Executive Officer and will join the Board of Directors
- PEAK6 Chief Architect David Budworth to become Chief Technology Officer
- PEAK6 Chief Marketing Officer Lisa McLafferty to become Chief Revenue Officer
- PEAK6 President Brad Goldberg to join the Board of Directors
For earnings history and earnings-related data on Spark Networks, Inc. (LOV) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- McDonald's (MCD) Q3 Revenue, Comps Top Views
- Concordia International (CXRX) CEO to Step Down
- Midstates Petroleum (MPO) Completes Ch. 11 Bankruptcy; Will Trade Under 'MPO'
Create E-mail Alert Related CategoriesCorporate News, Earnings, Hot Corp. News, Management Changes, Management Comments, Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!