Shutterfly Reports Strong First Quarter Financial Results

- Operating expenses, excluding $4.2 million of stock-based compensation, totaled $26.9 million.

- GAAP net loss was ($4.7) million, compared to a net loss of ($6.2) million in the first quarter of 2009.

- GAAP net loss per diluted share was ($0.18), compared to ($0.25) in the first quarter of 2009.

- Adjusted EBITDA was $3.4 million, compared to $0.1 million in the first quarter of 2009.