Shutterfly Reports Strong First Quarter Financial Results

- GAAP gross profit margins to range from 53% to 55% of net revenues.

- Non-GAAP gross profit margins to range from 54% to 56% of net revenues.

- GAAP operating income to range from $8 million to $13 million.

- Non-GAAP operating income to range from $28 million to $33 million.

Notes to the First Quarter 2010 Financial Results, and Business Outlook