United Online (UNTD earnings update.

UNTD announced Q4, 2014 (December 31, 2014) earnings after the close on February 18, 2015. Revenues were $54.4 million, down from $62.6 million last year, but up from $52.9 million last quarter.  They made $2.3 million before tax versus an $8 million loss before taxes last year. Gross margin held steady at 68%. Our valuation was $34.65 up from $33.50 last quarter. Cash per share was $5.53 (compared to $5.38 last quarter). Guidance for next quarter is $47.5-$50.5 million in revenue and bottom line of between a loss of $.8 million and $2.8 million.

OIBTDA (which they use instead of EBITDA) was $11.4 million compared to $12.6 million last year. Shares closed at $13.92 on 12/18/2015. UNTD continues to generate cash and trades at a substantial discount to our valuation. This is still a BUY.