United Online (United Online) Preferred Stock : $0.0 Mil (As of Mar. 2016)

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What is United Online Preferred Stock?

Preferred stock is a special equity security that has properties of both equity and debt. United Online's preferred stock for the quarter that ended in Mar. 2016 was $0.0 Mil.

The market value of preferred stock needs to be added to the market value of common stocks in the calculation of Enterprise Value. United Online's Enterprise Value for the quarter that ended in Mar. 2016 was $74.4 Mil.

In the calculation of book value, the par value of preferred stocks needs to subtracted from total equity. United Online's Book Value per Share for the quarter that ended in Mar. 2016 was $6.72.

Dividends paid to preferred stocks need to be subtracted from net income in the calculation of Earnings per Share (Diluted). United Online's Earnings per Share (Diluted) for the three months ended in Mar. 2016 was $-2.61.

United Online Preferred Stock Historical Data

The historical data trend for United Online's Preferred Stock can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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United Online Preferred Stock Chart

United Online Annual Data

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Preferred Stock

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United Online Quarterly Data
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Preferred Stock	Get a 7-Day Free Trial															-	-	-	-	-

United Online Preferred Stock Calculation

Preferred Stock is a special equity security that has properties of both equity and debt. It is generally considered a hybrid instrument. Preferred stock is senior to common stock, but is subordinate to bonds in terms of claim or rights to their share of the assets of the company.

Preferred stock has priority over common stock in the payment of dividends and any payments received when a company liquidates.

Preferred stock comes in many forms. It can be:

Convertible or Non-Convertible
Cumulative or Non-Cumulative
Voting or Non-Voting
Callable or Non-Callable
Maturity Date or No Maturity Date

A preferred stock without a maturity date is called a perpetual preferred stock. These are relatively rare. A good example of perpetual preferred stock is the many series of Public Storage (PSA) preferred shares that trade on the New York Stock Exchange.

Before investing in preferred stock, it is important to know which of the above groups the stock belongs to. Is it convertible or non-convertible? Are dividends cumulative or non-cumulative?

It is also critical that an investor knows what bonds the company has in front of the preferred stock. Bondholders get paid first. So the decision to buy a preferred stock can be similar to the decision to buy a bond. But, remember, the preferred stock of a company with bonds is junior to those bonds.

Unless a preferred stock is convertible, the upside in a preferred stock investment is more limited than in a common stock investment. If a company doubles its earnings, it is usually under no more obligation to double the dividends paid to preferred shareholders than it is to double the interest paid to its bankers and bondholders.So preferred stock is very different from common stock.

United Online (NAS:UNTD) Preferred Stock Explanation

When a company needs capital but does not wish to issue debt, they may sell preferred stocks to investors.

For instance, during the financial crisis of 2008, Goldman Sachs (GS) issued a combination of preferred stock and common stock options for $5 billion of capital to Warren Buffetts Berkshire Hathaway (BRK.A)(BRK.B). In this deal, Berkshire Hathaway paid $5 billion for 10% cumulative perpetual preferred stock and warrants to buy 43.5 million shares of Goldman Sachs at $115 a share. Goldman Sachs bought back the preferred in 2010. Guess how much money Warren Buffett made in this deal in two years? Read How Much Did Warren Buffetts Berkshire Hathaway (BRK.B) Make on Its Goldman Sachs (GS) Preferred Stock?

1. The market value of Preferred Stocks needs to be added to the market value of common stocks in the calculation of enterprise value.

United Online's Enterprise Value for the quarter that ended in Mar. 2016 is calculated as

	Enterprise Value
=	Market Cap	+	Preferred Stock	+	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation	+	Minority Interest
=	172.43645	+	0	+	0	+	0	+	0
-	Cash, Cash Equivalents, Marketable Securities
-	98.069
=	74.4

2. In the calculation of Book Value, the par value of Preferred Stocks needs to subtracted from total equity.

United Online's Book Value per Share for the quarter that ended in Mar. 2016 is calculated as

Book Value per Share	=	(Total Stockholders Equity	-	Preferred Stock)	/	Shares Outstanding (Diluted Average)
	=	(100.408	-	0)	/	14.9425
	=	6.72

3. Dividends paid to Preferred Stocks need to be subtracted from net income in the calculation of earnings per share.

United Online's Earnings per Share (Diluted) (EPS) for the three months ended in Mar. 2016 is calculated as

Earnings per Share (Diluted)	=	(Net Income	-	Preferred Dividends)	/	Shares Outstanding (Diluted Average)
	=	(-38.874	-	0)	/	14.898
	=	-2.61

United Online Preferred Stock Related Terms

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United Online (United Online) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » United Online Inc (NAS:UNTD) » Definitions » Preferred Stock

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Address

Website

http://www.unitedonline.net

United Online Inc is a Delaware corporation that commenced operations in 2001 following the merger of dial-up Internet access providers NetZero, Inc. (NetZero) and Juno Online Services, Inc. The Company provides consumer services and products over the Internet under a number of brands, including StayFriends, Trombi, MyPoints, NetZero, and Juno. The Company operates in two segments, namely Content & Media and Communications. The Content & Media segment provides social networking services and products under the StayFriends, and Trombi brands. It operates its social networking services as a platform to enable users to locate and interact with acquaintances from their past, with high school affiliations as the primary focus. Its domestic and international social networking services comprise a large and diverse population of users. It also provides advertising opportunities to marketers with both brand and direct response objectives through a full suite of display, search, email, and text-link opportunities across its various properties. Its social networking products primarily consist of yearbook reprints. Its principal Communications pay service is dial-up Internet access, offered under the NetZero and Juno brands. It also offers mobile broadband, DSL, email, Internet security, web hosting services, and other services. Each of its services, including social networking services, loyalty marketing service, and Internet access services operates on a separate and distinct technology platform. The Company has international operations in India and Germany. Its operations in India primarily handle software development and operations, quality assurance and email customer support. Its operations in Germany provide social networking services in Germany, Sweden, France, Austria, and Switzerland. It competes with major social networking platforms such as Facebook, as well as Internet search engines such as Google, other online loyalty marketing programs, such as Ebates, as well as offline loyalty marketing programs that have a significant online presence, such as those operated by credit card, airline and hotel companies, members from online providers of discounted offerings and coupons, such as Groupon and LivingSocial, as well as AT&T, Verizon, Sprint and T-Mobile. The Company is subject to a number of international, federal, state, and local laws and regulations, including, without limitation, those relating to taxation, bulk email or "spam," advertising, user privacy and data protection, consumer protection, antitrust, export, and unclaimed property.

Executives

Andrew Miller	director	111 MCINNIS PARKWAY, SAN RAFAEL CA 94903
Kenneth D Denman	director
B. Riley Financial, Inc.	10 percent owner	11100 SANTA MONICA BLVD, SUITE 800, LOS ANGELES CA 90025
Bryant R Riley	10 percent owner	C/O B. RILEY FINANCIAL, INC., 21255 BURBANK BLVD, SUITE 400, WOODLAND HILLS CA 91367
B. Riley & Co., Llc	10 percent owner	11100 SANTA MONICA BLVD., STE. 800, LOS ANGELES CA 90025
Brc Partners Opportunity Fund, Lp	10 percent owner	11100 SANTA MONICA BLVD. SUITE 800, LOS ANGELES CA 90025
B. Riley Capital Management, Llc	10 percent owner	11100 SANTA MONICA BLVD., SUITE 800, LOS ANGELES CA 90025
Edward K Zinser	officer: EVP & Chief Financial Officer	201 EAST SANDPOINTE, 8TH FLOOR, SANTA ANA CA 92707
Kenneth L Coleman	director	C/O CITY NATIONAL CORPORATION, 555 S. FLOWER STREET, 18TH FLOOR, LOS ANGELES CA 90071
Harold Zeitz	officer: President, Classmates, Inc.	C/O UNITED ONLINE, 21301 BURBANK BOULEVARD, WOODLAND HILLS CA 91367-6677
Charles B. Ammann	officer: EVP, General Counsel, Sec.	200 FLYNN ROAD, CAMARILLO CA 93012