Lloyd Miller Closing Gap On Osmium As Spark Networks’ Largest Shareholder

Despite its poor financial position, Spark Networks insider Lloyd Miller has continued to increase his stake in the dating company.

The shareholder, who has consistently bought shares in the company over the past year, has just bought another 186,501 shares worth $410,303.

Miller is now the second largest shareholder in Spark Networks, with 3.29m shares or 14.33% of the company’s total market cap.

Leading shareholder Osmium Partners Llc holds 14.98% of its portfolio in Spark Networks with 3.44m shares.

Earlier this month, Spark released another set of poor financial results.

For Q1 of the year, Spark reported total revenue of $9.9m, suffering a 27% year-on-year decrease from the comparable period of 2015, and an 8% decrease from the previous quarter.

In the report, the dating provider credits this to a decrease in average paying subscribers, as well as a decrease in its Q1 2016 average revenue per user — which it said was caused by an increase of six month subscriptions sold within the Jewish and Christian Networks in the last three quarters.

Its total average paying subscribers also mostly stayed consistent with the previous quarter, but was still a drop of 6.6% compared to the year before.

Check out the full report here.