LOS ANGELES, CA--(Marketwire -04/25/12)- Stamps.com ( STMP - News ), the heading provider of postage online and shipping program solutions, currently voiced record results is to initial entertain finished Mar 31, 2012.
Highlights is to initial quarter:
Core Personal Computer Postage income (including tiny business, craving and high volume shipping patron segments) was $26.2 million, up 27% from the initial entertain of 2011.
Total income (including core Personal Computer Postage income and non-core income from PhotoStamps and the extended promotion channel) was $28.3 million, up 24% compared to the initial entertain of 2011.
PC Postage sum border was 76.9%.
GAAP net income was $16.4 million or $0.95 per entirely widely separated share. This includes $1.3 million in stock-based reward responsibility and a non-cash income taxation gain of $11.9 million.
Excluding the stock-based reward responsibility and noncash income taxation benefit, non-GAAP income from operations was $5.7 million, non-GAAP net income was $5.8 million and non-GAAP net income per entirely widely separated share was $0.34.
"The initial entertain of 2012 was a great entertain for us with burly financial opening and a set of new archives opposite a few key patron metrics," mentioned Ken McBride, Stamps.com Chairman and CEO. "For the initial entertain you suited our top year-over-year expansion rate in our core Personal Computer Postage income at 27%, you grew our complete non-GAAP working income by 70%, and you grew our complete non-GAAP earnings per share by 41%. In addition, you set quarterly archives in many of our key patron metrics inclusive the largest number of new customers ever acquired in our SOHO business and the largest consecutive enlarge for our complete paid customers given you began tracking that metric. We moreover one after another to see burly expansion in our craving and high volume shipping areas. As ! a outcom e of the strength opposite all areas of our business, you lifted our 2012 superintendence today."
First Quarter 2012 Detailed Results
Non-core Personal Computer Postage income from the extended promotion duct (online programs where extra promotions are supposing right away by selling partners) was $0.8 million, down 3% contra the initial entertain of 2011. PhotoStamps income was $1.3 million, down 5% contra the initial entertain of 2011, as the Company continues to lower its investment in this area. PhotoStamps sum border was 21.6% and complete sum border was 74.3%.
As formerly announced, the Company closed on the buy of its new corporate domicile for $13.4 million during the initial entertain that was saved with the Company's existing money and investments. The certain money upsurge generated from operations was cancel out by the office building buy and as a result, the Company's money and investments decreased by $2 million from $69 million at the finish of the ourth entertain of 2011 to $67 million at the finish of the initial entertain of 2012.
First entertain GAAP net income was $16.4 million. On a per share basis, complete initial entertain 2012 GAAP net income was $0.95 formed on entirely widely separated shares excellent of 17.2 million. First entertain 2012 GAAP net income was marked down by $1.3 million of stock-based reward responsibility and was increased by a non-cash taxation gain of $11.9 million consequent from the annulment of a part of the Company's net paid in instalments taxation item gratefulness allowance. Non-GAAP and GAAP amounts are reconciled in the subsequent to table:
Excluding the stock-based reward responsibility and non-cash income taxation benefit, initial entertain 2012 non-GAAP net income was $5.8 million or $0.34 per share formed on entirely widely separated shares excellent of 17.2 million. This compares to initial entertain 2011 non-GAAP net income of $3.5 million or $0.24 per share formed on ! entirely widely separated shares excellent of 14.6 million. Thus, non-GAAP initial entertain 2012 net income and widely separated earnings per share increased by 66% and 41%, respectively, compared to the same entertain final year.
Share Repurchase
The Company did not repurchase any shares during the initial entertain of 2012. The Company's stream repurchase outline waste in effect by Aug 2012 with a remaining authorisation of 1 million shares.
The timing of share repurchases, if any, and the number of shares to be paid for at any one time will rely on marketplace conditions and the Company's evaluation of the danger that its net working loss item could be marred if such repurchases were undertaken. Share purchases may be done from time-to-time on the open marketplace or in negotiated exchange at the Company's option in correspondence with Rule 10b-18 of the United States Securities and Exchange Commission. The Company's buy of any of its shares may be theme to stipulatios imposed on such purchases by germane bonds laws and regulations and the manners of the Nasdaq Stock Market.
Net Operating Loss (NOL) Update
Stamps.com currently has roughly $230 million in Federal NOLs and $125 million in State NOLs. The Company estimates that as of Mar 31, 2012, its tenure change was roughly 17% compared with the 50% turn that could trigger spoil of its NOL item beneath Internal Revenue Code Section 382 rules. As part of its continuing program to persist future use of its NOL asset, the Company requests that any shareholder considering apropos a 5% shareholder meeting the Company before carrying out so.
Business Outlook
Stamps.com currently expects mercantile 2012 complete income to be in a operation of $107.5 to $117.5 million. This compares to previous expectations for 2012 complete income of $105 to $115 million. GAAP net income per share for 2012 is approaching to be in a operation of $1.80 to $2.00 inclusive roughly ! $4 milli on of stock-based reward responsibility and an $11.9 million non-cash taxation benefit. Excluding the stock-based reward responsibility and non-cash taxation benefit, mercantile 2012 non-GAAP net income per entirely widely separated share is approaching to be in a operation of $1.35 to $1.55. This compares to the previous expectations of 2012 non-GAAP net income per entirely widely separated share of $1.25 to $1.45. Diluted shares for 2012 are projected to be in a operation of 17.2 to 17.5 million compared to 15.2 million widely separated shares in 2011. As a result, you design that the year-over-year expansion for 2012 non-GAAP net income will be roughly 15 to 20 commission points aloft than the year-over-year expansion for 2012 non-GAAP widely separated earnings per share.
Additionally, 2011 financial results contained $2.2 million of income and $1.7 million of income connected to the initial approval of PhotoStamps sell box event in the second entertain of 2011 whereas 2012 income and incom from PhotoStamps sell box event is not approaching to be material. For purposes of comparing annual expansion rates on the contrary the initial approval of PhotoStamps breakage, mercantile 2011 results without the second entertain event item would have been complete income of $99.4 million and non-GAAP widely separated earnings per share of $1.29.
Company Customer Metrics
A complete set of the quarterly patron metrics is to past 6 mercantile years and stream mercantile year to date is existing at (under a add-on on the left side called Company Information, Metrics).
Quarterly Conference Call
The Stamps.com financial results discussion call will be web throw currently at 5:00 p.m. Eastern Time and may be accessed at . The Company skeleton to confer its business standpoint during the discussion call. Following the close of the web cast, a replay of the call will be existing at the same website.
About Stamps.com and PhotoStamps !
Stamps.com ( STMP - News ) is a heading provider of Internet-based postage services. Stamps.com's service enables tiny businesses, enterprises, modernized shippers, and consumers to print U.S. Postal Service-approved postage with only a PC, printer and Internet connection, right from their home or office. The Company currently has Personal Computer Postage partnerships with Avery Dennison, Microsoft, HP, the U.S. Postal Service and others.
PhotoStamps is a law Stamps.com product that couples the technology of Personal Computer Postage with the ease of a web-based picture upload and demand process. Customers may emanate full custom PhotoStamps with their own digital photograph, or they may select a protected picture from one of many PhotoStamps collections such as the collegiate collection. Stamps.com currently has PhotoStamps partnerships with HP/Snapfish and others.
Non-GAAP Measures
To addition the Company's precipitated financial statements presented in daptation with GAAP, Stamps.com uses non-GAAP measures of certain components of financial performance. These non-GAAP measures add non-GAAP income from operations, non-GAAP pre-tax income, non-GAAP net income, non-GAAP earnings per widely separated share, and non-GAAP sum margin. Reconciliation to the nearest GAAP measures of all non-GAAP measures enclosed in this press let go may be found in the financial list on page 2 of this press release.
Non-GAAP measures are supposing to complement investors' on the whole bargain of the Company's stream financial performance, prospects is to future and as a means to weigh period-to-period comparisons. The Company believes that these non-GAAP measures give significant supplemental data concerning financial opening by on the contrary certain expenditure and benefits that may not be demonstrative of repeated core business working results. The Company believes the non-GAAP measures that leave out such things as stock-based compensation, item write-o! ffs, div idend-related reward expense, authorised settlements and reserves, and income taxation adjustments, when noticed with GAAP results and the joined reconciliation, complement the comparability of results against previous durations and enable for larger clarity of financial results. The Company believes non-GAAP measures make easy management's inner more aged of the Company's financial opening to that of previous durations together with direction review for budgeting and formulation purposes. The display of non-GAAP measures are not intended to be deliberate in siege or as a replacement for, or superior to, the financial data ready and presented in adaptation with GAAP.
"Safe Harbor" Statement beneath the Private Securities Litigation Reform Act of 1995: This let go includes forward-looking statements about our anticipated results that engage risks and uncertainties. Important factors, inclusive the Company's aptitude to complete and liner its products, sustain attractive economics for its producs and get hold of or sustain regulatory approval, that could result in real results to deviate materially from those in the forward-looking statements, are minute in filings with the Securities and Exchange Commission done from time to time by STAMPS.COM, inclusive its Annual Report on Form 10-K is to year finished December 31, 2011, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. STAMPS.COM undertakes no obligation to let go publicly any revisions to any forward-looking statements to simulate events or environment after the date hereof or to simulate the incident of not anticipated events.
Stamps.com, the Stamps.com trademark and PhotoStamps are trademarks or purebred trademarks of Stamps.com Inc. All other brands and names are skill of their particular owners.