EL SEGUNDO, CA -- (Marketwired) -- 04/24/13 -- Stamps.com® (NASDAQ: STMP), the leading provider of postage online and shipping software solutions, today announced results for the first quarter ended March 31, 2013.
Highlights for the first quarter:
•Core PC Postage revenue was $30.3 million, up 16% from the first quarter of 2012. •Total revenue was $32.1 million, up 13% compared to the first quarter of 2012. •Non-GAAP operating margin was 27.9% compared to 20.3% in the first quarter of 2012. •GAAP net income was $7.9 million or $0.49 per fully diluted share, including $1.1 million in stock-based compensation expense. •On a non-GAAP basis, excluding the stock-based compensation expense, income from operations was $9.0 million, net income was $9.0 million and net income per fully diluted share was $0.57, up 56%, 57% and 68%, respectively, versus the first quarter of 2012.
"We are very pleased with our record earnings and the continued strength in our core PC Postage business," said Ken McBride, Stamps.com Chairman and CEO. "Despite a continued tough economic environment, we maintained strength across our business lines. In addition to our revenue and earnings records this quarter, during the first quarter we hit our highest ever level of total paid customers, we added our largest number of new paid customers, we had our largest number of new customer acquired, and we continued to see strong growth in our enterprise and high volume shipping businesses. As a result of the strength across all areas of our business, we raised our 2013 guidance today."
First Quarter 2013 Detailed Results
Core PC Postage revenue -- including our small business, enterprise and high volume shipping customer segments, and excluding enhanced promotion and PhotoStamps revenue -- was $30.3 million, up 16% versus the first quarter of 2012. Non-core PC Postage revenue from the enhanced promotion channel which includes online programs where additional promotions are provided directly by marketing partners, was $0.8 million which was flat versus the first quarter of 2012. PhotoStamps revenue was $1.0 million which was down 21% versus the first quarter of 2012 as the Company continues to minimize its investment in this area. PC Postage gross margin was 78.0%, PhotoStamps gross margin was 19.3% and total gross margin was 76.2%.
First quarter GAAP net income was $7.9 million. On a per share basis, total first quarter 2013 GAAP net income was $0.49 based on 16.0 million fully diluted shares outstanding. First quarter 2013 GAAP net income was reduced by $1.1 million of stock-based compensation expense. Non-GAAP and GAAP amounts are reconciled in the following table:
First Quarter Fiscal 2013All amounts in millions except Non-GAAP Stock-Based GAAPper share or margin data: Amounts Comp. Exp. AmountsCost of Sales $ 7.55 $ 0.11 $ 7.65Research & Development 2.34 0.29 2.62Sales & Marketing 10.15 0.24 10.38General & Administrative 3.12 0.51 3.63 ------------ ------------ ------------Total Expenses 23.14 1.14 24.29Gross Margin 76.5% (0.3%) 76.2%Income (Loss) from Operations 8.96 (1.14) 7.81Operating Margin 27.9% (3.6%) 24.3%Interest and Other Income 0.15 - 0.15 ------------ ------------ ------------Pre-Tax Income (Loss) 9.11 (1.14) 7.97Provision for Income Taxes (0.06) - (0.06) ------------ ------------ ------------Net Income 9.05 (1.14) 7.91 ============ ============ ============ ------------ ------------ ------------On a diluted per share basis $ 0.57 $ (0.07) $ 0.49 ============ ============ ============Shares used in per share calculation 16.00 16.00 16.00
