Excluding the stock-based compensation expense, first quarter 2013 non-GAAP operating income was $9.0 million and non-GAAP net income was $9.0 million or $0.57 per share based on 16.0 million fully diluted shares outstanding. This compares to first quarter 2012 non-GAAP operating income of $5.7 million and non-GAAP net income of $5.8 million or $0.34 per share based on fully diluted shares outstanding of 17.2 million. Thus, first quarter non-GAAP operating income, non-GAAP net income and non-GAAP fully diluted earnings per share increased by 56%, 57% and 68% year-over-year, respectively.
Stamps.com has approximately $205 million in Federal Net Operating Losses (NOLs) and $100 million in State NOLs. The Company estimates its ownership shift was approximately 20% as of January 31, 2013, which is below the 50% level that could trigger impairment of its NOL asset under Internal Revenue Code Section 382 rules. As part of its ongoing program to preserve future use of its NOL asset, the Company requests that any shareholder contemplating becoming a 5% shareholder contact the Company before doing so.
During the first quarter of 2013, the Company repurchased a total of 73 thousand shares at a total cost of $1.7 million. On April 18, 2013, the Board of Directors approved a new share repurchase program that replaces all prior repurchase programs and authorizes the Company to repurchase up to 1.0 million shares of Stamps.com stock during the next six months.
Stamps.com currently expects 2013 total revenue to be in a range of $125 to $135 million; this compares to previous guidance of $120 to $130 million. GAAP net income per share for 2013 is expected to be in a range of $1.68 to $1.88; this compares to a previous guidance range of $1.48 to $1.68. GAAP net income per share includes approximately $4.5 million of stock-based compensation expense. Excluding the stock-based compensation expense, 2013 non-GAAP net income per fully diluted share is expected to be in a range of $1.95 to $2.15; this compares to previous guidance of $1.75 to $1.95.
Company Customer Metrics
A complete set of the quarterly customer metrics for the past seven years and current year-to- date is available at http://investor.stamps.com (under a tab on the left side called Company Information, Metrics).
Quarterly Conference Call
The Stamps.com financial results conference call will be web cast today at 5:00 p.m. Eastern Time and may be accessed at http://investor.stamps.com. The Company plans to discuss its business outlook during the conference call. Following the conclusion of the web cast, a replay of the call will be available at the same website.
About Stamps.com and PhotoStamps
Stamps.com (NASDAQ: STMP) is a leading provider of Internet-based postage services. Stamps.com's service enables small businesses, enterprises, advanced shippers, and consumers to print U.S. Postal Service-approved postage with just a PC, printer and Internet connection, right from their home or office. The Company currently has PC Postage partnerships with Avery Dennison, Microsoft, HP, the U.S. Postal Service and others.
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