Stamps.com Inc. - STMP

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EL SEGUNDO, CA--(Marketwire - Oct 25, 2012) - Stamps.com® ( NASDAQ : STMP ), the leading provider of postage online and shipping software solutions, today announced record results for the third quarter ended September 30, 2012.

Highlights for the third quarter:

Core PC Postage revenue was $27.2 million, up 20% from the third quarter of 2011.


Non-GAAP operating margin was 28.8% compared to 21.8% in the third quarter of 2011.


GAAP net income was $7.0 million or $0.42 per fully diluted share, including $0.9 million in stock-based compensation expense and $0.4 million in one-time relocation expenses associated with the third quarter relocation of our corporate headquarters.


On a non-GAAP basis, excluding the stock-based compensation and relocation expenses, income from operations was $8.4 million, net income was $8.3 million and net income per fully diluted share was $0.50, up 54%, 49% and 35%, respectively, versus the third quarter of 2011.


The Company raised its guidance today for 2012 revenue and earnings per share.


During the third quarter of 2012, the Company repurchased a total of 961 thousand shares at a total cost of $19.9 million.

"We are extremely pleased with our record earnings and with the continued strength in our core PC Postage business," said Ken McBride, Stamps.com Chairman and CEO. "Despite a continued tough economic environment, we continue to set new records across the board in our business. In addition to our earnings and revenue records this quarter, our customers printed the highest amount of postage ever for a quarter and we continued our strong growth in both our Enterprise and high volume shipping areas. As a result of the strength across our business, we are raising our 2012 guidance today."

Share Repurchase

During the third quarter of 2012, the Company repurchased a total of 961 thousand shares at a total cost of $19.9 million. On October 17, 2012, the Board of Directors approved a new share repurchase plan authorizing the Company to repurchase up to 1.0 million shares of Stamps.com stock during the next six months.

Stamps.com Announces Record Non-GAAP Earnings per Share of $0.50 - Yahoo! Finance

 

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EL SEGUNDO, CA--(Marketwire - Feb 13, 2013) - Stamps.com® ( NASDAQ : STMP ), the leading provider of postage online and shipping software solutions, today announced results for the fourth quarter and fiscal year ended December 31, 2012.

Highlights for the fourth quarter:

Core PC Postage revenue was $27.4 million, up 12% from the fourth quarter of 2011.


Total revenue was $30.1 million, up 10% compared to the fourth quarter of 2011.


Non-GAAP operating margin was 25.4% compared to 19.8% in the fourth quarter of 2011.


GAAP net income was $9.3 million or $0.58 per fully diluted share, including $0.8 million in stock-based compensation expense and a non-cash income tax benefit of $2.5 million.


On a non-GAAP basis, excluding the stock-based compensation expense and non-cash income tax benefit, income from operations was $7.6 million, net income was $7.6 million and net income per fully diluted share was $0.47, up 42%, 33% and 36%, respectively, versus the fourth quarter of 2011.


During the fourth quarter of 2012, the Company repurchased a total of 499 thousand shares at a total cost of $11.9 million.


"We are pleased with our strong earnings this quarter," said Ken McBride, Stamps.com Chairman and CEO. "Despite a tough economic environment, we continue to see strength across our business lines. In addition, during the fourth quarter we hit our highest level ever for total paid customers, we saw our largest number of new customers acquired, and we set a new record for total postage printed. As we enter 2013, we feel that we are well positioned in each of our core business lines."

Fourth Quarter 2012 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 $27.4 million, up 12% versus the fourth quarter of 2011. 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 and PhotoStamps revenue was $1.9 million, both down 1% versus the fourth quarter of 2011 as the Company continues to minimize its investment in both areas. PC Postage gross margin was 78.6%, PhotoStamps gross margin was 28.7% and total gross margin was 75.5%.

Fourth quarter GAAP net income was $9.3 million. On a per share basis, total fourth quarter 2012 GAAP net income was $0.58 based on 16.1 million fully diluted shares outstanding. Fourth quarter 2012 GAAP net income was reduced by $0.8 million of stock-based compensation expense and increased by a non-cash income tax benefit of $2.5 million resulting from the reversal of a portion of the Company's net deferred tax asset valuation allowance.

Stamps.com Announces Fourth Quarter Non-GAAP Earnings per Share of $0.47 - Yahoo! Finance

Share Repurchase

During the fourth quarter of 2012, the Company repurchased a total of 499 thousand shares at a total cost of $11.9 million. On February 7, 2013, the Board of Directors approved a new share repurchase plan that replaces all prior repurchase plans and authorizes the Company to repurchase up to 1.0 million shares of Stamps.com stock during the next six months.

Business Outlook

Stamps.com currently expects 2013 revenue to be in a range of $120 to $130 million and 2013 GAAP net income per share to be in a range of $1.48 to $1.68, including approximately $4.5 million of stock-based compensation expense. Excluding the stock-based compensation expense, non-GAAP 2013 net income per fully diluted share is expected to be in a range of $1.75 to $1.95.

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Stamps.com beats by $0.03, misses on revs; guides FY13 EPS below consensus, revs below consensus (STMP) 27.90 +0.50 : Reports Q4 (Dec) earnings of $0.47 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.44; revenues rose 10.5% year/year to $30.07 mln vs the $31.37 mln consensus. Co issues downside guidance for FY13, sees EPS of $1.75-1.95 vs. $1.96 Capital IQ Consensus Estimate; sees FY13 revs of $120-130 mln vs. $132.42 mln Capital IQ Consensus Estimate.

 

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STAMPS.COM ANNOUNCES FOURTH QUARTER NON-GAAP EARNINGS PER SHARE OF $0.61

Non-GAAP Operating Income up 30%; Non-GAAP Net Income up 33%

El Segundo, CA - February 13, 2014 - Stamps.com® (Nasdaq: STMP), the leading provider of postage online and shipping software solutions, today announced results for the fourth quarter and fiscal year ended December 31, 2013.

Highlights for the fourth quarter:
•Core PC Postage revenue was $30.3 million, up 10% from the fourth quarter of 2012.
•Total revenue was $32.4 million, up 8% compared to the fourth quarter of 2012.
•Non-GAAP operating margin was 30.7% compared to 25.4% in the fourth quarter of 2012.
•GAAP net income was $18.9 million or $1.13 per fully diluted share, including $0.9 million in stock-based compensation expense and a non-cash income tax benefit of $9.7 million.
•On a non-GAAP basis, excluding the stock-based compensation expense and non-cash income tax benefit, income from operations was $9.9 million, net income was $10.1 million and net income per fully diluted share was $0.61, up 30%, 33% and 29%, respectively, versus the fourth quarter of 2012.

"We are pleased with the continued strength of our business and earnings growth this quarter," said Ken McBride, Stamps.com chairman and CEO. "We also continued to set new records during 2013 including the highest postage printed by our customer base which increased 36% to $1.6 billion, the highest number of paid customers, the highest package volume in our shipping area, and the highest number of enterprise customers. As we enter 2014, we are excited about the opportunities we see in all of our business areas."

Fourth 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 10% versus the fourth 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 $0.7 million and PhotoStamps revenue was $1.5 million, down 14% and 23%, respectively, versus the fourth quarter of 2012 as the Company continued to minimize its investment in both areas. PC Postage gross margin was 83.5%, PhotoStamps gross margin was 25.8% and total gross margin was 80.9%.

Fourth quarter GAAP net income was $18.9 million. On a per share basis, total fourth quarter 2013 GAAP net income was $1.13 based on 16.6 million fully diluted shares outstanding. Fourth quarter 2013 GAAP net income was reduced by $0.9 million of stock-based compensation expense and increased by a non-cash income tax benefit of $9.7 million resulting from the reversal of a portion of the Company's net deferred tax asset valuation allowance. Non-GAAP and GAAP amounts are reconciled in the following table:

Excluding the stock-based compensation expense and income tax benefit, fourth quarter 2013 non-GAAP operating income was $9.9 million and non-GAAP net income was $10.1 million or $0.61 per share based on 16.6 million fully diluted shares outstanding. This compares to fourth quarter 2012 non-GAAP operating income of $7.6 million and non-GAAP net income of $7.6 million or $0.47 per share based on fully diluted shares outstanding of 16.1 million. Thus, fourth quarter non-GAAP operating income, non-GAAP net income and non-GAAP fully diluted earnings per share increased by 30%, 33% and 29% year-over-year, respectively.

Stamps.com has approximately $200 million in Federal NOLs and $95 million in State NOLs. The Company estimates its ownership shift was at approximately 19% as of December 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.

2013 Detailed Results

Total 2013 revenue was $127.8 million, an increase of 11% versus revenue of $115.7 million in 2012. Total 2013 PC Postage revenue, including service revenue, store revenue and insurance revenue, was $123.1 million, up 12% versus PC Postage revenue of $110.0 million in 2012. Excluding the enhanced promotion channel and PhotoStamps, core PC Postage revenue in 2013 was $120.2 million, up 12% versus $107.0 million in 2012. Total 2013 PhotoStamps revenue was $4.7 million, down 17% versus PhotoStamps revenue of $5.7 million in 2012.

Total 2013 GAAP net income was $44.2 million, including approximately $4.5 million of stock-based compensation expense, and a $9.7 million non-cash tax benefit resulting from a reversal of a portion of the Company's net deferred tax asset valuation allowance. On a per share basis, total 2013 GAAP net income was $2.71 based on fully diluted shares outstanding for the year of 16.3 million. Non-GAAP and GAAP amounts are reconciled in the following table:

Excluding the stock-based compensation expense and non-cash income tax benefit, 2013 non-GAAP operating income was $38.6 million and non-GAAP net income was $38.9 million or $2.39 per share based on fully diluted shares outstanding of 16.3 million. This compares to 2012 non-GAAP operating income of $28.6 million, non-GAAP net income of $28.5 million and non-GAAP net income per fully diluted share of $1.70. Thus, 2013 non-GAAP operating income, non-GAAP net income and non-GAAP fully diluted earnings per share increased by 35%, 36% and 41% year-over-year, respectively.

Share Repurchase

During the fourth quarter of 2013, the Company did not repurchase any shares. The Company is currently authorized to repurchase up to 1.0 million shares of Stamps.com stock during the next fourteen months.

Business Outlook

Stamps.com currently expects 2014 revenue to be in a range of $125 to $140 million and 2014 GAAP net income per share to be in a range of $1.80 to $2.20, including approximately $5.0 million of stock-based compensation expense. Excluding the stock-based compensation expense, non-GAAP 2014 net income per fully diluted share is expected to be in a range of $2.10 to $2.50.

Stamps.com Inc. - STAMPS.COM ANNOUNCES FOURTH QUARTER NON-GAAP EARNINGS PER SHARE OF $0.61

 

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Revenue of $33.3 million; Non-GAAP Diluted Earnings Per Share of $0.50


El Segundo, CA - April 30, 2014 - Stamps.com® (Nasdaq: STMP), the leading provider of postage online and shipping software solutions, today announced results for the first quarter ended March 31, 2014.

Highlights for the first quarter:

•Core PC Postage revenue was $31.7 million, up 5% compared to the first quarter of 2013.
•Total revenue was $33.3 million, up 4% compared to the first quarter of 2013.
•GAAP net income was $7.3 million or $0.44 per fully-diluted share, including $1.0 million in stock-based compensation expense.
•On a non-GAAP basis, excluding the stock-based compensation expense, income from operations was $8.4 million, net income was $8.4 million and net income per fully-diluted share was $0.50.

"We continued to execute on our business plan this quarter," said Ken McBride, Stamps.com's chairman and CEO. "We increased our sales and marketing investment given our continued very attractive returns, in order to continue to drive long-term growth in the business. In addition, despite some very tough compares to the first quarter last year, we continued to experience growth and we continued to set new records including our highest level ever for core PC Postage revenue and the highest level ever of paid customers. We are excited about the opportunities we see in all of our business areas."

First Quarter 2014 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 $31.7 million, up 5% versus the first quarter of 2013. Non-core PC Postage revenue from the enhanced promotion channel, which includes online programs where additional promotions are provided directly by marketing partners, was $0.6 million and PhotoStamps revenue was $1.0 million, down 27% and up 2%, respectively, versus the first quarter of 2013 as the Company continued to minimize its investment in both areas. PC Postage gross margin was 79.5%, PhotoStamps gross margin was 19.3% and total gross margin was 77.6%.

First quarter GAAP net income was $7.3 million. On a per share basis, total first quarter 2014 GAAP net income was $0.44 based on 16.7 million fully-diluted shares outstanding. First quarter 2014 GAAP net income was reduced by $1.0 million of stock-based compensation expense.

Non-GAAP and GAAP amounts are reconciled in the following table:







Excluding the stock-based compensation expense, first quarter 2014 non-GAAP operating income was $8.4 million and non-GAAP net income was $8.4 million or $0.50 per share based on 16.7 million fully-diluted shares outstanding. This compares to first quarter 2013 non-GAAP operating income of $9.0 million and non-GAAP net income of $9.0 million or $0.57 per share based on fully-diluted shares outstanding of 16.0 million. Thus, first quarter non-GAAP operating income, non-GAAP net income and non-GAAP fully-diluted earnings per share decreased by 6%, 8% and 11% year-over-year, respectively.

Stamps.com has approximately $190 million in Federal NOLs and $90 million in State NOLs. The Company estimates its ownership shift was at approximately 19% as of March 31, 2014, 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%

Share Repurchase
During the first quarter of 2014, the Company did not repurchase any shares. The Company is currently authorized to repurchase up to 1.0 million shares of Stamps.com stock during the next twelve months.

Business Outlook
Stamps.com currently expects 2014 revenue to be in a range of $125 to $140 million and 2014 GAAP net income per share to be in a range of $1.80 to $2.20, including approximately $5 million of stock-based compensation expense. Excluding the stock-based compensation expense, non-GAAP 2014 net income per fully-diluted share is expected to be in a range of $2.10 to $2.50.

Stamps.com Inc. - STAMPS.COM ANNOUNCES FIRST QUARTER 2014 RESULTS


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Revenue of $34.3 million; Non-GAAP Diluted Earnings Per Share of $0.55

El Segundo, CA - July 30, 2014 - Stamps.com® (Nasdaq: STMP), the leading provider of postage online and shipping software solutions, today announced results for the second quarter ended June 30, 2014.

Highlights for the second quarter:

During the second quarter, Stamps.com acquired ShipStation®, a leading provider of subscription based online shipping solutions that allow online retailers and e-commerce merchants to organize, process, fulfill and ship their orders quickly and easily. Our second quarter financial results include the results of ShipStation from June 10, 2014 through June 30, 2014.
During the second quarter, Stamps.com acquired ShipStation®, a leading provider of subscription based online shipping solutions that allow online retailers and e-commerce merchants to organize, process, fulfill and ship their orders quickly and easily. Our second quarter financial results include the results of ShipStation from June 10, 2014 through June 30, 2014.
Total revenue was $34.3 million, up 7% compared to the second quarter of 2013.
GAAP net income was $11.2 million or $0.68 per fully-diluted share, including $0.9 million of stock-based compensation expense, $0.4 million of corporate development expenses, $0.1 million of amortization of acquired intangibles and a non-cash income tax benefit of $3.6 million.
On a non-GAAP basis, excluding the stock-based compensation expense, corporate development expenses and intangible amortization expense and also excluding the non-cash income tax benefit, income from operations was $9.1 million, net income was $9.0 million and net income per fully-diluted share was $0.55.
"The acquisition of ShipStation represents a significant strategic investment in our high volume and e-commerce shipping business," said Ken McBride, Stamps.com's chairman and CEO. "E-commerce driven package shipping is the fastest growing segment within the mailing and shipping space and this acquisition will allow us to accelerate our growth in this area. For the second quarter, we were pleased with our core mailing and shipping results in this seasonally slower period. We increased our sales and marketing investment given our continued very attractive returns in order to continue to drive long-term growth in the business. We are excited about the opportunities we see in all of our business areas."

Second Quarter 2014 Detailed Results
Core Mailing and Shipping revenue, including our small business, enterprise and high volume shipping customer segments, and excluding enhanced promotion and PhotoStamps revenue, was $32.4 million, up 7% versus the second quarter of 2013. Non-core Mailing and Shipping revenue from the enhanced promotion channel, which includes online programs where additional promotions are provided directly by marketing partners, was $0.5 million, down 26% versus the second quarter of 2013 as the Company continued to minimize its investment in this area. Non-core PhotoStamps revenue was $1.4 million, up 11% versus the second quarter of 2013 as a result of increased high volume business orders. Mailing and Shipping gross margin was 80.4%, PhotoStamps gross margin was 14.8% and total gross margin was 77.8%.

Second quarter GAAP net income was $11.2 million. On a per share basis, total second quarter 2014 GAAP net income was $0.68 based on 16.4 million fully-diluted shares outstanding. Second quarter 2014 GAAP net income was reduced by $0.9 million of stock-based compensation expense, $0.4 million of acquisition related corporate development expenses, and $0.1 million of amortization of acquired intangibles and increased by a non-cash income tax benefit of $3.6 million resulting from the reversal of a portion of the Company's net deferred tax asset valuation allowance.

Non-GAAP and GAAP amounts are reconciled in the following table:


Excluding the stock-based compensation expense, corporate development expenses, intangible amortization expense and non-cash income tax benefit, second quarter 2014 non-GAAP operating income was $9.1 million and non-GAAP net income was $9.0 million or $0.55 per share based on 16.4 million fully-diluted shares outstanding. This compares to second quarter 2013 non-GAAP operating income of $9.6 million and non-GAAP net income of $9.7 million or $0.60 per share based on fully-diluted shares outstanding of 16.2 million. Thus, second quarter non-GAAP operating income, non-GAAP net income and non-GAAP fully-diluted earnings per share decreased by 6%, 7% and 8% year-over-year, respectively.

NOL Update
The Company has significant Federal and State net operating losses ("NOL") which could potentially be impaired by shifts in ownership under Section 382 of the Internal Revenue Code. The Company estimates its ownership shift was at approximately 14% as of June 30, 2014, which is below the 50% level that could trigger a potential impairment of its NOL asset. 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.

Share Repurchase

During the second quarter of 2014, the Company repurchased approximately 435 thousand shares at a total cost of $12.9 million. The Company's current repurchase plan remains in effect through April 2015 with a remaining authorization of approximately 565 thousand shares.

Business Outlook

Stamps.com currently expects 2014 revenue to be in a range of $130 to $145 million; this compares to previous guidance of $125 to $140 million. GAAP net income per share for 2014 is expected to be in a range of $1.90 to $2.30; this compares to previous guidance of $1.80 to $2.20. GAAP net income per fully diluted shares includes approximately $5 million of stock-based compensation expense, approximately $0.4 million of corporate development expenses, approximately $1.1 million of intangible amortization expense and a non-cash income tax benefit of $3.6 million. Excluding the stock-based compensation expense, corporate development expenses, intangible amortization expense and non-cash income tax benefit, non-GAAP 2014 net income per fully-diluted share is expected to be in a range of $2.10 to $2.50 which is unchanged from our previous guidance.

Stamps.com Inc. - STAMPS.COM ANNOUNCES SECOND QUARTER 2014 RESULTS

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Stamps.com Inc. - STAMPS.COM ANNOUNCES RECORD THIRD QUARTER 2014 RESULTS

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Core Revenue up 32%; Non-GAAP Diluted Earnings Per Share of $0.72

El Segundo, CA - February 11, 2015 - Stamps.com® (Nasdaq: STMP), the leading provider of postage online and shipping software solutions, today announced results for the fourth quarter and fiscal year ended December 31, 2014.

Highlights for the fourth quarter:

Core Mailing and Shipping revenue, which includes the ShipStation and ShipWorks subsidiaries, was $39.8 million, up 32% compared to the fourth quarter of 2013.

Total revenue was $41.9 million, up 29% compared to the fourth quarter of 2013.

GAAP net income was $8.9 million or $0.54 per fully-diluted share, including $2.7 million of stock-based compensation expense, $0.7 million of amortization expense of acquired intangibles, $7.6 million of contingent consideration charges, $1.4 million of non-recurring expenses, and a non-cash income tax benefit of $9.6 million.

On a non-GAAP basis, excluding the stock-based compensation expense, intangible amortization expense, contingent consideration charge, non-recurring expenses and non-cash income tax benefit, income from operations was $11.9 million, net income was $11.7 million and net income per fully-diluted share was $0.72.
"We were very pleased with our financial performance in the fourth quarter," said Ken McBride, Stamps.com's chairman and CEO. "The 2014 year was a transformational one for Stamps.com with our acquisitions of ShipStation and ShipWorks, which positions us as a leader in the e-commerce shipping market. During the fourth quarter we made great progress integrating our recent acquisitions, and we accelerated our growth, generating record fourth quarter revenue and non-GAAP income. We are excited about our future prospects and look forward to capitalizing on our opportunities in 2015."

Fourth Quarter 2014 Detailed Results

Core Mailing and Shipping revenue, including the small business, enterprise and high volume shipping customer segments, and excluding the enhanced promotion and PhotoStamps revenue, was $39.8 million, up 32% versus the fourth quarter of 2013. Non-core Mailing and Shipping revenue from the enhanced promotion channel, which includes online programs where additional promotions are provided directly by marketing partners, was $0.5 million, down 25% versus the fourth quarter of 2013 as the Company continued to minimize its investment in this area. Non-core PhotoStamps revenue was $1.5 million, up 4% versus the fourth quarter of 2013 as a result of increased high volume business orders. Mailing and Shipping gross margin was 79.9%, PhotoStamps gross margin was 20.8% and total gross margin was 77.8%.

Fourth quarter GAAP net income was $8.9 million. On a per share basis, total fourth quarter 2014 GAAP net income was $0.54 based on 16.4 million fully-diluted shares outstanding. Fourth quarter 2014 GAAP net income was reduced by $2.7 million of stock-based compensation expense, $0.7 million of amortization expense of acquired intangibles, $7.6 million of contingent consideration charges resulting from changes to the fair value of the contingent consideration for the ShipStation acquisition, and $1.4 million of non-recurring expenses which primarily resulted from legal settlements during the quarter. The fourth quarter 2014 GAAP net income also increased from a non-cash income tax benefit of $9.6 million resulting from the reversal of the Company's net deferred tax asset valuation allowance.

Non-GAAP and GAAP amounts are reconciled in the following table:



Excluding the stock-based compensation expense, intangible amortization expense, contingent consideration charge, non-recurring expenses, and non-cash income tax benefit, fourth quarter 2014 non-GAAP operating income was $11.9 million and non-GAAP net income was $11.7 million or $0.72 per share based on 16.4 million fully-diluted shares outstanding. This compares to fourth quarter 2013 non-GAAP operating income of $9.9 million and non-GAAP net income of $10.1 million or $0.61 per share based on fully-diluted shares outstanding of 16.6 million. Therefore fourth quarter non-GAAP operating income, non-GAAP net income, and non-GAAP fully-diluted earnings per share increased by 20%, 16% and 18% year-over-year, respectively.

2014 Detailed Results

Total 2014 revenue was $147.3 million, an increase of 15% versus $127.8 million in 2013. Core Mailing and Shipping revenue, including the small business, enterprise and high volume shipping customer segments, and excluding the enhanced promotion and PhotoStamps revenue, was $139.7 million, up 16% versus 2013. Non-core Mailing and Shipping revenue from the enhanced promotion channel, which includes online programs where additional promotions are provided directly by marketing partners, was $2.1 million, down 26% versus 2013 as the Company continued to minimize its investment in this area. Non-core PhotoStamps revenue was $5.4 million, up 16% versus 2013 as a result of increased high volume business orders.

Total 2014 GAAP net income was $36.9 million, including approximately $5.1 million of stock-based compensation expense, $1.4 million of amortization expense of acquired intangibles, $8.4 million of contingent consideration charges resulting from changes to the fair value of the contingent consideration for the ShipStation acquisition, $2.3 million of non-recurring expenses, including expenses related to acquisitions and legal settlements, and a non-cash income tax benefit of $13.6 million resulting from the reversal of the Company's net deferred tax asset valuation allowance. On a per share basis, total 2014 GAAP net income was $2.25 based on fully-diluted shares outstanding for the year of 16.4 million. Non-GAAP and GAAP amounts are reconciled in the following table:


Excluding the stock-based compensation expense, intangible amortization expense, contingent consideration charge, non-recurring expenses, and non-cash income tax benefit, 2014 non-GAAP operating income was $41.1 million and non-GAAP net income was $40.6 million or $2.47 per share based on fully diluted shares outstanding of 16.4 million. This compares to 2013 non-GAAP operating income of $38.6 million, non-GAAP net income of $38.9 million and non-GAAP net income per fully diluted share of $2.39. Therefore 2014 non-GAAP operating income, non-GAAP net income and non-GAAP fully diluted earnings per share increased by 6%, 4% and 4% year-over-year, respectively.

Taxes

The Company released the remaining valuation allowance against its deferred tax assets ("DTA") during the fourth quarter. The Company retains approximately $54 million DTA on the balance sheet as of December 31, 2014. Beginning in 2015, the Company expects to report GAAP tax expenses at an effective tax rate of approximately 36%. The Company will continue to use its net operating losses and other tax credits and thus expects to pay alternative minimum cash taxes for 2015 consistent with prior years.

NOL Update

The Company has significant tax net operating losses ("NOL") which could potentially be impaired by shifts in ownership under Section 382 of the Internal Revenue Code. The Company estimates its ownership shift was at approximately 11% as of December 31, 2014, which is below the 50% level that could trigger a potential impairment of its NOL asset. 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.

Share Repurchase

During the fourth quarter of 2014, the Company did not repurchase any shares. The Company's current repurchase plan remains in effect through November 2015 with a remaining authorization of one million shares.

Business Outlook

For 2015, the Company estimates revenue to be in a range of $160 to $180 million and non-GAAP net income per fully-diluted share to be in a range of $2.50 to $2.90. Non-GAAP net income per fully-diluted share excludes non-cash stock based compensation expense which is estimated to be approximately $11 million; non-cash amortization of acquired intangibles which is estimated to be approximately $3 million; non-cash change in contingent consideration charges; non-cash tax expenses or benefits; and non-recurring items.

Stamps.com Inc. - STAMPS.COM ANNOUNCES RECORD FOURTH QUARTER 2014 RESULTS

 

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Stamps.com Inc. - Stamps.com Reports Record Third Quarter 2015 Results; Announces Expected Close Date for Endicia Acquisition sup 88,72 100,6 viceversa

 

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Revenue up 67% to $69.9M; Non-GAAP EPS up 119% to $1.57

Stamps.com Inc. - Stamps.com Reports Record Fourth Quarter and Fiscal 2015 Results

 

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Scusami Satrimot...cosa fa quest azienda? Non la conosco ma ha una performance da record..

Un saluto

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