Support.com Reports Fourth Quarter 2011 Financial Results
(firmenpresse) - REDWOOD CITY, CA -- (Marketwire) -- 02/08/12 -- , Inc. (NASDAQ: SPRT), a leading provider of cloud-based technology services and software for consumers and small business, today reported unaudited financial results for its fourth quarter ended December 31, 2011.
Q4 2011 Financial Summary
For the fourth quarter of 2011, total revenue was $15.0 million compared to $12.4 million in the third quarter of 2011 and $12.3 million in the fourth quarter of 2010.
On a GAAP basis, loss from continuing operations for the fourth quarter of 2011 was $4.2 million, or $(0.09) per share, compared to $7.1 million, or $(0.15) per share, in the third quarter of 2011, and $4.0 million, or $(0.08) per share, in the fourth quarter of 2010.
Non-GAAP loss from continuing operations for the fourth quarter of 2011 was $2.8 million, or $(0.06) per share, compared to $5.0 million, or $(0.10) per share, in the third quarter of 2011, and $3.1 million, or $(0.07) per share, in the fourth quarter of 2010.
Non-GAAP results exclude stock-based compensation expense, amortization of intangible assets, restructuring and impairment charges, income tax impact of the disposition of a business unit on continuing operations, acquisition expense, and tax expense associated with acquired goodwill. These items impacted results from continuing operations by $1.4 million in the fourth quarter of 2011, $2.1 million in the third quarter of 2011 and $807,000 in the fourth quarter of 2010. A reconciliation of GAAP to non-GAAP results is presented in the tables below.
"We had an outstanding fourth quarter, with strong revenue growth and significant bottom line improvement," said Josh Pickus, President and Chief Executive Officer. "Progress in current programs, activity levels in the pipeline, especially in small business opportunities, and targeted initiatives to drive operating efficiency position us well for 2012."
Balance Sheet Information
At December 31, 2011 cash, cash equivalents and investments were $53.0 million compared to $59.3 million at September 30, 2011.
Recent Highlights
Awarded Comcast small business program
Extended Staples program to 2013
Entered into agreement with leading security vendor Trend Micro to distribute Support.com® software products
Acquired managed service provider for small business in January 2012
Conference Call
Support.com will host a conference call discussing the Company's fourth quarter 2011 results on Wednesday, February 8, 2012 starting at 4:30 p.m. ET (1:30 p.m. PT). A live audio webcast and replay of the call will be available at the Investor Relations section of the Company's website at . The live call may be accessed by dialing (877) 312-8789 (domestic) or (253) 237-1314 (international) and referencing passcode 42057006. A replay of the call can also be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international), and referencing passcode 42057006.
Support.com, Inc. (NASDAQ: SPRT) provides cloud-based and software for consumers and small business. Support.com provide a quick, cost-effective and stress-free technology support experience over the Internet and the phone using the Company's advanced technology platform. Support.com also offers a wide range of easy-to-use software products that detect and repair common computer problems and optimize performance and security. Support.com offers programs through many of the nation's leading retailers, broadband service providers, software vendors and PC/CE OEMs, and provides software to over a million consumers and small businesses. For more information please visit us at: , , or .
Support.com, Inc. is an Equal Opportunity Employer. For more information, visit: .
Copyright © 2012 Support.com, Inc. All rights reserved. Support.com and Personal Technology Experts are trademarks or registered trademarks of Support.com, Inc. in the U.S. and other countries. All other marks are the property of their respective owners.
Note on Forward-Looking Statements
Statements made in this document that are not historical facts are "forward-looking statements" and accordingly involve risks and uncertainties that could cause actual results to differ materially from those described herein. Forward-looking statements include, for example, all statements relating to projected financial performance (including without limitation statements involving projections of revenue, margin, income (loss), earnings (loss) per share, cash usage, capital structure, and other financial items); the plans and objectives of management for future operations, partnerships, products, services or investments; and future performance in economic and other terms. The potential risks and uncertainties that could cause results to differ materially include, among others, our ability to retain and grow major partnerships, our ability to market and sell software and services directly to consumers and small businesses, our ability to maintain and grow revenue, our ability to scale and manage our workforce and our ability to control expenses and achieve desired margins. These and other risks are detailed in Support.com's reports filed with the Securities and Exchange Commission, including without limitation its latest Annual Report on Form 10-K and its latest quarterly report on Form 10-Q, copies of which may be obtained from . Support.com does not intend to update this information to reflect future events or circumstances, and disclaims any obligation to do so except as may be required by law.
Disclosure Regarding Non-GAAP Financial Measures
Support.com has excluded stock-based compensation expense, amortization of intangible assets, restructuring and impairment charges, income tax impact of the disposition of a business unit on continuing operations, acquisition expense, and tax expense associated with acquired goodwill from its GAAP results in order to determine the non-GAAP financial measures of loss from continuing operations and loss from continuing operations per share referenced in this document. We believe that the non-GAAP measures, when viewed in addition to and not in lieu of our reported GAAP results, assist investors in understanding our results of operations.
A. Stock-based compensation expense. Management excludes stock-based compensation expense when evaluating its operating performance because such expense does not require cash settlement and because such expense is not used by management to assess the performance of the Company's business. Stock-based compensation expense was $957,000 in the fourth quarter of 2011, compared to $937,000 in the third quarter of 2011 and $717,000 in the fourth quarter of 2010. On an annual basis, stock-based compensation expense was $3.8 million in 2011 and $3.3 million in 2010.
B. Amortization of intangible assets. Management excludes acquisition-related intangible asset amortization and related charges when evaluating its operating performance because the Company does not acquire businesses on a predictable cycle and excluding such charges enables more consistent evaluation of the Company's operating performance. Management also excludes such charges because they represent non-cash expenses. Amortization of intangible assets was $330,000 in the fourth quarter of 2011, compared to $330,000 in the third quarter of 2011 and $90,000 in the fourth quarter of 2010. On an annual basis, amortization of intangible assets was $866,000 in 2011 and $364,000 in 2010.
C. Restructuring and impairment charges. Management excludes restructuring and impairment charges when evaluating its operating performance because the Company does not undertake restructurings on a predicable basis and excluding such charges enables more consistent evaluation of the Company's operating performance. Restructuring and impairment expense was zero in the fourth quarter of 2011, compared to $368,000 in the third quarter of 2011 and zero in the fourth quarter of 2010. On an annual basis, restructuring and impairment charges were $470,000 in 2011 and zero in 2010.
D. Income tax impact of the disposition of a business unit on continuing operations. Management excludes the income tax impact of the disposition of a business unit when evaluating its operating performance because this tax impact is not a result of the Company's continuing operations. The income tax expense related to the disposition of a business unit was zero in the fourth quarter of 2011, compared to zero in the third quarter of 2011 and zero in the fourth quarter of 2010. On an annual basis, the income tax expense related to the disposition of a business unit was zero in 2011 and $58,000 in 2010.
E. Acquisition expense. Management excludes acquisition expense such as legal fees and advisory fees when evaluating its operating performance because the Company does not acquire businesses on a predictable cycle and excluding such expense enables more consistent evaluation of the Company's operating performance. Acquisition expense was $5,000 in the fourth quarter of 2011, compared to $190,000 in the third quarter of 2011 and zero in the fourth quarter of 2010. On an annual basis, acquisition expense was $543,000 in 2011 and zero in 2010.
F. Tax expense associated with acquired goodwill. The Company is required to record a deferred tax liability and the related tax expense that results from the amortization for income tax purposes of acquired goodwill. Management excludes tax expense associated with acquired goodwill when evaluating its operating performance because the Company does not acquire businesses on a predictable cycle and excluding such expense enables more consistent evaluation of the Company's operating performance. Tax expense associated with acquired goodwill was $67,000 in the fourth quarter of 2011, compared to $270,000 in the third quarter of 2011 and zero in the fourth quarter of 2010. On an annual basis, tax expense associated with acquired goodwill was $337,000 in 2011 and zero in 2010.
The Company believes that non-GAAP measures have significant limitations in that they do not reflect all of the amounts associated with the Company's financial results as determined in accordance with GAAP and that these measures should only be used to evaluate the Company's financial results in conjunction with the corresponding GAAP measures. In addition, the exclusion of the charges and expenses indicated above from the non-GAAP financial measures presented does not indicate an expectation by management that such charges and expenses will not be incurred in subsequent periods.
Carolyn Bass
Market Street Partners
(415) 445-3235
Seth Geisler
Martin Levy Public Relations, Inc.
(858) 610-9860
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Datum: 08.02.2012 - 21:01 Uhr
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