Support.com Reports Second Quarter 2011 Financial Results
(firmenpresse) - REDWOOD CITY, CA -- (Marketwire) -- 07/27/11 -- (NASDAQ: SPRT), a leading provider of cloud-based technology services and software for consumers and small business, today reported unaudited financial results for its second quarter ended June 30, 2011.
Q2 - 2011 Financial Summary
For the second quarter of 2011, total revenue was $13.5 million compared to $9.9 million in the second quarter of 2010 and $13.0 million in the first quarter of 2011.
On a GAAP basis, net loss from continuing operations for the second quarter of 2011 was $4.0 million, or $(0.08) per share, compared to $6.2 million, or $(0.13) per share, in the second quarter of 2010, and $3.1 million, or $(0.07) per share, in the first quarter of 2011.
Non-GAAP net loss from continuing operations for the second quarter of 2011 was $2.4 million, or $(0.05) per share, compared to $5.1 million, or $(0.11) per share, in the second quarter of 2010, and $2.2 million, or $(0.05) per share, in the first quarter of 2011.
Non-GAAP results exclude stock-based compensation expense, amortization of intangible assets, restructuring and impairment charges, and acquisition expense. These items impacted results from continuing operations by $1.6 million in the second quarter of 2011, $1.1 million in the second quarter of 2010, and $925,000 in the first quarter of 2011. A reconciliation of GAAP to non-GAAP results is presented in the tables below.
"We made progress on many fronts in the second quarter," said Josh Pickus, President and Chief Executive Officer. "Our services rollouts, our software expansion and our investment in agent capacity position us well for the second half of the year."
Balance Sheet Information
At June 30, 2011 cash, cash equivalents and investments were $62.7 million compared to $72.7 million at March 31, 2011. Cash usage in the quarter included approximately $8.8 million for the acquisition of SUPERAntiSpyware.
Recent Highlights
Total revenue for the second quarter grows 36% year over year
Software revenue for the second quarter increases 67% year over year
Xfinity Signature Support program expands across Comcast footprint
OfficeMax renews services agreement
New software product RapidStart launches
SUPERAntiSpyware acquisition expands software suite
Conference Call
Support.com will host a conference call discussing the Company's second quarter 2011 results on Wednesday, July 27, 2011 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 Support.com's website at . The live call may be accessed by dialing (877) 312-8789 (domestic) or (253) 237-1314 (international) and referencing passcode 82802280. A replay of the call can also be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and referencing passcode 82802280.
Support.com, Inc. (NASDAQ: SPRT) provides 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. 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.
Support.com and Personal Technology Experts are trademarks or registered trademarks of Support.com, Inc. or its affiliates in the U.S. and other countries.
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, 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, and acquisition expense from its GAAP results in order to determine the non-GAAP financial measure of net income (loss) 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. 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 $1.1 million in the second quarter of 2011, compared to $1.0 million in the second quarter of 2010 and $805,000 in the first quarter of 2011.
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 expense was $122,000 in the second quarter of 2011, compared to $93,000 in the second quarter of 2010 and $83,000 in the first quarter of 2011.
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 charges were $65,000 in the second quarter of 2011, compared to zero in the second quarter of 2010 and $37,000 in the first quarter of 2011.
D. Acquisition expense. Management excludes acquisition expense such as legal fees and advisor 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 $348,000 in the second quarter of 2011, compared to zero in the second quarter of 2010 and zero in the first quarter of 2011.
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.
Investor Contact
Carolyn Bass and Scott Morgan
Market Street Partners
(415) 445-3235
Media Contact
Seth Geisler
Martin Levy Public Relations
(858) 610-9860
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Datum: 27.07.2011 - 20:01 Uhr
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News-ID 38497
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