Delaware
|
000-26427
|
77-0454966
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
1990 E. Grand Avenue, El Segundo, CA
|
90245
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Registrant's telephone number, including area code: | (310) 482-5800 |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Stamps.com Inc.
|
|||
(Registrant)
|
|||
November 6, 2014
|
/s/ Kenneth McBride
|
||
Date
|
(Signature)
|
||
Kenneth McBride,
|
|||
Chief Executive Officer
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Number
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Description
|
Press Release of Stamps.com Inc. dated November 5, 2014 announcing Stamps.com Inc.'s financial results for its third quarter ended September 30, 2014.
|
Investor Contact:
|
Press Contact:
|
Jeff Carberry
|
Eric Nash
|
Stamps.com Investor Relations
|
Stamps.com Public Relations
|
(310) 482-5830
|
(310) 482-5942
|
invrel@stamps.com
|
publicrelations@stamps.com
|
· | During the third quarter, Stamps.com acquired ShipWorks®, a leading subscription based shipping software company that provides simple, powerful and easy to use client based solutions for online sellers. The third quarter financial results include the results of ShipWorks from August 29, 2014 through September 30, 2014. |
· | Core Mailing and Shipping revenue, which includes the ShipStation and ShipWorks subsidiaries, was $35.8 million, up 21% compared to the third quarter of 2013. |
· | Total revenue was $37.8 million, up 21% compared to the third quarter of 2013. |
· | GAAP net income was $9.5 million or $0.58 per fully-diluted share, including $0.5 million of stock-based compensation expense, $0.5 million of corporate development expenses, $0.6 million of amortization expense of acquired intangibles, $0.9 million of contingent consideration charges and a non-cash income tax benefit of $0.3 million. |
· | On a non-GAAP basis, excluding the stock-based compensation expense, corporate development expenses, intangible amortization expense, contingent consideration charge and non-cash income tax benefit, income from operations was $11.7 million, net income was $11.5 million and net income per fully-diluted share was $0.71. |
Third Quarter Fiscal 2014
|
Stock-Based
|
Corporate
|
Intangible
|
Contingent
|
||||||||||||||||||||||||
All amounts in millions except
|
Non-GAAP
|
Compensation
|
Development
|
Amortization
|
Consideration
|
Income Tax
|
GAAP
|
|||||||||||||||||||||
per share or margin data:
|
Amounts
|
Expense
|
Expense
|
Expense
|
Charge
|
Benefit
|
Amounts
|
|||||||||||||||||||||
Cost of Sales
|
$
|
8.47
|
$
|
0.08
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8.54
|
||||||||||||||
Research & Development
|
3.25
|
0.16
|
-
|
-
|
-
|
-
|
3.41
|
|||||||||||||||||||||
Sales & Marketing
|
9.44
|
0.08
|
-
|
-
|
-
|
-
|
9.52
|
|||||||||||||||||||||
General & Administrative
|
4.98
|
0.15
|
0.49
|
0.57
|
0.86
|
-
|
7.05
|
|||||||||||||||||||||
Total Expenses
|
26.13
|
0.46
|
0.49
|
0.57
|
0.86
|
-
|
28.52
|
|||||||||||||||||||||
Gross Margin
|
77.6
|
%
|
(0.2
|
%)
|
--
|
--
|
--
|
--
|
77.4
|
%
|
||||||||||||||||||
Income (Loss) from Operations
|
11.70
|
(0.46
|
)
|
(0.49
|
)
|
(0.57
|
)
|
(0.86
|
)
|
-
|
9.32
|
|||||||||||||||||
Operating Margin
|
30.9
|
%
|
(1.2
|
%)
|
(1.3
|
%)
|
(1.5
|
%)
|
(2.3
|
%)
|
-
|
24.6
|
%
|
|||||||||||||||
Interest and Other Income
|
0.07
|
-
|
-
|
-
|
-
|
-
|
0.07
|
|||||||||||||||||||||
Pre-Tax Income (Loss)
|
11.77
|
(0.46
|
)
|
(0.49
|
)
|
(0.57
|
)
|
(0.86
|
)
|
-
|
9.39
|
|||||||||||||||||
Provision for Income Taxes
|
(0.26
|
)
|
-
|
-
|
-
|
-
|
0.35
|
0.09
|
||||||||||||||||||||
Net Income
|
11.51
|
(0.46
|
)
|
(0.49
|
)
|
(0.57
|
)
|
(0.86
|
)
|
0.35
|
9.47
|
|||||||||||||||||
On a diluted per share basis
|
$
|
0.71
|
$
|
(0.03
|
)
|
$
|
(0.03
|
)
|
$
|
(0.04
|
)
|
$
|
(0.05
|
)
|
$
|
0.02
|
$
|
0.58
|
||||||||||
Shares used in per share calculation
|
16.26
|
16.26
|
16.26
|
16.26
|
16.26
|
16.26
|
16.26
|
Three Months ended
September 30,
|
Nine Months ended
September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenues:
|
||||||||||||||||
Service
|
$
|
30,057
|
$
|
24,505
|
$
|
82,621
|
$
|
74,241
|
||||||||
Product
|
3,875
|
3,885
|
12,443
|
12,436
|
||||||||||||
Insurance
|
2,360
|
1,854
|
6,400
|
5,517
|
||||||||||||
PhotoStamps
|
1,532
|
1,001
|
3,940
|
3,260
|
||||||||||||
Other
|
10
|
-
|
12
|
1
|
||||||||||||
Total revenues
|
37,834
|
31,245
|
105,416
|
95,455
|
||||||||||||
Cost of revenues:
|
||||||||||||||||
Service
|
5,123
|
3,833
|
13,941
|
12,403
|
||||||||||||
Product
|
1,285
|
1,315
|
4,119
|
4,322
|
||||||||||||
Insurance
|
843
|
659
|
2,248
|
1,976
|
||||||||||||
PhotoStamps
|
1,293
|
777
|
3,297
|
2,623
|
||||||||||||
Total cost of revenues
|
8,544
|
6,584
|
23,605
|
21,324
|
||||||||||||
Gross profit
|
29,290
|
24,661
|
81,811
|
74,131
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Sales and marketing
|
9,516
|
9,095
|
31,549
|
29,270
|
||||||||||||
Research and development
|
3,407
|
2,844
|
9,359
|
8,187
|
||||||||||||
General and administrative
|
6,191
|
3,961
|
15,738
|
11,553
|
||||||||||||
Contingent consideration charges
|
860
|
-
|
860
|
-
|
||||||||||||
Total operating expenses
|
19,974
|
15,900
|
57,506
|
49,010
|
||||||||||||
Income from operations
|
9,316
|
8,761
|
24,305
|
25,121
|
||||||||||||
Interest and other income, net
|
71
|
92
|
296
|
341
|
||||||||||||
Income before income taxes
|
9,387
|
8,853
|
24,601
|
25,462
|
||||||||||||
Income tax (benefit) expense
|
(85
|
)
|
90
|
(3,379
|
)
|
180
|
||||||||||
Net income
|
$
|
9,472
|
$
|
8,763
|
$
|
27,980
|
$
|
25,282
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
0.60
|
$
|
0.55
|
$
|
1.75
|
$
|
1.63
|
||||||||
Diluted
|
$
|
0.58
|
$
|
0.53
|
$
|
1.70
|
$
|
1.56
|
||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
15,881
|
15,816
|
16,031
|
15,545
|
||||||||||||
Diluted
|
16,258
|
16,389
|
16,433
|
16,184
|
September 30,
2014
|
December 31,
2013
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$
|
44,512
|
$
|
87,210
|
||||
Accounts receivable
|
10,545
|
17,504
|
||||||
Other current assets
|
6,234
|
6,541
|
||||||
Property and equipment, net
|
30,783
|
29,763
|
||||||
Goodwill and intangible assets, net
|
87,149
|
1,047
|
||||||
Deferred tax
|
44,241
|
40,262
|
||||||
Other assets
|
6,948
|
4,791
|
||||||
Total assets
|
$
|
230,412
|
$
|
187,118
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
19,365
|
$
|
13,928
|
||||
Contingent consideration
|
17,102
|
-
|
||||||
Deferred revenue
|
1,886
|
1,425
|
||||||
Total liabilities
|
38,353
|
15,353
|
||||||
Stockholders' equity:
|
||||||||
Common stock
|
51
|
51
|
||||||
Additional paid-in capital
|
673,986
|
668,724
|
||||||
Treasury Stock
|
(172,410
|
)
|
(159,522
|
)
|
||||
Accumulated deficit
|
(309,648
|
)
|
(337,628
|
)
|
||||
Accumulated other comprehensive income
|
80
|
140
|
||||||
Total stockholders' equity
|
192,059
|
171,765
|
||||||
Total liabilities and stockholders' equity
|
$
|
230,412
|
$
|
187,118
|