Delaware
|
000-26427
|
77-0454966
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
1990 E. Grand Ave., 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)
|
|||
February 12, 2015
|
/s/ Kenneth McBride
|
||
Date
|
(Signature)
|
||
Kenneth McBride
|
|||
Chief Executive Officer
|
Exhibit
Number
|
Description
|
Press Release of Stamps.com Inc. dated February 11, 2015 announcing Stamps.com Inc.'s financial results for its fourth quarter and fiscal year ended December 31, 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
|
· | 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. |
Fourth Quarter Fiscal 2014
All amounts in millions except
per share or margin data:
|
Non-GAAP
Amounts
|
Stock-Based
Compensation
Expense
|
Intangible
Amortization
Expense
|
Contingent
Consideration
Charge
|
Non-recurring
Expenses
|
Income Tax
Benefit
|
GAAP
Amounts
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Cost of Revenues
|
$
|
9.16
|
$
|
0.14
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9.30
|
||||||||||||||
Research & Development
|
3.51
|
0.44
|
-
|
-
|
-
|
-
|
3.95
|
|||||||||||||||||||||
Sales & Marketing
|
11.57
|
0.54
|
-
|
-
|
-
|
-
|
12.11
|
|||||||||||||||||||||
General & Administrative
|
5.70
|
1.61
|
0.71
|
7.58
|
1.39
|
-
|
16.99
|
|||||||||||||||||||||
Total Expenses
|
29.93
|
2.73
|
0.71
|
7.58
|
1.39
|
-
|
42.35
|
|||||||||||||||||||||
Gross Margin
|
78.1
|
%
|
(0.3
|
%)
|
--
|
--
|
--
|
--
|
77.8
|
%
|
||||||||||||||||||
Income (Loss) from Operations
|
11.92
|
(2.73
|
)
|
(0.71
|
)
|
(7.58
|
)
|
(1.39
|
)
|
-
|
(0.50
|
)
|
||||||||||||||||
Operating Margin
|
28.5
|
%
|
(6.5
|
%)
|
(1.7
|
%)
|
(18.1
|
%)
|
(3.3
|
%)
|
-
|
(1.2
|
%)
|
|||||||||||||||
Interest and Other Income
|
0.08
|
-
|
-
|
-
|
-
|
-
|
0.08
|
|||||||||||||||||||||
Pre-Tax Income (Loss)
|
12.00
|
(2.73
|
)
|
(0.71
|
)
|
(7.58
|
)
|
(1.39
|
)
|
-
|
(0.42
|
)
|
||||||||||||||||
Benefit for Income Taxes
|
(0.26
|
)
|
-
|
-
|
-
|
-
|
9.57
|
9.32
|
||||||||||||||||||||
Net Income
|
11.74
|
(2.73
|
)
|
(0.71
|
)
|
(7.58
|
)
|
(1.39
|
)
|
9.57
|
8.90
|
|||||||||||||||||
On a diluted per share basis
|
$
|
0.72
|
$
|
(0.17
|
)
|
$
|
(0.04
|
)
|
$
|
(0.46
|
)
|
$
|
(0.09
|
)
|
$
|
0.58
|
$
|
0.54
|
||||||||||
Shares used in per share calculation
|
16.37
|
16.37
|
16.37
|
16.37
|
16.37
|
16.37
|
16.37
|
Fiscal Year 2014
All amounts in millions except
per share or margin data:
|
Non-GAAP
Amounts
|
Stock-Based
Compensation
Expense
|
Intangible
Amortization
Expense
|
Contingent
Consideration
Charge
|
Non-recurring
Expenses
|
Income Tax
Benefit
|
GAAP
Amounts
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Cost of Revenues
|
$
|
32.50
|
$
|
0.40
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
32.91
|
||||||||||||||
Research & Development
|
12.31
|
1.00
|
-
|
-
|
-
|
-
|
13.31
|
|||||||||||||||||||||
Sales & Marketing
|
42.70
|
0.95
|
-
|
-
|
-
|
-
|
43.66
|
|||||||||||||||||||||
General & Administrative
|
18.67
|
2.78
|
1.39
|
8.44
|
2.31
|
-
|
33.58
|
|||||||||||||||||||||
Total Expenses
|
106.19
|
5.13
|
1.39
|
8.44
|
2.31
|
-
|
123.46
|
|||||||||||||||||||||
Gross Margin
|
77.9
|
%
|
(0.3
|
%)
|
-
|
-
|
-
|
-
|
77.7
|
%
|
||||||||||||||||||
Income (Loss) from Operations
|
41.08
|
(5.13
|
)
|
(1.39
|
)
|
(8.44
|
)
|
(2.31
|
)
|
-
|
23.81
|
|||||||||||||||||
Operating Margin
|
27.9
|
%
|
(3.5
|
%)
|
(0.9
|
%)
|
(5.7
|
%)
|
(1.6
|
%)
|
-
|
16.2
|
%
|
|||||||||||||||
Interest and Other Income
|
0.38
|
-
|
-
|
-
|
-
|
-
|
0.38
|
|||||||||||||||||||||
Pre-Tax Income (Loss)
|
41.46
|
(5.13
|
)
|
(1.39
|
)
|
(8.44
|
)
|
(2.31
|
)
|
-
|
24.18
|
|||||||||||||||||
Benefit for Income Taxes
|
(0.86
|
)
|
-
|
-
|
-
|
-
|
13.55
|
12.70
|
||||||||||||||||||||
Net Income
|
40.60
|
(5.13
|
)
|
(1.39
|
)
|
(8.44
|
)
|
(2.31
|
)
|
13.55
|
36.88
|
|||||||||||||||||
On a diluted per share basis
|
$
|
2.47
|
$
|
(0.31
|
)
|
$
|
(0.08
|
)
|
$
|
(0.51
|
)
|
$
|
(0.14
|
)
|
$
|
0.83
|
$
|
2.25
|
||||||||||
Shares used in per share calculation
|
16.42
|
16.42
|
16.42
|
16.42
|
16.42
|
16.42
|
16.42
|
Three Months ended
December 31,
|
Twelve Months ended
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenues:
|
||||||||||||||||
Service
|
$
|
33,075
|
$
|
24,772
|
$
|
115,696
|
$
|
99,013
|
||||||||
Product
|
4,440
|
4,144
|
16,883
|
16,580
|
||||||||||||
Insurance
|
2,817
|
1,998
|
9,217
|
7,515
|
||||||||||||
PhotoStamps
|
1,510
|
1,450
|
5,450
|
4,710
|
||||||||||||
Other
|
11
|
-
|
23
|
1
|
||||||||||||
Total revenues
|
41,853
|
32,364
|
147,269
|
127,819
|
||||||||||||
Cost of revenues:
|
||||||||||||||||
Service
|
5,746
|
3,019
|
19,687
|
15,422
|
||||||||||||
Product
|
1,397
|
1,372
|
5,516
|
5,694
|
||||||||||||
Insurance
|
962
|
709
|
3,210
|
2,685
|
||||||||||||
PhotoStamps
|
1,196
|
1,076
|
4,493
|
3,699
|
||||||||||||
Total cost of revenues
|
9,301
|
6,176
|
32,906
|
27,500
|
||||||||||||
Gross profit
|
32,552
|
26,188
|
114,363
|
100,319
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Sales and marketing
|
12,110
|
10,179
|
43,659
|
39,449
|
||||||||||||
Research and development
|
3,950
|
2,771
|
13,309
|
10,958
|
||||||||||||
General and administrative
|
9,409
|
4,241
|
25,147
|
15,794
|
||||||||||||
Contingent consideration charges
|
7,578
|
-
|
8,438
|
-
|
||||||||||||
Total operating expenses
|
33,047
|
17,191
|
90,553
|
66,201
|
||||||||||||
(Loss) income from operations
|
(495
|
)
|
8,997
|
23,810
|
34,118
|
|||||||||||
Interest and other income, net
|
79
|
139
|
375
|
480
|
||||||||||||
(Loss) income before income taxes
|
(416
|
)
|
9,136
|
24,185
|
34,598
|
|||||||||||
Income tax benefit
|
(9,318
|
)
|
(9,735
|
)
|
(12,697
|
)
|
(9,555
|
)
|
||||||||
Net income
|
$
|
8,902
|
$
|
18,871
|
$
|
36,882
|
$
|
44,153
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
0.56
|
$
|
1.17
|
$
|
2.30
|
$
|
2.81
|
||||||||
Diluted
|
$
|
0.54
|
$
|
1.13
|
$
|
2.25
|
$
|
2.71
|
||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
15,952
|
16,124
|
16,011
|
15,691
|
||||||||||||
Diluted
|
16,372
|
16,640
|
16,417
|
16,298
|
December 31,
2014
|
December 31,
2013
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$
|
57,630
|
$
|
87,210
|
||||
Accounts receivable
|
12,325
|
17,504
|
||||||
Other current assets
|
6,071
|
6,541
|
||||||
Property and equipment, net
|
30,427
|
29,763
|
||||||
Goodwill and intangible assets, net
|
86,463
|
1,047
|
||||||
Deferred tax
|
53,816
|
40,262
|
||||||
Other assets
|
7,999
|
4,791
|
||||||
Total assets
|
$
|
254,731
|
$
|
187,118
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
22,521
|
$
|
13,928
|
||||
Contingent consideration
|
25,015
|
-
|
||||||
Deferred revenue
|
2,164
|
1,425
|
||||||
Total liabilities
|
49,700
|
15,353
|
||||||
Stockholders' equity:
|
||||||||
Common stock
|
51
|
51
|
||||||
Additional paid-in capital
|
678,075
|
668,724
|
||||||
Treasury stock
|
(172,410
|
)
|
(159,522
|
)
|
||||
Accumulated deficit
|
(300,746
|
)
|
(337,628
|
)
|
||||
Accumulated other comprehensive income
|
61
|
140
|
||||||
Total stockholders' equity
|
205,031
|
171,765
|
||||||
Total liabilities and stockholders' equity
|
$
|
254,731
|
$
|
187,118
|