LAS VEGAS, Nov. 6, 2013 (GLOBE NEWSWIRE) -- SMTP, Inc. (OTCQB:SMTP), a global provider of email delivery services, announced financial results for the third quarter ended September 30, 2013.
Third Quarter Highlights:
Revenue for the third quarter of 2013 increased to $1.47 million, up 7.8% from $1.36 million in the third quarter of 2012.
Gross profit increased 9.2% to $1.16 million in the third quarter, compared to $1.06 million in the year-ago period.
Operating expenses increased 27.2% to $0.68 million in the third quarter, compared to $0.53 million in the year-ago period.
Net income increased 1.8% to $0.32 million, or $0.02 per share, in the third quarter, compared to $0.31 million in the year-ago period.
Revenue for the first nine months of 2013 increased to $4.23 million, up 6.9% from $3.96 million in the first nine months of 2012.
Gross profit increased 9.0% to $3.29 million in the first nine months of 2013, compared to $3.02 million in the same period of 2012.
Operating expenses increased 6.7% to $1.87 million in the first nine months of 2013, compared to $1.75 million in the same period of 2012.
Net income increased 22.6% to $0.93 million, or $0.06 per share, in the first nine months of 2013, compared to $0.76 million, or $0.05 per share, in the same period of 2012. This increase was primarily the result of revenue growth partially offset by operating expenses related to the growth of the business.
During the nine months ended September 30, 2013, cash provided from operating activities was $0.93 million and the Company paid shareholders $0.88 million in dividends. As of September 30, 2013, the Company had 15,293,736 shares outstanding.
"In addition to the ongoing trend of strong financial performance, we are proud to announce the hiring of two key executives at the end of the third quarter," noted Jon Strimling, SMTP's CEO, who started in August. "Yvonne Gaudette and Paul Parisi each joined SMTP at the end of September, and are serving as Vice President of Marketing and Vice President of Innovation, respectively. Ms. Gaudette brings a wealth of experience in cost-effective customer acquisition, and Mr. Parisi brings an unusual blend of the market savvy and technical experience. With this strengthened senior team, we are looking forward to continuing to drive SMTP to new levels of growth and profitability."
About SMTP, Inc.
SMTP is a leading provider of services to facilitate email delivery, with a focus on marketing email delivery, but also supporting bulk and transactional sending, reputation management, compliance auditing, abuse processing and issue resolution. Our services provide customers with the ability to increase the deliverability of email with less time, cost and complexity than handling it themselves.
SMTP, Inc. is a dividend-paying, publicly-traded company headquartered in Las Vegas, Nevada, and can be found on the web at http://www.smtp.com.
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, and various other factors beyond the Company's control.