CAMBRIDGE, Mass., April 3, 2013 (GLOBE NEWSWIRE) -- SMTP, Inc. (OTCBB:SMTP), a leading provider of cloud-based services to facilitate email deliverability, today announced financial results the year ended December 31, 2012.
Revenue for the year ended December 31, 2012 was $5.3 million, an increase of 25.1% compared to revenue of $4.3 million reported in the year ago period. Revenue growth was attributable primarily to an increase in the number of clients and an increase in the average monthly fee to $70.
Gross profit increased to $4.1 million in 2012, an increase of 17.1% compared to gross profit of $3.5 million in 2011.
Operating expenses increased to $2.4 million in 2012, an increase of 26.3% compared to operating expenses of $1.9 million in 2011. The increase in operating expenses was attributable primarily to expanding marketing initiatives, an increase in costs of infrastructure required to support a growing client base and the higher cost of server storage as the Company moves to secure datacenters.
The Company reported after-tax income, after deducting all non-cash stock option compensation, of approximately $1.1 million, an increase of 18.1% compared to after-tax income of approximately $0.9 million in 2011.
As of March 20, 2013, the Company had 14,845,618 shares of common stock outstanding and the public float consisted of 1,529,555 shares.
The Company also announced that Maksym Ilin was appointed President and Vice President of Operations and Customer Service, Ruslan Bondariev was appointed Chief Technology Officer and Vice President of Research and Alena Chuprakova was appointed as Comptroller and Treasurer. Each of these persons collectively oversees the Company's operations as a committee of three equal members. In addition, the Company announced that Brad Harkavy and Mark Dailey have resigned from the Board of Directors to focus their time on other business activities. The resignations did not result from any disagreement with the Company.
"We continue to remain highly motivated to maximize shareholder value," commented Semyon Dukach, Chairman of SMTP. "As the largest shareholder of the Company, I believe we can improve our core business, while completing strategic business acquisitions to increase cash earnings."
ABOUT SMTP, Inc.
SMTP is a leading provider of cloud-based services to facilitate email deliverability, including 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 based in Cambridge, Massachusetts and 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.
CONTACT: ALENA CHUPRAKOVA SMTP, INC. 877-705-9362 firstname.lastname@example.orgSource:SMTP, Inc.