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SmartPros Reports Second Quarter 2010 Financial Results

HAWTHORNE, N.Y., Aug. 10, 2010 (GLOBE NEWSWIRE) -- SmartPros Ltd. (Nasdaq:SPRO), a leader in the field of accredited professional education and corporate training, today announced its financial results for the three and six months ended June 30, 2010.

Financial results for the three months ended June 30, 2010, compared to 2009

  • Net revenues of $5 million, compared to $4.7 million
  • Operating income of $159,000, compared to $245,000
  • EBITDA (earnings before interest, taxes, depreciation and amortization) of $414,000, compared to $494,000
  • Net income was $86,000, or $.02 per diluted share, compared to $217,000, or $.04 per diluted share  

Financial results for the six months ended June 30, 2010, compared to 2009

  • Net revenues of $8.7 million, compared to $9.1 million
  • Operating loss of $648,000, compared to an operating income of $272,000
  • Loss before taxes, depreciation and amortization and other income (EBITDA) of $139,000, as compared to a gain of $768,000
  • Net loss of $417,000, or $.08 per diluted share, compared to net earnings of $247,000, or $.05 per diluted share
  SIX MONTHS ENDED THREE MONTHS ENDED
RECONCILIATION OF June 30 June 30
NET INCOME TO EBITDA 2010  2009  2010  2009
         
Net (loss) income  $ (416,901)  $ 246,856  $ 86,149  $ 217,341
         
Income tax (benefit) provision  (223,500)  50,486  76,500  36,486
Depreciation and amortization  510,564  497,551  256,327  250,608
Interest and dividend income, (net)  (9,478)  (27,227)  (5,144)  (10,559)
         
EBITDA  $ (139,315)  $ 767,666  $ 413,832  $ 493,876

As of June 30, 2010, the Company had approximately $4.9 million in cash and cash equivalents, $3.1 million in accounts receivable, $5.4 million in deferred revenue, stockholders' equity of $12.1 million, and no debt.

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