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SmartPros Reports Third Quarter 2010 Financial Results

HAWTHORNE, N.Y., Nov. 9, 2010 (GLOBE NEWSWIRE) -- SmartPros Ltd. (Nasdaq:SPRO), a leader in the field of accredited professional education and corporate training, today announced its third quarter financial results for the three and nine months ended September 30, 2010. A conference call to discuss earnings is scheduled for Wednesday, November 10, at 8:30 AM Eastern time.

For the three months ended September 30, 2010, and 2009:

  • Net revenues decreased to $3.9 million from $4.4 million
  • Operating loss of $117,000, compared to a loss of $261,000
  • EBITDA (earnings before interest, taxes, depreciation and amortization) was $167,000, compared to $19,000
  • Net loss of $109,000, or $.02 per share, compared to a net loss of $181,000, or $0.04 per share

For the nine months ended September 30, 2010, and 2009:

  • Net revenues decreased to $12.6 million from $13.4 million
  • Operating loss of $765,000, compared to operating income of $12,000
  • EBITDA was $29,000, compared to $789,000
  • Net loss of $526,000, or $.11 per share, compared to net income of $66,000, or $0.01 per share
RECONCILIATION OF September 30,   September 30,
NET INCOME TO EBITDA   2010 2009   2010 2009
Net (loss) income    $ (525,803)  $ 65,724    $ (108,902)  $ (181,132)
Income tax (benefit) provision (207,915) (30,667)   15,585  (81,153)
Depreciation and amortization 793,917 776,693   283,353 279,142
Interest and dividend income, (net)   (31,081) (23,136)   (23,291) 1,767
EBITDA      $ 29,118  $ 788,614    $ 166,745  $ 18,624

As of September 30, 2010, the Company had approximately $5.9 million in cash and cash equivalents, $1.6 million in accounts receivable, $5.4 million in deferred revenue, stockholders' equity of $12 million, no debt, and a note receivable of $775,000 that was repaid in full on October 13, 2010.

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