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 $0.01 per share
|NINE MONTHS ENDED||THREE MONTHS ENDED|
|RECONCILIATION OF||September 30,||September 30,|
|NET INCOME TO EBITDA||2010||2009||2010||2009|
|Net (loss) income||$ (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|
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