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TheStreet Open House

SPS Commerce Reports Fourth Quarter And Full Year 2010 Financial Results

MINNEAPOLIS, Feb. 9, 2011 (GLOBE NEWSWIRE) -- SPS Commerce (Nasdaq:SPSC), a leading provider of on-demand supply chain management solutions, today announced financial results for the fourth quarter and year ended December 31, 2010.

Revenue was $11.9 million in the fourth quarter of 2010, compared to $10.0 million in the fourth quarter of 2009, reflecting 19% growth in revenue from the fourth quarter 2009. Recurring revenue grew 22% from the fourth quarter of 2009.

Net income in the fourth quarter of 2010 was $441,000 or $0.04 per diluted share, compared to net income of $213,000, or $0.02 per diluted share, in the fourth quarter of 2009. Non-GAAP net income per diluted share was $0.06, compared to non-GAAP net income per diluted share of $0.03 in the fourth quarter of 2009. Adjusted EBITDA for the fourth quarter of 2010 was $1.1 million, compared to $706,000 for the fourth quarter of 2009.

"We're pleased to complete our first year as a public company with another solid quarter driven by continued execution and recurring revenue growth," said Archie Black, President and CEO of SPS Commerce. "We continue to foster deeper relationships among our customers and their trading partners, as well as build new relationships internationally through our viral platform. We have a proven value proposition to the SMB market, and we are focused on driving higher revenue streams across our products for 2011."

Revenue for the full year ended December 31, 2010 was $44.6 million compared to $37.7 million for the full year ended December 31, 2009, reflecting 18% growth in revenue. Recurring revenue grew 22% from the year ended December 31, 2009.

Net income for the twelve months ended December 31, 2010 was $2.9 million or $0.25 per diluted share, compared to net income of $1.2 million, or $0.13 per diluted share, for the comparable period in 2009. Non-GAAP net income per diluted share for the twelve months ended December 31, 2010 was $0.31, compared to non-GAAP net income per diluted share of $0.17 for the comparable period in 2009. Adjusted EBITDA for the full year ended December 31, 2010 was $5.2 million, compared to $3.2 million for the full year ended December 31, 2009.

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