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IncrediMail Reports Record $29.5 Million Revenues And $8.4 Million Net Income For 2010

IncrediMail Ltd. (NASDAQ: MAIL), a digital media company that builds downloadable consumer products, today announced that:
  • Revenues in 2010 were a record $29.5 million, increasing $2.3 million, or 8.5%, over 2009
  • Adjusted EBITDA in 2010 was $13.4 million, compared to $12.9 million in 2009, and was 46% of revenues,
  • Net income in 2010 was $8.4 million, or $0.85 per diluted share
  • Cash flow from operations in 2010 was $9.8 million

Commenting on the results, Josef Mandelbaum, IncrediMail’s CEO, said, “2010 was another stellar year in terms of financial performance, and our accomplishments in the second half of 2010, including the signing of a new agreement with Google, helped us solidify the foundation for accelerated growth in 2011 and beyond. Other major accomplishments included the completion of an extensive consumer research study, the results of which were received during the fourth quarter; and the investment in and improvement of our existing processes and backend systems. The benefit of all these efforts should be seen in the second half of 2011.”

Mandelbaum continued, “We also successfully outsourced QA and eliminated some redundant positions to reinvest in higher yield opportunities. While this caused higher handover costs in the fourth quarter of 2010 and the first quarter of 2011, this move has already enabled us to refocus on higher yield activities. Lastly, we have been working on enhancing our existing IncrediMail product, and have just started to invest in building a new product pipeline.”

For the year-ended December 31, 2010, R&D expenses increased 5% to $6.6 million, from $6.3 million in 2009. In terms of a percentage of sales, R&D expenses are expected to remain relatively stable in 2011.

Sales and Marketing expenses were $5.2 million for the year, compared to $4.6 million in 2009. Marketing expenses included approximately $1.8 million in customer acquisition costs in 2010, which is relatively unchanged from customer acquisition costs reported in 2009. In 2011, as the new growth strategy is implemented, we intend to increase this investment more than three-fold with a majority of the increase occurring in the latter part of 2011. This additional expenditure is expected to have a positive return on investment and help accelerate growth not only in 2011 but even more so in 2012.

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