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SmartPros Releases Year-End 2010 Financial Results

Dividend Increased 25%

Annual Meeting Set for June 23, 2011

HAWTHORNE, N.Y., March 10, 2011 (GLOBE NEWSWIRE) -- SmartPros Ltd. (Nasdaq:SPRO), a leader in the field of accredited professional education and corporate training, today reported results for the fiscal year ending December 31, 2010. A conference call to discuss earnings is scheduled for Friday, March 11, at 8:30 a.m. ET.

For the year ending December 31, 2010, compared to 2009:
  • Net revenue of $17.62 million, compared to $19.27 million
  • Operating loss of $146,000, compared to operating income of $381,000
  • Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $961,000, compared to $1.42 million
  • Net loss of $129,000 or $0.03 per share, compared net income of $399,000, or $0.08 per diluted share
RECONCILIATION OF NET INCOME TO EBITDA DECEMBER 31,
  2010 2009
     
Net (loss) income  $ (129,292)   $ 398,683
     
Income tax provision 19,509 7,408
Depreciation and amortization 1,127,439 1,052,151
Interest and dividend income, (net) (57,037) (33,768)
     
EBITDA   $  960,619  $ 1,424,474

As of December 31, 2010, the Company had approximately $7.0 million in cash and cash equivalents, $5.5 million in deferred revenue, stockholders' equity of $12.3 million, and no debt.

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