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SmartPros Releases Year-End 2010 Financial Results

Stocks in this article: SPRO

"Although we are not happy with our full-year results, we feel we closed the year strong and made good progress from where we stood at the end of the third quarter," said Allen Greene, Chairman and CEO of SmartPros. "Although revenue was down considerably for the year, we still generated close to $1 million in EBITDA through expense management. When you take a closer look at our revenue breakdown you'll see overall revenues are off from last year primarily due to the consultative areas of our business. Our Skye Multimedia division, which had an outstanding year in 2009, generated only $1.08 million in revenue in 2010 year as compared to $2.87 million in 2009."

Greene continued: "However, we feel our continuing positive EBITDA performance and cash growth show that we are in a strong position when the economy turns. Our business lags the economy's performance as we didn't feel the effects of the economic downturn until about a year after it was affecting other companies. As a result we believe our business may similarly lag the recovery. As is typical, we will continue to have quarterly seasonality due to the nature of our business."

"In addition, based on our strong cash position and EBITDA results for 2010, the Board has declared another quarterly dividend, increasing it by 25% to $.0125 per share payable on April 4, 2011, to shareholders of record on March 24, 2011. While we hope to continue to make quarterly dividends, we must caution that any future dividend will be affected by our results and by our ongoing requirement for cash to make acquisitions, which continues to be our primary goal."

Further, the Board has set April 25, 2011, as the record date for its next Annual Meeting of Stockholders, which will be held at the Comfort Inn in Hawthorne, N.Y., on June 23, 2011, at 11:00 a.m. ET.

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