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Stamps.com's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stamps.com undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Now, I’ll hand the call over to Ken.

Ken McBride

Thank you Jeff and thank you for joining us today. Today, we announce another great quarter where we had strong financial performance and where we again had outstanding performance in multiple areas of the business.

We achieved a sequential quarterly increase in our paid customers which were up 5,000 to a new all-time record high level of 418,000. Our year-over-year growth rate for paid customers was 14%, which is the highest growth rate in four years for the seasonally slower second quarter.

We achieved the highest growth rate for enterprise paid customers in five years. We continued our strong momentum in our high volume shipping area with 80% growth in total postage printed. We achieved a record growth rate for total postage printed by our customer base which is up 53% to a new record level of $233 million. And we achieved record core PC Postage revenue with 18% year-over-year growth and continuing the strong double-digit growth rates we’ve experienced over the past seven quarters.

The strength we saw across the board in our business lines drove strong earnings in the second quarter with record non-GAAP operating income of $6.8 million, record non-GAAP net income of $6.9 million and non-GAAP earnings per share of $0.40.

During the second quarter of 2011, we first applied breakage accounting to our PhotoStamps boxes sold through retail channels and this added $2.2 million to PhotoStamps revenue, $1.7 million to non-GAAP operating and net income and $0.12 to non-GAAP net income for fully diluted share.

We believe the growth rate excluding the initial recognition of PhotoStamps breakages in the second quarter of 2011 provides a more meaningful comparison of the year-over-year performance.

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