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Excluding the initial recognition of PhotoStamps retail box breakage in 2011, total revenue in the second quarter of 2012 was up 15% year-over-year, non-GAAP net income was up 45% year-over-year; non-GAAP net income for fully diluted share was up 21% year-over-year.

While we face very tough comparisons during the second quarter this year, we were pleased that the business continued strong growth trends particularly in light of the fact that the small business economic environment continues to struggle relative to pre-recession levels. On the call today, we’ll talk in more detail about our PC Postage metrics and business, our financial results and our business outlook.

First, let me begin with a more detailed discussion of the PC Postage business. The customer metrics we’re going to discuss on the call today are only for the core PC Postage business which excludes all enhanced promotion channel activity. For more detailed definition of how we calculate each of our metrics, you may refer to our quarterly investor metric spreadsheet at

Core PC Postage revenue including small business enterprise and high volume shipping customer segments was $26.2 million in the second quarter. That was up 18% versus the second quarter of 2011. Over the past seven quarters, we have generated strong double-digit year-over-year growth rates in our core PC Postage revenue. This Q2 released the highest quarterly revenue level we have experienced in our core PC Postage business since we started tracking the core areas approximately six years ago.

The increase in the core PC Postage revenue was attributable to continued strength in our small business area and in our enterprise and high volume shipping customer segments which are now contributing to our core business revenue growth in a meaningful way.

During the second quarter, we acquired 71,000 gross small business customers; that was up 12% versus the second quarter of 2011 and our cost per new small business customer acquired or CPA was $125 in the second quarter; that was up 1% versus the $124 we saw in the second quarter of 2011.

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