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MINNEAPOLIS, Feb. 6, 2013 (GLOBE NEWSWIRE) -- SPS Commerce (Nasdaq:SPSC), a leading provider of on-demand supply chain management solutions, today announced financial results for the fourth quarter and full year ended December 31, 2012.
Revenue was $22.5 million in the fourth quarter of 2012, compared to $15.9 million in the fourth quarter of 2011, reflecting 42% growth in revenue from the fourth quarter 2011. Recurring revenue grew 47% from the fourth quarter of 2011.
Net income in the fourth quarter of 2012 was $366,000 or $0.02 per diluted share, compared to net income of $13.1 million, or $1.02 per diluted share, in the fourth quarter of 2011. In the fourth quarter 2011, the Company recorded a tax benefit of $12.8 million from a deferred tax asset valuation allowance reversal that positively impacted net income and net income per share. Non-GAAP net income per diluted share was $0.12, compared to non-GAAP net income per diluted share of $0.08 in the fourth quarter of 2011. Adjusted EBITDA for the fourth quarter of 2012 was $2.6 million, compared to $1.6 million for the fourth quarter of 2011.
"2012 was a tremendous year for SPS Commerce, marked by solid execution and increased market leadership through our acquisition of Edifice," said Archie Black, President and CEO of SPS Commerce. "SPS Commerce sits at the forefront of the supply chain evolution as retailers and suppliers adapt to new technologies and greater consumer demands. Driving the industry forward is the need for increased collaboration within the trading partner ecosystem, growth in ecommerce, and changing distribution needs of the retailer. As we enter 2013, we're excited about the business and the multi-billion dollar opportunity we see in the retail supply chain world."
Revenue for the full year ended December 31, 2012 was $77.1 million compared to $58.0 million for the full year ended December 31, 2011, reflecting 33% growth in revenue. Recurring revenue grew 38% from the year ended December 31, 2011.