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Support.com Reports Fourth Quarter And 2012 Financial Results

REDWOOD CITY, Calif., Feb. 13, 2013 (GLOBE NEWSWIRE) -- Support.com, Inc. (Nasdaq:SPRT), a leading provider of cloud-based technology services and software designed to create new revenue streams and improve customer experience, today reported unaudited financial results for its fourth quarter ended December 31, 2012.

Q4 Financial Summary

For the fourth quarter of 2012, total revenue was $18.9 million compared to $15.0 million in the fourth quarter of 2011 and $18.2 million in the third quarter of 2012.

On a GAAP basis, income from continuing operations for the fourth quarter of 2012 was $1.2 million, or $0.02 per share, compared to a loss of $4.2 million, or $(0.09) per share, in the fourth quarter of 2011 and income of $298,000, or $0.01 per share, in the third quarter of 2012.

Non-GAAP income from continuing operations for the fourth quarter of 2012 was $2.9 million, or $0.06 per share, compared to a loss of $2.8 million, or $(0.06) per share, in the fourth quarter of 2011 and income of $1.8 million, or $0.04 per share, in the third quarter of 2012.

At December 31, 2012 cash, cash equivalents and investments were $56.3 million compared to $51.6 million at September 30, 2012.

2012 Financial Summary

Total revenue for 2012 was $72.0 million compared to $53.8 million in 2011.

On a GAAP basis, loss from continuing operations for 2012 was $5.5 million, or $(0.11) per share, compared to a loss of $18.5 million, or $(0.38) per share, in 2011.

Non-GAAP income from continuing operations for 2012 was $935,000, or $0.02 per share, compared to a loss of $12.5 million, or $(0.26) per share, in 2011.

Non-GAAP results exclude stock-based compensation expense, amortization of intangible assets and other, restructuring and impairment charges, acquisition expense, other non-recurring items and tax expense associated with acquired goodwill. These items impacted results from continuing operations by $1.7 million in the fourth quarter of 2012, $1.4 million in the fourth quarter of 2011 and $1.5 million in the third quarter of 2012. On an annual basis, these items impacted results from continuing operations by $6.5 million in 2012 and $6.0 million in 2011. A reconciliation of GAAP to non-GAAP results is presented in the tables below.

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