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SPS Commerce Reports First Quarter 2013 Financial Results

Stocks in this article: SPSC

MINNEAPOLIS, April 25, 2013 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq:SPSC), a leading provider of on-demand supply chain management solutions, today announced financial results for the first quarter ended March 31, 2013.

Revenue in the first quarter of 2013 was $23.8 million, a 44 % increase from the first quarter of 2012. Recurring revenue grew 47% from the first quarter of 2012.

Net income in the first quarter of 2013 was $199,000 or $0.01 per diluted share, compared to net income of $256,000, or $0.02 per diluted share, in the first quarter of 2012. Non-GAAP net income per diluted share was $0.12, compared to non-GAAP net income per diluted share of $0.09 in the first quarter of 2012. Adjusted EBITDA for the first quarter of 2013 increased 57% to $2.9 million, compared to the first quarter of 2012.

"SPS Commerce continues to benefit from the rapidly evolving retail industry," said Archie Black, President and CEO of SPS Commerce. "As an industry leader focused on the retail supply chain, we're seeing momentum across all areas of our business, particularly in our analytics products. These powerful tools help manage inventory levels and product demand, allowing both suppliers and retailers to grow their businesses while creating strategic long term value for one another. Looking to the rest of the year, we are focused on execution, taking advantage of our market leadership position and the tailwinds we're experiencing throughout the retail ecosystem."

"We had a strong start to the year highlighted by 47% recurring revenue growth," said Kim Nelson, Chief Financial Officer. "We're pleased to announce that we're raising our revenue guidance for the year due to the momentum we're seeing in the business and the large market opportunity in front of us." 

Guidance

For the second quarter of 2013, revenue is expected to be in the range of $24.2 to $24.7 million. Second quarter net income per diluted share is expected to be approximately breakeven with fully diluted weighted average shares outstanding of approximately 15.7 million shares. Non-GAAP net income per diluted share is expected to be in the range of $0.11 to $0.12. Adjusted EBITDA is expected to be in the range of $2.7 to $2.9 million. Non-cash, share-based compensation expense is expected to be approximately $1.1 million and amortization expense is expected to be approximately $720,000.

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