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SPS Commerce Reports Second Quarter 2013 Financial Results

Stocks in this article: SPSC

MINNEAPOLIS, July 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 second quarter ended June 30, 2013.

Revenue in the second quarter of 2013 was $25.7 million, a 44% increase from the second quarter of 2012. Recurring revenue grew 48% over the second quarter of 2012.

Net income in the second quarter of 2013 was $288,000 or $0.02 per diluted share, compared to net income of $426,000, or $0.03 per diluted share, in the second quarter of 2012. Non-GAAP net income per diluted share was $0.13, compared to non-GAAP net income per diluted share of $0.11 in the second quarter of 2012. Adjusted EBITDA for the second quarter of 2013 increased 47% to $3.4 million, compared to the second quarter of 2012.

"We had another great quarter as momentum carried across all areas of our business," said Archie Black, President and CEO of SPS Commerce. "In particular, we continue to move upmarket as larger customers increasingly turn to SPS Commerce's comprehensive solution and viral network to enable growth in their business. This is a true testament to our leadership position in the retail ecosystem. Looking to the second half of the year, we expect to continue investing in the growth of our business and remain at the forefront of the rapidly evolving retail supply chain."

Revenue for the six months ended June 30, 2013 was $49.4 million, compared to $34.4 million for the comparable period in 2012. Net income for the six months ended June 30, 2013 was $487,000 or $0.03 per diluted share, compared to net income of $682,000, or $0.05 per diluted share, for the comparable period in 2012. Non-GAAP net income per diluted share for the six months ended June 30, 2013 was $0.25 compared to non-GAAP net income per diluted share of $0.19 for the comparable period in 2012. Adjusted EBITDA for the first six months of this year was $6.4 million, compared to $4.2 million for the first six months last year.

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