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SPS Commerce Reports Third Quarter 2013 Financial Results

MINNEAPOLIS, Oct. 24, 2013 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq:SPSC), a leading provider of on-demand supply chain management solutions, today announced financial results for the third quarter ended September 30, 2013.

Revenue in the third quarter of 2013 was $27.0 million, a 33% increase from the third quarter of 2012. Recurring revenue grew 35% over the third quarter of 2012.

Net income in the third quarter of 2013 was $270,000 or $0.02 per diluted share, compared to net income of $174,000, or $0.01 per diluted share, in the third quarter of 2012. Non-GAAP net income per diluted share was $0.15, compared to non-GAAP net income per diluted share of $0.10 in the third quarter of 2012. Adjusted EBITDA for the third quarter of 2013 increased 66% to $3.6 million, compared to the third quarter of 2012.

"We experienced another quarter of solid momentum across our business," said Archie Black, President and CEO of SPS Commerce. "Consumers' influence on the retail marketplace continues to evolve, resulting in retailers' needs to expand their presence across e-commerce, brick and mortar and mobile channels. This omni-channel strategy requires greater collaboration between suppliers and retailers. Those who can swiftly respond are well positioned to gain market share against their competitors. SPS Commerce is recognized as one of the most comprehensive, cost effective and efficient ways for suppliers and retailers of all sizes to adapt their supply chain capabilities to this evolution."

Revenue for the nine months ended September 30, 2013 was $76.4 million, compared to $54.6 million for the comparable period in 2012. Net income for the nine months ended September 30, 2013 was $757,000 or $0.05 per diluted share, compared to net income of $856,000, or $0.06 per diluted share, for the comparable period in 2012. Non-GAAP net income per diluted share for the nine months ended September 30, 2013 was $0.40 compared to non-GAAP net income per diluted share of $0.30 for the comparable period in 2012. Adjusted EBITDA for the first nine months of this year was $10.0 million, compared to $6.4 million for the first nine months last year.

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