SmartPros Releases Year-End 2012 Financial Results

Company Increases Dividend by 20%

Annual Meeting to be Held on June 20, 2013

HAWTHORNE, N.Y., March 7, 2013 (GLOBE NEWSWIRE) -- SmartPros Ltd. (Nasdaq:SPRO), a leader in the field of accredited professional education and corporate training, today reported results for the fiscal year ended December 31, 2012.

For the year ended December 31, 2012, compared to 2011:
  • Net revenue of $15.89 million, compared to $16.99 million
  • Operating loss of $1.18 million, compared to operating income of $198,000
  • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $500,000, compared to $1.37 million
  • Net loss of $1.90 million, or $0.40 per share, compared to a net income of $154,000, or $0.03 per share
RECONCILIATION OF NET (LOSS) INCOME DECEMBER 31,
TO ADJUSTED EBITDA 2012 2011
     
Net (loss) income  $ (1,895,465)  $ 154,127
Provision for income taxes  735,379  44,614
Depreciation and amortization  1,118,157  1,178,538
Interest and dividend income  (27,023)  (12,022)
Impairment of goodwill  568,000  -- 
     
ADJUSTED EBITDA $499,048 $1,365,257

As of December 31, 2012, the Company had approximately $5.4 million in cash, cash equivalents and certificates of deposit, $5.0 million in deferred revenue, stockholders' equity of $9.8 million, and no debt.

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