Support.com Reports First Quarter 2013 Financial Results

REDWOOD CITY, Calif., May 1, 2013 (GLOBE NEWSWIRE) -- Support.com, Inc. (Nasdaq:SPRT), a leading provider of cloud-based technology services and software that create new revenue streams and improve customer experience, today reported unaudited financial results for its first quarter ended March 31, 2013.

Q1 2013 Financial Summary

For the first quarter of 2013, total revenue was $20.2 million compared to $17.6 million in the first quarter of 2012 and $18.9 million in the fourth quarter of 2012.

On a GAAP basis, income from continuing operations for the first quarter of 2013 was $1.9 million, or $0.04 per share, compared to a loss of $4.4 million, or $(0.09) per share, in the first quarter of 2012 and income of $1.2 million, or $0.02 per share, in the fourth quarter of 2012.

On a non-GAAP basis, income from continuing operations for the first quarter of 2013 was $3.1 million or $0.06 per share, compared to a loss of $2.9 million, or $(0.06) per share, in the first quarter of 2012 and income of $2.9 million or $0.06 per share, in the fourth quarter of 2012.

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 $1.2 million in the first quarter of 2013, $1.5 million in the first quarter of 2012 and $1.7 million in the fourth quarter of 2012. A reconciliation of GAAP to non-GAAP results is presented in the tables below.

"Q1 represented a strong start to the year, with growth in services and software, impressive margin performance and strong cash flow," said Josh Pickus, President and CEO. "We're excited about the rich pipeline we've developed and look forward to extending our market leadership as the year progresses."

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