Support.com Reports Second Quarter 2013 Financial Results

REDWOOD CITY, Calif., July 31, 2013 (GLOBE NEWSWIRE) -- Support.com, Inc. (Nasdaq:SPRT), a leading provider of cloud-based technology services and software, today reported unaudited financial results for its second quarter ended June 30, 2013.

Q2 2013 Financial Summary

For the second quarter of 2013, total revenue was $20.1 million compared to $17.3 million in the second quarter of 2012 and $20.2 million in the first quarter of 2013.

On a GAAP basis, income from continuing operations for the second quarter of 2013 was $2.6 million, or $0.05 per share, compared to a loss of $2.6 million, or $(0.05) per share, in the second quarter of 2012 and income of $1.9 million, or $0.04 per share, in the first quarter of 2013.

On a non-GAAP basis, income from continuing operations for the second quarter of 2013 was $3.8 million, or $0.07 per share, compared to a loss of $897,000, or $(0.02) per share, in the second quarter of 2012 and income of $3.1 million, or $0.06 per share, in the first quarter of 2013.

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

"We delivered strong Q2 results, highlighted by margin expansion, strong cash generation and SaaS revenue growth," said Josh Pickus, President and Chief Executive Officer. "While delivering our fourth consecutive quarter of profitability, we also laid the foundation for future revenue growth with plans for a bundled support offering for Comcast and the addition of RadioShack to our SaaS customer base."

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