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Stamps.com 4Q rises, beating estimates

Thu, 02/11/2010 - 5:01pm
The Associated Press

Stamps.com Inc., which allows consumers to print postage approved by the U.S. government from their computer, said Thursday its fourth-quarter net profit rose 36 percent although revenue fell.

Net income in the three months to Dec. 31 came to $2.2 million, or 14 cents per share, from $1.6 million, or 9 cents per share, a year earlier.

Revenue fell 3 percent to $21.7 million from $22.3 million.

After excluding items such as stock-based compensation and asset write-downs, adjusted earnings came to 18 cents per share.

That beat the forecast of analysts polled by Thomson Reuters, who expected 14 cents per share of earnings on $22 million in revenue. Analysts typically exclude one-time items.

Shares rose 14 cents, or 1.5 percent, to $9.22 in after-hours trading following the announcement, after closing up 17 cents, or 1.9 percent, at $9.08.

The company said it expects full 2010 revenue between $80 million and $90 million, with adjusted earnings per share of 50 cents to 70 cents.

For all of 2009, net income fell 39 percent to $6.2 million, or 38 cents per share, from $10.2 million, or 53 cents per share, in 2008. Revenue fell 3 percent to $82.1 million from $84.9 million.

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