Stamps.com beats and raises (1Q05 earnings results)

Stamps.com (ticker: STMP) announced Q1 results that beat consensus revenue and EPS estimates, and raised guidance for Q2 and the year. Details:

Q1 Results
(all percentage changes and comparisons are year on year, unless stated otherwise)

• Revenue was $11.8 million, up 56%. Consensus was $11.22 million.
• Revenue breakdown: Subscription service revenue was $9.1 million, up 52%; online store revenue
  was $1.9 million, up 43%; insurance fees, licensing fees, and other revenue was $0.8 million.
• Gross margin was 73%, up from 61%.
• GAAP net income was $1.6 million.
• EPS was $0.07, versus consensus of $0.05.

From the press release:

Stamps.com recently announced the return of PhotoStamps™, the popular form of postage that allows consumers to turn digital photos, designs or images into valid U.S. postage. PhotoStamps is expected to be available under authorization of the U.S. Postal Service for a year-long market test beginning May 17, 2005. On April 26, Stamps.com began taking pre-orders for the second market test of PhotoStamps at its web site www.photostamps.com.

Q2 Guidance

• Revenue of $13 million.
• Gross margin of 70%.
• EPS of $0.06, in line with consensus.

Full Year Guidance

• Revenue of $56 million, up from previous guidance of $48.5 million. Consensus is $49 million.
• Gross margin of 70%.
• EPS of $0.31, up from previous guidance of $0.26. Consensus is currently $0.26.

Resources:

• Full press release here.
• For comparison: STMP's 4Q04 results.

STMP chart below.