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SMTP, Inc. (SMTP) Posts FY2012 Financial Results, Names New Members To Operations Team

|Includes: Inc. (STMP)

SMTP, a provider of cloud-based services to facilitate e-mail deliverability, has announced financial results for the year ended December 31, 2012, as well as announced the appointment of new members to a three-member oversight committee.

Total revenues for the year were $5.3 million, an increase of 25.1 percent compared to revenue of $4.3 million reported in the year ago period. The company attributes the revenue growth primarily to its growing client base and an increase in the average monthly fee to $70.

Gross profit increased 17.1 percent to $4.1 million in 2012, compared to gross profit of $3.5 million in 2011.

Operating expenses increased to $2.4 million in 2012, an increase of 26.3 percent compared to operating expenses of $1.9 million in 2011, reflecting expanded marketing initiatives, increased costs of infrastructure to support a growing client base, and the higher cost of server storage as the company moves to secure datacenters.

After-tax income was approximately $1.1 million, an increase of 18.1 percent compared to after-tax income of approximately $0.9 million in 2011.

SMPT named Maksym Ilin as the company's new president and vice president of Operations and Customer Service; Ruslan Bondariev as chief technology officer and vice president of Research; and Alena Chuprakova as comptroller and treasurer. These individuals collectively will oversee SMPT's operations as a committee.

Additionally, Brad Harkavy and Mark Dailey have resigned from SMPT's board of directors to focus on other business opportunities; the company notes that the resignations were not due to any disagreement with the company.

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