net revenue up 22%, net income up 44%, operating profit up 44% over fiscal 2006
it’s good to see my old friends at smartpros doing well and still on a roll….
hawthorne, n.y., march 11, 2008 (prime newswire) — smartpros ltd. (amex:ped), a leader in the field of accredited professional education and corporate training, today reported results for the fiscal year ending december 31, 2007.
2007 financial highlights:
- net revenues for fiscal year 2007 increased 22% to $15,200,000, up from $12,462,000 in 2006.
- net income in 2007 increased 44% to $2,168,000, or $0.43 per diluted share, compared to $1,511,000, or $0.30 per diluted share,
reported in 2006. - operating profits were also up 44% at $1,166,000 in 2007, compared to $812,000 in 2006.
- gross profit margins increased to 60.8% in 2007 from 58.5% for 2006.
- as of december 31, 2007, the company had approximately $10.1 million in cash and investments, $5.7 million in working capital, and stockholders’ equity of $10.9 million.
- net cash provided by smartpros’ operating activities in 2007 totaled approximately $3.54 million, compared to $1.63 million in
2007.
“2007 was a year of continued growth in our organic product lines, as well as from our acquisitions. it is important to note, however, our business will continue to be bound by quarterly fluctuations due to the timing of acquisitions, product development expenses, and the consultative nature of some of our business lines,” said allen greene, chairman and ceo of smartpros. “we are investing significant resources and money in our effort to take the company to the next level. we have added 20 new employees in the last five months, which led to a significant increase in operating expenses. we continue to believe our acquisition of financialcampus in august 2007 represents a long-term opportunity even though we have absorbed a lot of overhead in integrating and preparing the financialcampus team and product lines for the long term. we realize that this will have an impact on short-term earnings in exchange for what we believe will add long-term value for our shareholders.”
“we also see potential for our recently announced launch of our ireflect training software,” said greene. “smartpros believes ireflect is a good fit for our existing product lines, and also creates new opportunities for us in the training market as it can be used by any department of any company that requires continuous training.”
smartpros will host a teleconference tomorrow afternoon, wednesday, march 12, 2008, beginning at 4:15 p.m. edt, and invites all interested parties to join management in a discussion regarding the company’s financial results, corporate progression and other meaningful developments. the conference call can be accessed via telephone by dialing toll free 800-240-8658. a replay of the call will be available on the company’s web site approximately one hour after the live broadcast at http://ir.smartpros.com.
smartpros has set april 21, 2008, as the record date for shareholders permitted to vote at the company’s annual meeting of stockholders, which will be held at the comfort inn in hawthorne, n.y., on june 17, 2008, at 11 a.m. edt.