Shares of SmartPros Ltd. (Amex: PED) closed up 51 cents (10 percent) at $5.39 per share on volume of 238,500. This nice jump is due to the record quarterly results SmartPros announced today in a press release. The company flirted with its 52-week high of $6.00 with today’s high reaching $5.75 per share.
Revenue for the first quarter of 2007 was $3.72 million, representing a 47 percent increase over the $2.53 million reported for the first quarter of 2006. Net income for the first quarter of 2007 was $586,780, or 12 cents per share, representing a 291 percent increase over the $150,015, or 3 cents per share, reported for the first quarter of 2006.
SmartPros also reported a solid cash position, reporting cash on hand of $7.8 million as of March 31, 2007. This will provide sufficient leverage for SmartPros in the event of an acquisition or financing.
The company had several significant announcements in the quarter including the following: completing the acquisition of Selbst Group Inc.; launching the new SmartPros Legal division; began the formal development process on the next generation SmartPros Professional Education Center; and launching a new homepage.
Allen Greene, chairman and CEO of SmartPros, stated in the release, “We are pleased that we were able to carry momentum built in the fourth quarter of last year into the first quarter of this year.”
SmartPros, together with its subsidiaries, provides learning solutions for accounting/finance, legal, and engineering professionals in the U.S. It provides products in various formats, such as print, videotape and digital format, which include CD-ROM, DVD or the Internet.