http://investor.shutterstock.com/phoenix.zhtml?c=251362&p=irol-newsArticle&ID=1902033

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Revenue

Revenue for the fourth quarter was $68.0 million, a 38% increase from $49.2 million in the fourth quarter of 2012.  Revenue for the full year was $235.5 million, a 39% increase from $169.6 million in 2012.

Net Income

Net income for the fourth quarter of 2013 was $7.9 million as compared to $29.0 million in the fourth quarter of 2012. Net income available to common shareholders/members for the fourth quarter of 2013 was $7.8 million or $0.22 per share on a fully diluted basis as compared to $28.7 million or $0.88 per share on a fully diluted basis in the fourth quarter of 2012.

Net income for the full year 2013 was $26.5 million as compared to $47.5 million in 2012.  Net income available to shareholders/common members for the full year was $26.4 million or $0.77 per share on a fully diluted basis as compared to $42.6 million or $1.79 per share on a fully diluted basis in 2012.

Both net income and net income available to common shareholders/members for the fourth quarter of 2012 and the full year of 2012 include a one-time tax benefit of $28.8 million related to the Company's reorganization from an LLC to a C-corporation on October 5, 2012.



To put those numbers into perspective Net income at Shutterstock dropped by 21 million in 2013 compared to Net income in 2012, despite the fact that overall Revenue rose by 65.9 million in 2013 over revenue in 2012.

The analyst should love those numbers and will no doubt have questions.

isn't the answer the 28.8 million "one-time tax benefit"?

My earnings have become much more erratic there lately. RPD and total downloads were pathetic last December, but Jan was good. The earnings graph is looking more like a mountain range than hills (not because of total height, but because it jumps up and down so much). I think it might be because of their on/off sales. If my port is on for the weekends and xmas break - my sales are horrible. If the non subs sales are on during a regular week, the sales are pretty good. If only subs are on during the week, the sales # is ok, but the RPD is horrible. I think I had a run with 18 subs out of the last 20 sales in December. Not surprisingly the RPD was horrible.

PD is pretty painless if your keywords don't contain numbers or long keywords (50 characters I think). The model released images are a bit of a pain - you ftp the releases into a release folder and the images into the images folder. At least you don't have to select categories.

The initial submission is the biggest pain there I think. They also have pretty random rejections as far as I can tell - I haven't really tried to figure out what they want - they get a shot at all my stuff, but they certainly aren't worth changing my images just for them. Mostly they fall into the fire and forget category. Returns are pretty low - a bit lower than Canstock most months, but maybe more steady. on the order of 1/20th of SS and 1/5 of DT for me last year. (for each of those sites - w/ PD a little less than CS)

Photoshop can stack - something about automate > photomerge. I find it doesn't always do a very good job of choosing which parts to keep and which to toss though, so some manual editing of the stack might be necessary. I am far from an expert at this. I think Rimglow might be the master.

I think in the long run having a moving mirror is going to go away, there are so many issues that can be removed by doing away with it.

That said, I don't think they have got it all figured out yet, so most will stick with a dslr for at least another body cycle or 2.

I am sure that they consider any payment to us to be an overpayment, especially one that exceeds the 15-20% in their "new and improved" contract.

I'd certainly welcome a new higher level - especially if it was within reach for me.

Usually more like a week for me.

They definitely fall into the fire and forget category for me. I doubt my heart images will be reviewed before valentine's day - but maybe for next year. The EL sales can be very nice - I got one this month. It sucks when they get refunded a few months later though.

I think my lowest was around .14 per credit, but under .20 is pretty uncommon. It looks like you have a new low, but I too am curious about the .24 subs, is this reported in US$?

mine are correct for this month (at least according to their new improved we'll take more rules, not the your sales will double promise), but they have dropped me down to the lowest level to start a few other months in the past.

Better than December, but a big drop from Jan 2013 (my BMY). Alamy, Veer, and Pond 5 were the ones who dropped the most. Veer dropped a full order of magnitude with almost just a few sub sales this month compared to plenty of regular sales and a few juicy ELs Jan 2013.

DT was pretty good after an absolutely dire December. SS ok. Nothing to get excited about, but not worth slitting my wrists either. My best Seller at SS has been pretty much removed from the search. This month sales of cold and freezing themed images made up the difference, but that won't help for the summer. Not that the image wasn't a good one, but it got to the top of the search through a glitch (and good sales) and was on the first page for a number of years 'til they changed something and bumped it to the second page overnight. It has been slowly falling since then. Search placement is king, and image quality is only part of the equation.

There are a few things there that annoy me - undercutting SS subs is one, paying non bridge people less than bridge people, not answering e-mails about rates, or answering them I assume wrongly (when I asked about where it said never getting less than .50 for a download) - maybe that was SS's lie though. They are owned by the same people though.

Sales numbers are going up, but earnings only barely.