Is there anything cuter than a newborn babe, a-cooing in its crib? Perhaps (I'm showing my pirate heart here) a newborn IPO ... bringing in the riches?

Barely 12 months since their initial public offering, shares of remote-access software maker LogMeIn (Nasdaq: LOGM) have run up nearly 50% in price, making early believers in the company (such as yours Fool-y) much, much richer in the process. Yesterday evening's Q2 results continued the fairy tale of LogMeIn's success, as investors watched

  • revenues rise 31% year over year, to $23.5 million,
  • per-share profits nearly quadruple to an astounding $0.37 (helped in no small part by a massive tax-loss claim that contributed $0.23),
  • while free cash flow -- a more reliable gauge of profit, if you ask me -- was no slouch either, more than doubling to $6.8 million and bringing trailing free cash flow to $27.5 million.

All of which pales in comparison to what's happening at the underlying business, where LogMeIn logged an astounding 17% sequential increase in premium customers. Some 405,000 individuals now pay LogMeIn for the privilege of accessing their (and their customers') computers remotely. And the IPO's just 1 year old.

Howd'ja like them Apples?
Fueling LogMeIn's success last quarter was the happy arrival of Apple's (Nasdaq: AAPL) iPad, which ignited sales of LogMeIn's "Ignition for iPad," now "among the top grossing iPad apps since it was launched" just three months ago. But the really cool (and profitable) thing about LogMeIn is that it's free to be agnostic in the smartphone wars. This month, the company began earning on the backs of major Android providers like Motorola (NYSE: MOT), as it launched a new tool called "Ignition for Android." 

Win some, lose ... one
It wasn't all good news, of course. In fact, I think we can pin yesterday's post-earnings sell-off on a single disappointment: Intel (Nasdaq: INTC) is jumping off the LogMeIn bandwagon. Effective Q4 2010, Intel will "discontinue the Remote PC Assist Service that it offers with the Company ... and ... terminate its connectivity service and marketing agreement with the Company early."

And yes, it's disappointing to see Intel (and especially its license fees) go away. But according to LogMeIn, neither company was seeing the "market demand" needed to keep the project alive. And it really seems to me like LogMeIn's product is better suited to hawking by its strong partners like Best Buy (NYSE: BBY) and Symantec (Nasdaq: SYMC) in any case.

And really, with friends like these, who needs Intel?

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