Shutterfly 2009 Annual Report Download - page 69

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SHUTTERFLY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
2008
2007
2006
Net revenues
$
213,480
$
186,727
$
123,353
Cost of net revenues(1)
96,159
84,111
55,491
Gross profit
117,321
102,616
67,862
Operating expenses(1):
Technology and development
39,443
28,635
19,087
Sales and marketing
41,958
33,363
21,940
General and administrative
32,192
29,557
19,216
113,593
91,555
60,243
Income from operations
3,728
11,061
7,619
Interest expense
(273
)
(179
)
(266
)
Interest and other income, net
2,898
5,515
2,387
Income before income taxes
6,353
16,397
9,740
Provision for income taxes
(1,792
)
(6,302
)
(3,942
)
Net income
$
4,561
$
10,095
$
5,798
Net income per share:
Basic
$
0.18
$
0.42
$
0.67
Diluted
$
0.18
$
0.38
$
0.56
Weighted average shares:
Basic
25,036
24,295
8,622
Diluted
25,787
26,273
10,331
______________
(1) Stock
-
based compensation is allocated as follows (Notes 2 and 8):
Cost of net revenues
$
317
$
189
$
96
Technology and development
2,140
880
736
Sales and marketing
2,198
877
521
General and administrative
3,973
2,055
947
67