Stamps.com 2004 Annual Report Download - page 38

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The accompanying notes are an integral part of these financial statements.
F-3
STAMPS.COM INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year Ended December 31,
2004 2003 2002
Revenues:
Service ................................................................................... $ 27,936 $ 17,565 $ 14,867
PhotoStamps .......................................................................... 2,327
—
—
Product and other................................................................... 7,849 3,635 1,462
Total revenues........................................................................ 38,112 21,200 16,329
Cost of revenues:
Service ................................................................................... 9,536 7,151 5,029
PhotoStamps .......................................................................... 1,481
—
—
Product and other................................................................... 2,290 1,113 299
Total cost of revenues ....................................................... 13,307 8,264 5,328
Gross profit ................................................................. 24,805 12,936 11,001
Operating expenses:
Sales and marketing............................................................... 12,586 6,298 2,509
Research and development .................................................... 6,221 4,820 4,790
General and administrative .................................................... 12,985 14,459 15,467
Total operating expenses........................................................ 31,792 25,577 22,766
Loss from operations ............................................................. (6,987) (12,641) (11,765)
Other income (loss):
Other income ......................................................................... 1,360
—
25
Interest income....................................................................... 1,881 3,314 4,893
Loss on disposal of assets ...................................................... (987)
—
—
Total other income ........................................................... 2,254 3,314 4,918
Net loss ....................................................................................... $ (4,733) $ (9,327) $ (6,847)
Net loss per share:
Basic ...................................................................................... $ (0.21) $ (0.42) $ (0.28)
Diluted ................................................................................... $ (0.21) $ (0.42) $ (0.28)
Weighted average shares outstanding ........................................
Basic ...................................................................................... 22,361 22,056 24,645
Diluted ................................................................................... 22,361 22,056 24,645