Stamps.com 2012 Annual Report Download - page 51

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STAMPS.COM INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Year Ended December 31,
2012
2011
2010
Revenues:
Service
$
88,173
$
75,535
$
64,607
Product
14,710
13,465
11,725
Insurance
7,120
4,321
2,023
PhotoStamps
5,651
8,258
7,162
Other
7
6
27
Total revenues
115,661
101,585
85,544
Cost of revenues:
Service
15,720
14,720
13,282
Product
5,435
4,910
4,337
Insurance
2,334
1,506
641
PhotoStamps
4,267
5,076
5,424
Total cost of revenues
27,756
26,212
23,684
Gross profit
87,905
75,373
61,860
Operating expenses:
Sales and marketing
38,755
34,569
31,174
Research and development
10,243
9,395
9,420
General and administrative
14,750
14,181
14,590
Legal settlements
—
—
5,211
Total operating expenses
63,748
58,145
60,395
Income from operations
24,157
17,228
1,465
Non
-
operating asset write
-
off
—
—
(
634
)
Interest income and other income, net
541
562
756
Income before taxes
24,698
17,790
1,587
Benefit for income taxes
(13,859
)
(8,475
)
(3,945
)
Net income
$
38,557
$
26,265
$
5,532
Net income per share:
Basic
$
2.40
$
1.78
$
0.38
Diluted
$
2.30
$
1.73
$
0.38
Weighted average shares outstanding :
Basic
16,079
14,767
14,529
Diluted
16,793
15,168
14,685
F
-
3