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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.
F-3
Table of Contents
Year Ended December 31,
2013
2012
2011
Revenues:
Service
$
99,013
$
88,173
$
75,535
Product
16,580
14,710
13,465
Insurance
7,515
7,120
4,321
PhotoStamps
4,710
5,651
8,258
Other
1
7
6
Total revenues
127,819
115,661
101,585
Cost of revenues:
Service
15,422
15,720
14,720
Product
5,694
5,435
4,910
Insurance
2,685
2,334
1,506
PhotoStamps
3,699
4,267
5,076
Total cost of revenues
27,500
27,756
26,212
Gross profit
100,319
87,905
75,373
Operating expenses:
Sales and marketing
39,449
38,755
34,569
Research and development
10,958
10,243
9,395
General and administrative
15,794
14,750
14,181
Total operating expenses
66,201
63,748
58,145
Income from operations
34,118
24,157
17,228
Interest income and other income, net
480
541
562
Income before taxes
34,598
24,698
17,790
Benefit for income taxes
(9,555
)
(13,859
)
(8,475
)
Net income
$
44,153
$
38,557
$
26,265
Net income per share:
Basic
$
2.81
$
2.40
$
1.78
Diluted
$
2.71
$
2.30
$
1.73
Weighted average shares outstanding:
Basic
15,691
16,079
14,767
Diluted
16,298
16,793
15,168