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STAMPS.COM INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
11.
Legal Proceedings
We are subject to various routine legal proceedings and claims incidental to our business, and we do not believe that these proceedings and
claims would reasonably be expected to have a material adverse effect on our financial position, results of operations or cash flows.
12.
Subsequent Events
We are not aware of any material subsequent events or transactions that have occurred that would require recognition in the financial statements
or disclosure in the notes to the financial statements.
13.
Quarterly Information (Unaudited)
Quarterly and year-to-
date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters
may not agree with per share amounts for the year shown elsewhere in our Annual Report on Form 10-K.
(1) During the fourth quarter of 2013 we released a portion of our valuation allowance totaling approximately $9.7 million. (See Income Taxes-
Notes to Consolidated Financial Statements)
.
(2) During the first quarter of 2012 we released a portion of our valuation allowance totaling approximately $11.9 million. During the fourth
quarter of 2012 we released another portion of our valuation allowance totaling approximately $2.5 million (See Income Taxes-
Notes to
Consolidated Financial Statements) .
F-26
Table of Contents
Quarter Ended
March
June
September
December
(in thousands except per share data)
Fiscal Year 2013:
Revenues
$
32,101
$
32,109
$
31,245
$
32,364
Gross profit
24,449
25,021
24,661
26,188
Income from operations
7,815
8,545
8,761
8,997
Net income
7,906
8,613
8,763
18,871
(1)
Net income per share:
Basic
$
0.52
$
0.56
$
0.55
$
1.17
Diluted
$
0.49
$
0.53
$
0.53
$
1.13
Weighted average shares outstanding:
Basic
15,328
15,486
15,816
16,124
Diluted
16,000
16,163
16,389
16,640
Fiscal Year 2012:
Revenues
$
28,293
$
28,227
$
29,071
$
30,070
Gross profit
21,030
21,589
22,578
22,708
Income from operations
4,421
5,824
7,085
6,827
Net income
16,360
(2)
5,923
6,977
9,297
(2)
Net income per share:
Basic
$
1.01
$
0.36
$
0.43
$
0.60
Diluted
$
0.95
$
0.34
$
0.42
$
0.58
Weighted average shares outstanding:
Basic
16,250
16,468
16,103
15,502
Diluted
17,173
17,196
16,675
16,129