Digital River 2006 Annual Report Download - page 73
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DIGITAL RIVER, INC.
Consolidated Statements of Operations
2006 2005 2004
For the Years Ended December 31
As Restated(1) As Restated(1)
(In thousands)
Revenue ............................................ $307,632 $220,408 $154,130
Costs and expenses
Direct cost of services ................................ 7,709 5,063 5,167
Network and infrastructure ............................. 29,250 19,817 15,164
Sales and marketing.................................. 113,462 69,371 52,083
Product research and development ....................... 32,341 20,690 14,293
General and administrative ............................. 34,158 21,484 17,006
Depreciation and amortization .......................... 10,983 8,833 8,203
Amortization of acquisition-related intangibles .............. 12,134 8,730 8,269
Total costs and expenses .............................. 240,037 153,988 120,185
Income from operations ................................. 67,595 66,420 33,945
Other income, net ..................................... 21,887 4,967 1,641
Income before income tax expense......................... 89,482 71,387 35,586
Income tax expense .................................... 28,672 14,875 1,079
Net income .......................................... $ 60,810 $ 56,512 $ 34,507
Net income per share — basic ............................ $ 1.58 $ 1.64 $ 1.07
Net income per share — diluted ........................... $ 1.40 $ 1.41 $ 0.94
Shares used in per-share calculation — basic ................. 38,593 34,536 32,328
Shares used in per-share calculation — diluted ................ 44,642 41,448 38,532
(1) See Note 2, “Restatement of Consolidated Financial Statements,” in Notes to Consolidated Financial Statements.
The accompanying notes are an integral part of these consolidated financial statements.
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