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F-4
Demand Media, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)
Year ended December 31,
2014 2013 2012
Revenue:
Service revenue ...............................................................................
$137,711 $195,269 $207,640
Product revenue ...............................................................................
34,718 14,142 -
Total revenue ................................................................................ 172,429 209,411 207,640
Operating expenses:
Service costs (exclusive of amortization of intangible assets
shown separately below) ................................................................. 43,325 51,274 54,304
Product costs ................................................................................... 26,058 9,882 -
Sales and marketing......................................................................... 20,046 36,275 38,948
Product development ....................................................................... 29,387 32,185 31,190
General and administrative .............................................................. 50,179 53,014 54,082
Goodwill impairment charge ........................................................... 232,270 - -
Amortization of intangible assets .................................................... 38,316 36,519 32,402
Total operating expenses .............................................................. 439,581 219,149 210,926
Loss from operations .......................................................................... (267,152) (9,738 ) (3,286)
Interest income ................................................................................ 328 5 31
Interest expense ............................................................................... (4,692) (1,642 ) (622)
Other income (expense), net ............................................................ 654 13 (36)
Loss from continuing operations before income taxes ....................... (270,862) (11,362 ) (3,913)
Income tax benefit (expense) ............................................................. 14,713 (2,856 ) (951)
N
et loss from continuing operations .................................................. (256,149) (14,218 ) (4,864)
N
et income (loss) from discontinued operations ................................ (11,208) (5,956 ) 11,040
N
et income (loss) ............................................................................... $(267,357) $(20,174 ) $6,176
Earnings per share - basic and diluted
Net loss from continuing operations ................................................ $(13.66) $(0.80 ) $(0.28)
Net income (loss) from discontinued operations ............................. (0.60) (0.34 ) 0.65
Net income (loss) ............................................................................ $(14.26) $(1.14 ) $0.37
Weighted average number of shares - basic and diluted ................. 18,745 17,707 16,910
The accompanying notes are an integral part of these consolidated financial statements.