Incredimail 2014 Annual Report Download - page 46
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In addition, in connection with the restructuring plan, we recorded an impairment of $0.6 million of property and equipment.
Results of Operations
The following table sets forth, for the periods indicated, our statements of operations expressed as a percentage of total revenues (the
percentages may not equal 100% because of the effects of rounding):
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
As described above, in accordance with generally accepted accounting principles, the acquisition of ClientConnect by Perion, which
closed on January 2, 2014, is accounted for as a reverse acquisition. Therefore, the comparative amounts in the following tables for the years
ended December 31, 2013 and 2012 represent ClientConnect’s results for such periods. As a result, a significant portion of the year-over-
year
growth described below is attributable to the acquisition of Perion by ClientConnect, since Perion’
s results are not included in the 2013 and 2012
results discussed below.
Year Ended December 31,
2012
2013
2014
Revenues:
Search
96
%
85
%
85
%
Advertising and Other
4
15
15
Total revenues
100
%
100
%
100
%
Costs and expenses:
Cost of revenues
1
%
2
%
7
%
Customer acquisition costs
22
57
45
Research and development
3
7
11
Selling and marketing
1
3
7
General and administrative
1
6
10
Impairment and restructuring charges
-
-
6
Total costs and expenses
28
75
86
Operating income
72
25
14
Financial income (expense), net
1
1
(1
)
Income before taxes on income
73
26
13
Income tax expense
14
7
2
Income from continuing operations
59
19
11
Loss from discontinuing operations, net
(4
)
(10
)
-
Net income
54
%
9
%
11
%
41