Stamps.com 2007 Annual Report Download - page 38

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F-36
TABLE OF CONTENTS
STAMPS.COM INC.
STATEMENTS OF INCOME
(In Thousands, Except per Share Data)
Year Ended December 31,
2007
2006
2005
Revenues:
Subscription
$
55,903
$
53,827
$
42,391
PhotoStamps
17,887
18,801
8,901
Product
9,636
8,696
7,365
Insurance
1,478
1,442
1,422
Other
907
1,820
1,832
Total revenues
85,811
84,586
61,911
Cost of revenues:
Subscription
9,659
9,882
9,193
PhotoStamps
11,854
11,618
5,483
Product
3,286
2,690
2,223
Insurance
455
442
431
Other
52
165
104
Total cost of revenues
25,306
24,797
17,434
Gross profit
60,505
59,789
44,477
Operating expenses:
Sales and marketing
33,115
27,793
19,804
Research and development
8,260
8,817
6,596
General and administrative
12,538
11,649
9,633
Total operating expenses
53,913
48,259
36,033
Income from operations
6,592
11,530
8,444
Other income:
Interest income
4,461
5,096
2,167
Other
—
—
64
Total other income, net
4,461
5,096
2,231
Income before income taxes
11,053
16,626
10,675
Provision for income taxes
387
164
246
Net income
$
10,666
$
16,462
$
10,429
Net income per share:
Basic Basic
$
0.51
$
0.71
$
0.46
Diluted
$
0.50
$
0.69
$
0.44
Weighted average shares outstanding: