Stamps.com 2009 Annual Report Download - page 51

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TABLE OF CONTENTS
STAMPS.COM INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
2009
2008
2007
Revenues:
Service
$
61,372
$
61,556
$
55,903
Product
10,653
9,906
9,636
Insurance
1,598
1,574
1,478
PhotoStamps
8,485
11,876
17,887
Other
16
—
907
Total revenues
82,124
84,912
85,811
Cost of revenues:
Service
11,869
10,365
9,659
Product
3,989
3,520
3,286
Insurance
494
498
455
PhotoStamps
6,562
8,525
11,854
Other
—
—
52
Total cost of revenues
22,914
22,908
25,306
Gross profit
59,210
62,004
60,505
Operating expenses:
Sales and marketing
31,735
33,538
33,115
Research and development
8,699
8,425
8,260
General and administrative
12,961
15,581
12,538
Total operating expenses
53,395
57,544
53,913
Income from operations
5,815
4,460
6,592
Interest income and other income, net
916
2,918
4,461
Income before income taxes
6,731
7,378
11,053
Provision (benefit) for income taxes
554
(2,786
)
387
Net income
$
6,177
$
10,164
$
10,666
Net income per share:
Basic
$
0.38
$
0.53
$
0.51
Diluted
$
0.38
$
0.53
$
0.50
Weighted average shares outstanding:
Basic
16,238
19,081
20,815
Diluted
16,369
19,345
21,194