Stamps.com 2010 Annual Report Download - page 57

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TABLE OF CONTENTS
STAMPS.COM INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Year Ended December 31,
2010
2009
2008
Revenues:
Service
$
64,607
$
61,372
$
61,556
Product
11,725
10,653
9,906
Insurance
2,023
1,598
1,574
PhotoStamps
7,162
8,485
11,876
Other
27
16
—
Total revenues
85,544
82,124
84,912
Cost of revenues:
Service
13,282
11,869
10,365
Product
4,337
3,989
3,520
Insurance
641
494
498
PhotoStamps
5,424
6,562
8,525
Total cost of revenues
23,684
22,914
22,908
Gross profit
61,860
59,210
62,004
Operating expenses:
Sales and marketing
31,174
31,735
33,538
Research and development
9,420
8,699
8,425
General and administrative
14,590
12,961
15,581
Legal settlements
5,211
—
—
Total operating expenses
60,395
53,395
57,544
Income from operations
1,465
5,815
4,460
Non
-operating asset write-off
(634
)
—
—
Interest income and other income, net
756
916
2,918
Income before income taxes
1,587
6,731
7,378
Provision (benefit) for income taxes
(3,945
)
554
(2,786
)
Net income
$
5,532
$
6,177
$
10,164
Net income per share:
Basic
$
0.38
$
0.38
$
0.53
Diluted
$
0.38
$
0.38
$
0.53
Weighted average shares outstanding:
Basic
14,529
16,238
19,081
Diluted
14,685
16,369
19,345