Stamps.com 2012 Annual Report Download - page 76

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STAMPS.COM INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Quarterly and year-to-
date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters
may not agree with per share amounts for the year shown elsewhere in our Annual Report on Form 10-K.
____________
(1) During the second quarter of 2011 we recognized $2.2 million of retail box breakage revenue, of which $2.1 million related to a cumulative
catch-
up for previously sold and unredeemed PhotoStamps retail boxes originally recorded as deferred revenue. The retail box breakage revenue
recognized was recorded in PhotoStamps revenue.
(2) During the first quarter of 2012 we released a portion of our valuation allowance totaling approximately $11.9 million. During the fourth
quarter of 2012 we released another portion of our valuation allowance totaling approximately $2.5 million (See Income Taxes -
Notes to
Consolidated Financial Statements) .
Table of Contents
13.
Quarterly Information (Unaudited)
Quarter Ended
March
June
September
December
(in thousands except per share data)
Fiscal Year 2012:
Revenues
$
28,293
$
28,227
$
29,071
$
30,070
Gross profit
21,030
21,589
22,578
22,708
Income from operations
4,421
5,824
7,085
6,827
Net income
16,360
(2)
5,923
6,977
9,297
(2)
Net income per share:
Basic
$
1.01
$
0.36
$
0.43
$
0.60
Diluted
$
0.95
$
0.34
$
0.42
$
0.58
Weighted average shares outstanding:
Basic
16,250
16,468
16,103
15,502
Diluted
17,173
17,196
16,675
16,129
Fiscal Year 2011:
Revenues
$
22,817
$
26,630
(1)
$
24,918
$
27,220
Gross profit
16,593
19,945
18,596
20,239
Income from operations
2,584
5,627
4,434
4,583
Net income
2,675
5,677
4,528
13,385
Net income per share:
Basic
$
0.18
$
0.40
$
0.31
$
0.85
Diluted
$
0.18
$
0.39
$
0.30
$
0.81
Weighted average shares outstanding:
Basic
14,484
14,321
14,556
15,694
Diluted
14,613
14,450
15,059
16,551
F
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