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The following data should be read in conjunction with the “
Management's Discussion and Analysis of Financial Condition and Results of
Operations” section and our financial statements, including the notes thereto, included elsewhere in this Report.
23
Table of Contents
ITEM 6.
SELECTED FINANCIAL DATA
Year ended December 31,
2013
2012
2011
2010
2009
(in thousands, except per share data)
Statement of Operations Data:
PC Postage revenue
$
123,108
$
110,003
$
93,321
$
78,355
$
73,623
PhotoStamps revenue
4,710
5,651
8,258
7,162
8,485
Other revenue
1
7
6
27
16
Total revenues
127,819
115,661
101,585
85,544
82,124
Cost and expenses:
Cost of sales
27,500
27,756
26,212
23,684
22,914
Research and development
10,958
10,243
9,395
9,420
8,699
Sales and marketing
39,449
38,755
34,569
31,174
31,735
General and administrative
15,794
14,750
14,181
14,590
12,961
Legal settlements
—
—
—
5,211
—
Income from operations
34,118
24,157
17,228
1,465
5,815
Interest and other income, net
480
541
562
756
916
Non
-
operating asset write
-
off
—
—
—
634
—
Income tax (benefit) expense
(9,555
)
(13,859
)
(8,475
)
(3,945
)
554
Net income
$
44,153
$
38,557
$
26,265
$
5,532
$
6,177
Basic net income per share
$
2.81
$
2.40
$
1.78
$
0.38
$
0.38
Diluted net income per share
$
2.71
$
2.30
$
1.73
$
0.38
$
0.38
Weighted average shares outstanding used in basic per-
share calculation
15,691
16,079
14,767
14,529
16,238
Weighted average shares outstanding used in diluted per-
share calculation
16,298
16,793
15,168
14,685
16,369
Cash dividends declared per common share
$
0.00
$
0.00
$
0.00
$
2.00
$
0.00
As of December 31,
2013
2012
2011
2010
2009
Balance Sheet Data:
(in thousands)
Cash, cash equivalents, restricted cash and investments
$
87,210
$
46,619
$
69,363
$
35,299
$
71,745
Working capital
81,890
38,035
57,953
16,041
41,791
Total assets
187,118
130,852
107,980
57,442
89,258
Total stockholders
’
equity
171,765
112,954
94,007
44,238
75,605