Travelzoo 2007 Annual Report Download - page 68

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TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
2007 2006 2005
(In thousands, except per share
amounts)
Year Ended December 31,
Revenues ................................................... $78,911 $69,525 $50,772
Cost of revenues ............................................. 2,097 1,038 878
Gross profit ............................................... 76,814 68,487 49,894
Operating expenses:
Sales and marketing ......................................... 41,440 29,378 25,915
General and administrative .................................... 14,750 9,356 9,109
Total operating expenses .................................... 56,190 38,734 35,024
Income from operations ........................................ 20,624 29,753 14,870
Interest income .............................................. 1,309 1,249 961
Gain (loss) on foreign currency ................................... 178 3 (15)
Income before income tax expense . . . ............................. 22,111 31,005 15,816
Income tax expense ........................................... 13,002 14,202 7,853
Net income ................................................. $ 9,109 $16,803 $ 7,963
Net income per share:
Basic net income per share .................................... $ 0.61 $ 1.08 $ 0.49
Diluted net income per share .................................. $ 0.57 $ 1.01 $ 0.45
Shares used in computing basic net income per share ................ 14,847 15,503 16,249
Shares used in computing diluted net income per share ............... 16,074 16,712 17,731
See accompanying notes to consolidated financial statements
36