Travelzoo 2012 Annual Report Download - page 89
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Results of Operations
The following table sets forth, as a percentage of total revenues, the results from our operations for the periods indicated.
31
Year Ended December 31,
2012
2011
2010
Revenues
100.0
%
100.0
%
100.0
%
Cost of revenues
10.4
9.0
6.4
Gross profit
89.6
91.0
93.6
Operating expenses:
Sales and marketing
45.1
44.1
48.3
General and administrative
25.6
23.3
24.4
Unexchanged promotional merger shares
2.0
13.5
—
Total operating expenses
72.7
80.9
72.7
Income from operations
16.9
10.1
20.9
Other income and expenses, net
0.2
0.2
(0.1
)
Income before income taxes
17.1
10.3
20.8
Income taxes
5.0
8.1
9.2
Net income
12.1
%
2.2
%
11.6
%