Travelzoo 2013 Annual Report Download - page 70

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35
Results of Operations
The following table sets forth, as a percentage of total revenues, the results from our operations for the periods indicated.
Year Ended December 31,
2013 2012 2011
Revenues 100.0 % 100.0% 100.0%
Cost of revenues 11.0 10.4 9.0
Gross profit 89.0 89.6 91.0
Operating expenses:
Sales and marketing 47.4 45.1 44.1
General and administrative 26.3 25.6 23.3
Unexchanged promotional shares 13.9 2.0 13.5
Total operating expenses 87.6 72.7 80.9
Income from operations 1.4 16.9 10.1
Other income 0.3 0.2 0.2
Income before income taxes 1.7 17.1 10.3
Income taxes 4.9 5.0 8.1
Net income (loss) (3.2)% 12.1% 2.2%