Travelzoo 2014 Annual Report Download - page 72

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37
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,
2014 2013 2012
Revenues 100.0% 100.0 % 100.0%
Cost of revenues 12.6 11.0 10.4
Gross profit 87.4 89.0 89.6
Operating expenses:
Sales and marketing 47.3 47.4 45.1
General and administrative 30.6 26.3 25.6
Unexchanged promotional shares (5.3) 13.9 2.0
Total operating expenses 72.6 87.6 72.7
Income from operations 14.8 1.4 16.9
Other income 0.1 0.3 0.2
Income before income taxes 14.9 1.7 17.1
Income taxes 3.4 4.9 5.0
Net income (loss) 11.5% (3.2)% 12.1%