Tucows 2011 Annual Report Download - page 14

Download and view the complete annual report

Please find page 14 of the 2011 Tucows annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 27

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27

% $(%#1& %)'#( %&.('# 7#*(%.1%.%#.('# &%. / . ).('# &9(' %&(.7$ %+ #*)'# &7#*' %#(/#( %&'*1& %'%$0# #*' '#(3
' $1#%'(& )#*/ ./&. %&'*1& %C&/'0+ %.6%.#$(%(%+9*#*# % $(%#'%#.('# ) '#( %7#*/ .9(#0(%# '' %##*&&$'(#(&9
&#*.('# C&1&#1) $%'7(%'.(%+*(& *1#('(1#( %(%%.' %#(/#( %&# #*'#(3(#(& )#*/.6
8+&8)#'%'##8%'
/ . ).('# &*&. 1#.%#*('&1 ('")  &%(  ))('&7(%'.(%+ *()!'#(3))('71(%'(1)(%%'( ))('71(%'(1'' %#(%+ ))('' %#7 
1& %&1) $(%+&($()%'#( %&6' 1" )#*#*('&1 ('") &%(  ))('&'%/ /#(%.9(#* #'*+) $%#%#9/&(##6
((-83%,'$#$'%8'
=1 3(.%(%) $1 '&&) &** .&# &%.' $$%('#( %&#  / . ).('# &6)" 9(&*# ' $$%('#9(#* / . ).('# &7" $"&%.' &1 %.%'
# #*##%#( % ) '#"#,: 9#3%7  %# 7%#(:<-%.6*'#"9(&/$(#" ' &1 %.%'# #*'*($% )#*/ . ).('# &7#*
'*($% )#*111(#' $$(##7 #*11 1(#(%.(3(..('# 7&11('/6
'%8'8(+%
%.#*#$& ) 5:$%..%.&##.8(#" $1%&#( %%#*E5:%E79$0# $#(') $+%#& )% %8()(.&# '0 1#( %&#  % %$1 "
.('# &%.$$/& )' $$(##& ) F . )('# &&.&'(/./ 96&# '0/&.' $1%&#( %) % %$1 ".('# &(&+ 3%./" 5:% (#&
1.'&& 7 ,,:8(#" $1%&#( %%#*E,,:%E6 1#( %&+%#.%.#*# $#(') $+%#&($$.(#"!'(&/7*3%!'(&1('8# #*)(
$0#31' $$ %&*&.#$(%./"#*1&*1('& )#*' & )/&(%&& %#*.# )+%#%.*3)(3"#$61#( %&+%#.# .('# &%.#*5:
%&)  9&2
D %#*.#% %$1 ".('# /' $&.('# 7* &*(&+%#. 1#( %&# 1'*&5;7&*& ) ' $$ %&# '0>
D %#*.#.('# /' $&$$/ )#*.(#' $$(##7* &*(&+%#. 1#( %&# 1'*&57&*& ) ' $$ %&# '0>
D %#*.#'*.('# /' $&$$/)#*' 1 #+ 3%%'7% $(%#(%+%.' $1%&#( %' $$(##7* &*(&+%#. 1#( %&# 1'*&;7&*& ) 
' $$ %&# '0>
D %'*.# %9*('*9* . %%$#(%+)&** .&7'*% %$1 ".('# (% ))('($$.(#"/) %.)##*%%'#( % ).('# &9(
'(3%# $#('+%# ) 1#( %&# 1'*&57&*& ) ' $$ %&# '0>
D %'*.# %9*('*9* . %%$#(%+)&** .&7'*$$/ )#*.(#' $$(##(% ))('($$.(#"/) %.)##*%%'#( % ).('# &
9('(3%# $#('+%# ) 1#( %&# 1'*&7&*& ) ' $$ %&# '0>%.
D %'*.# %9*('*9* . %%$#(%+)&** .&7'*$$/ )#*' 1#+ 3%%'7% $(%#(%+%.' $1%&#( %' $$(##(% ))('($$.(#"
/) %.)##*%%'#( %).('# &9('(3%# $#('+%# ) 1#( %&# 1'*&G7;&*& ) ' $$ %&# '06
))'#(3& )B%"75H7#**($% ) F . )('# &%.% %$1 ".('# &'(3%%%) )O76%..(#( %7#**($%'(3&%..(#( %
%%) )O76 %$1 ".('# &9* &3&$$/& ) .(#' $$(##'(3%%%) )OH7%.% %$1 ".('# &9* &3 % ' 1 #
+ 3%%'7% $(%#(%+%.

"'(()))%!$( $(% (((*+
!*
(*('*,-