Tucows 2013 Annual Report Download - page 98

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Depreciation of property and equipment
215,447
Amortization of intangibles
876,120
Loss on currency forward contracts
676,120
Income from operations
6,154,660
Other expenses, net
(354,857
)
Income before provision for income taxes
5,799,803
Year Ended December 31, 2012
Domain
Name
Services
Network
Access Services
Consolidated
Totals
Net Revenues
$
110,761,217
3,965,684
$
114,726,901
Cost of Revenues
84,388,714
4,129,019
88,517,733
Gross Profit
26,372,503
(163,335
)
26,209,168
Expenses:
Sales and marketing
8,701,446
Technical operations and development
4,302,820
General and administrative
6,610,819
Depreciation of property and equipment
190,420
Loss on disposition of property and equipment
118,944
Amortization of intangibles
876,120
Gain on currency forward contracts
(682,851
)
Income from operations
6,091,450
Other income, net
336,848
Income before provision for income taxes
$
6,428,298
F-26
The net revenues and cost of revenues for Network Access Services for fiscal 2011 are not material as TING was
newly formed in fiscal 2011.
(b) The following is a summary of the Company’s revenue earned from each significant revenue stream:
Year ended
December 31,
2013
2012
2011
Wholesale
Domain Services
$
87,294,173
$
87,434,450
$
76,201,058
Value Added Services
10,271,219
10,586,460
9,268,460
Total Wholesale
97,565,392
98,020,910
85,469,518
Retail
24,890,272
10,740,844
5,263,118
Portfolio
7,479,240
5,965,147
6,332,331
$
129,934,904
$
114,726,901
$
97,064,967
During the years ended December 31, 2013, 2012 and 2011, no customer accounted for more than 10% of total
revenue. As at December 31, 2013 and 2012, no customers accounted for more than 10% of accounts receivable, as at
December 31, 2011, one customer accounted for 16% of accounts receivable.
(c) The following is a summary of the Company’s cost of revenues from each significant revenue stream:
Year ended
December 31,
2013
2012
2011
Wholesale
Domain Services
$
73,468,824
$
73,168,196
$
63,491,433
Value Added Services
2,115,167
2,032,328
1,969,374