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STAMPS.COM INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Three Months ended Twelve Months ended December 31, December 31, 2012 2011 2012 2011 --------- --------- --------- ---------Revenues: Service $ 22,374 $ 20,153 $ 88,173 $ 75,535 Product 3,834 3,697 14,710 13,465 Insurance 1,982 1,462 7,120 4,321 PhotoStamps 1,880 1,907 5,651 8,258 Other - 1 7 6 --------- --------- --------- --------- Total revenues 30,070 27,220 115,661 101,585Cost of revenues: Service 3,932 3,819 15,720 14,720 Product 1,426 1,324 5,435 4,910 Insurance 664 508 2,334 1,506 PhotoStamps 1,340 1,330 4,267 5,076 --------- --------- --------- --------- Total cost of revenues 7,362 6,981 27,756 26,212 --------- --------- --------- --------- Gross profit 22,708 20,239 87,905 75,373Operating expenses: Sales and marketing 9,958 9,490 38,755 34,569 Research and development 2,406 2,379 10,243 9,395 General and administrative 3,517 3,787 14,750 14,181 --------- --------- --------- --------- Total operating expenses 15,881 15,656 63,748 58,145 --------- --------- --------- --------- Income from operations 6,827 4,583 24,157 17,228Interest and other income, net 132 128 541 562 --------- --------- --------- ---------Income before taxes 6,959 4,711 24,698 17,790Income tax benefit (2,338) (8,674) (13,859) (8,475) --------- --------- --------- ---------Net income $ 9,297 $ 13,385 $ 38,557 $ 26,265 ========= ========= ========= =========Net income per share: Basic $ 0.60 $ 0.85 $ 2.40 $ 1.78 ========= ========= ========= ========= Diluted $ 0.58 $ 0.81 $ 2.30 $ 1.73 ========= ========= ========= =========Weighted average shares outstanding: Basic 15,502 15,694 16,079 14,767 ========= ========= ========= ========= Diluted 16,129 16,551 16,793 15,168 ========= ========= ========= ========= CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, December 31, 2012 2011 ------------- -------------ASSETSCash and investments $ 46,619 $ 69,363Accounts receivable 14,432 10,466Other current assets 5,602 5,476Property and equipment, net 28,631 2,165Intangible assets, net 1,262 837Deferred tax assets 30,549 16,125Other assets 3,757 3,548 ------------- ------------- Total assets $ 130,852 $ 107,980 ============= =============LIABILITIES AND STOCKHOLDERS' EQUITYLiabilities Accounts payable and accrued expenses $ 16,366 $ 12,075 Deferred revenue 1,532 1,898 ------------- ------------- Total liabilities 17,898 13,973Stockholders' equity: Common stock 50 49 Additional paid-in capital 649,694 637,483 Treasury Stock (155,260) (123,472) Accumulated deficit (381,781) (420,338) Unrealized gain on investments 251 285 ------------- ------------- Total stockholders' equity 112,954 94,007 ------------- ------------- Total liabilities and stockholders' equity $ 130,852 $ 107,980 ============= =============
