Stamps.com, the Stamps.com logo and PhotoStamps are trademarks or registered trademarks of Stamps.com Inc. All other brands and names are property of their respective owners.
STAMPS.COM INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data: unaudited) Three Months ended March 31, 2013 2012 ------------- -------------Revenues: Service $ 24,848 $ 21,387 Product 4,476 3,929 Insurance 1,746 1,662 PhotoStamps 1,030 1,312 Other 1 3 ------------- ------------- Total revenues 32,101 28,293Cost of revenues: Service 4,555 4,239 Product 1,625 1,460 Insurance 641 535 PhotoStamps 831 1,029 ------------- ------------- Total cost of revenues 7,652 7,263 ------------- ------------- Gross profit 24,449 21,030Operating expenses: Sales and marketing 10,383 10,107 Research and development 2,625 2,657 General and administrative 3,626 3,845 ------------- ------------- Total operating expenses 16,634 16,609 ------------- ------------- Income from operations 7,815 4,421Interest and other income, net 154 124 ------------- -------------Income before income taxes 7,969 4,545Income tax expense (benefit) 63 (11,815) ------------- -------------Net income $ 7,906 $ 16,360 ============= =============Net income per share: Basic $ 0.52 $ 1.01 ============= ============= Diluted $ 0.49 $ 0.95 ============= =============Weighted average shares outstanding: Basic 15,328 16,250 ============= ============= Diluted 16,000 17,173 ============= ============= CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) March 31, December 31, 2013 2012 ------------- ------------- ASSETSCash and investments $ 57,187 $ 46,619Accounts receivable 10,628 14,432Other current assets 5,868 5,602Property and equipment, net 28,262 28,631Intangible assets, net 1,197 1,262Deferred tax 30,549 30,549Other assets 4,009 3,757 ------------- ------------- Total assets $ 137,700 $ 130,852 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITYLiabilities: Accounts payable and accrued expenses $ 14,895 $ 16,366 Deferred revenue 1,521 1,532 ------------- ------------- Total liabilities 16,416 17,898 ------------- -------------Stockholders' equity: Common stock 50 50 Additional paid-in capital 651,905 649,694 Treasury Stock (157,008) (155,260) Accumulated deficit (373,875) (381,781) Unrealized gain on investments 212 251 ------------- ------------- Total stockholders' equity 121,284 112,954 ------------- ------------- Total liabilities and stockholders' equity $ 137,700 $ 130,852 ============= =============
