Delaware
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000-26427
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77-0454966
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1990 E. Grand Ave., El Segundo, CA
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90245
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code:
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(310) 482-5800
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Stamps.com Inc.
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(Registrant)
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February 14, 2014
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/s/ Kenneth McBride
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Date
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(Signature)
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Kenneth McBride,
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Chief Executive Officer
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Number
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Description
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Press Release of Stamps.com Inc. dated February 13, 2014 announcing Stamps.com Inc.'s financial results for its fourth quarter and fiscal year ended December 31, 2013.
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Investor Contact:
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Press Contact:
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Jeff Carberry
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Eric Nash
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Stamps.com Investor Relations
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Stamps.com Public Relations
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(310) 482-5830
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(310) 482-5942
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invrel@stamps.com
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publicrelations@stamps.com
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· | Core PC Postage revenue was $30.3 million, up 10% from the fourth quarter of 2012. |
· | Total revenue was $32.4 million, up 8% compared to the fourth quarter of 2012. |
· | Non-GAAP operating margin was 30.7% compared to 25.4% in the fourth quarter of 2012. |
· | GAAP net income was $18.9 million or $1.13 per fully diluted share, including $0.9 million in stock-based compensation expense and a non-cash income tax benefit of $9.7 million. |
· | On a non-GAAP basis, excluding the stock-based compensation expense and non-cash income tax benefit, income from operations was $9.9 million, net income was $10.1 million and net income per fully diluted share was $0.61, up 30%, 33% and 29%, respectively, versus the fourth quarter of 2012. |
Fourth Quarter Fiscal 2013
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||||||||||||||||
All amounts in millions except
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Non-GAAP
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Stock-Based
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Income Tax
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GAAP
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||||||||||||
per share or margin data:
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Amounts
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Comp. Exp.
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Benefit
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Amounts
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||||||||||||
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||||||||||||||||
Cost of Sales
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$
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6.09
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$
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0.09
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$
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-
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$
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6.18
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||||||||
Research & Development
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2.59
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0.18
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-
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2.77
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||||||||||||
Sales & Marketing
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9.99
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0.19
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-
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10.18
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||||||||||||
General & Administrative
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3.77
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0.47
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-
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4.24
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||||||||||||
Total Expenses
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22.44
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0.92
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23.37
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|||||||||||||
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||||||||||||||||
Gross Margin
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81.2
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%
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(0.3
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%)
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-
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80.9
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%
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|||||||||
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||||||||||||||||
Income (Loss) from Operations
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9.92
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(0.92
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)
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-
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9.00
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|||||||||||
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||||||||||||||||
Operating Margin
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30.7
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%
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(2.9
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%)
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-
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27.8
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%
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|||||||||
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||||||||||||||||
Interest and Other Income
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0.14
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-
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-
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0.14
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||||||||||||
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||||||||||||||||
Pre-Tax Income (Loss)
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10.06
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(0.92
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)
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-
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9.14
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|||||||||||
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||||||||||||||||
Provision for Income Taxes
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0.02
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-
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9.71
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9.73
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||||||||||||
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Net Income
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10.08
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(0.92
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)
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9.71
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18.87
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|||||||||||
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On a diluted per share basis
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$
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0.61
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$
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(0.06
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)
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$
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0.58
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$
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1.13
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|||||||
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Shares used in per share calculation
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16.64
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16.64
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16.64
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16.64
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Fiscal Year 2013
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||||||||||||||||
All amounts in millions except
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Non-GAAP
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Stock-Based
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Income Tax
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GAAP
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||||||||||||
per share or margin data:
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Amounts
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Comp. Exp.
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Benefit
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Amounts
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||||||||||||
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||||||||||||||||
Cost of Sales
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$
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27.09
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$
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0.41
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$
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-
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$
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27.50
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||||||||
Research & Development
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9.97
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0.99
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-
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10.96
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||||||||||||
Sales & Marketing
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38.59
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0.86
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-
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39.45
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||||||||||||
General & Administrative
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13.56
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2.23
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-
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15.79
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Total Expenses
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89.21
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4.49
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-
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93.70
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||||||||||||
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Gross Margin
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78.8
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%
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(0.3
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%)
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-
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78.5
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%
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|||||||||
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Income (Loss) from Operations
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38.61
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(4.49
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)
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-
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34.12
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||||||||||||||||
Operating Margin
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30.2
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%
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(3.5
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%)
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-
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26.7
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%
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Interest and Other Income
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0.48
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-
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-
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0.48
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Pre-Tax Income (Loss)
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39.09
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(4.49
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)
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-
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34.60
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Provision for Income Taxes
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(0.16
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)
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-
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9.71
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9.55
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Net Income
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38.93
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(4.49
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)
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9.71
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44.15
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On a diluted per share basis
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$
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2.39
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$
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(0.28
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)
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$
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0.60
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$
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2.71
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|||||||
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||||||||||||||||
Shares used in per share calculation
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16.30
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16.30
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16.30
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16.30
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Three Months ended
December 31, |
Twelve Months ended
December 31, |
||||||||||||||
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2013
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2012
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2013
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2012
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Revenues:
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||||||||||||||||
Service
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$
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24,772
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$
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22,374
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$
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99,013
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$
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88,173
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||||||||
Product
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4,144
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3,834
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16,580
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14,710
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Insurance
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1,998
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1,982
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7,515
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7,120
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PhotoStamps
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1,450
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1,880
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4,710
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5,651
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Other
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-
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-
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1
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7
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Total revenues
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32,364
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30,070
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127,819
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115,661
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Cost of revenues:
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||||||||||||||||
Service
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3,019
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3,932
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15,422
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15,720
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Product
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1,372
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1,426
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5,694
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5,435
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Insurance
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709
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664
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2,685
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2,334
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PhotoStamps
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1,076
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1,340
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3,699
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4,267
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Total cost of revenues
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6,176
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7,362
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27,500
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27,756
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Gross profit
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26,188
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22,708
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100,319
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87,905
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Operating expenses:
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Sales and marketing
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10,179
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9,958
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39,449
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38,755
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Research and development
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2,771
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2,406
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10,958
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10,243
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General and administrative
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4,241
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3,517
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15,794
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14,750
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||||||||||||
Total operating expenses
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17,191
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15,881
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66,201
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63,748
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||||||||||||
Income from operations
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8,997
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6,827
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34,118
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24,157
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||||||||||||
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||||||||||||||||
Interest and other income, net
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139
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132
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480
|
541
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||||||||||||
Income before income taxes
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9,136
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6,959
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34,598
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24,698
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||||||||||||
Income tax benefit
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(9,735
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)
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(2,338
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)
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(9,555
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)
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(13,859
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)
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||||||||
Net income
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$
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18,871
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$
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9,297
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$
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44,153
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$
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38,557
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||||||||
Net income per share:
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Basic
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$
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1.17
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$
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0.60
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$
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2.81
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$
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2.40
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||||||||
Diluted
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$
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1.13
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$
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0.58
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$
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2.71
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$
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2.30
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Weighted average shares outstanding:
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||||||||||||||||
Basic
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16,124
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15,502
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15,691
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16,079
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||||||||||||
Diluted
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16,640
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16,129
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16,298
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16,793
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December 31,
|
December 31,
|
||||||
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2013
|
2012
|
||||||
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||||||||
ASSETS
|
||||||||
Cash and investments
|
$
|
87,210
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$
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46,619
|
||||
Accounts receivable
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17,504
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14,432
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||||||
Other current assets
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6,541
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5,602
|
||||||
Property and equipment, net
|
29,763
|
28,631
|
||||||
Intangible assets, net
|
1,047
|
1,262
|
||||||
Deferred tax
|
40,262
|
30,549
|
||||||
Other assets
|
4,791
|
3,757
|
||||||
Total assets
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$
|
187,118
|
$
|
130,852
|
||||
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||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities
|
||||||||
Accounts payable and accrued expenses
|
$
|
13,927
|
$
|
16,366
|
||||
Deferred revenue
|
1,425
|
1,532
|
||||||
Total liabilities
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15,352
|
17,898
|
||||||
|
||||||||
Stockholders' equity:
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||||||||
Common stock
|
51
|
50
|
||||||
Additional paid-in capital
|
668,724
|
649,694
|
||||||
Treasury Stock
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(159,522
|
)
|
(155,260
|
)
|
||||
Accumulated deficit
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(337,627
|
)
|
(381,781
|
)
|
||||
Accumulated other comprehensive income
|
140
|
251
|
||||||
Total stockholders' equity
|
171,766
|
112,954
|
||||||
Total liabilities and stockholders' equity
|
$
|
187,118
|
$
|
130,852
|