| 1994 | 1995 | 1996 | ||
|---|---|---|---|---|
|
|
||||
| Revenues: | ||||
| Core research | $6,363,335 | $10,149,514 | $18,205,851 | |
| Advisory services and other | 3,335,467 | 4,439,298 | 6,757,270 | |
|
|
||||
| Total revenues | 9,698,802 | 14,588,812 | 24,963,121 | |
|
|
||||
| Operating expenses: | ||||
| Cost of services and fulfillment | 3,423,844 | 5,486,346 | 8,761,718 | |
| Selling and marketing | 3,592,853 | 5,643,196 | 8,991,794 | |
| General and administrative | 1,045,340 | 1,388,868 | 2,508,845 | |
| Depreciation and amortization | 150,067 | 286,705 | 618,290 | |
|
|
||||
| Total operating expenses | 8,212,104 | 12,805,115 | 20,880,647 | |
|
|
||||
| Income from operations | 1,486,698 | 1,783,697 | 4,082,474 | |
| Interest income, net | 125,115 | 339,569 | 633,798 | |
|
|
||||
| Income before income tax provision | 1,611,813 | 2,123,266 | 4,716,272 | |
|
Income tax provision (Note 3) |
73,000 | 96,000 | 712,000 | |
|
|
||||
| Net income | 1,538,813 | 2,027,266 | 4,004,272 | |
|
Pro forma income tax adjustment (Note 3) |
583,000 | 739,000 | 1,198,000 | |
|
|
||||
| Pro forma net income | $0,955,813 | $01,288,266 | $02,806,272 | |
|
|
||||
| Pro forma net income per common share | $0.15 | $ 0.20 | $ 0.43 | |
|
|
||||
| Weighted average common shares outstanding | 6,293,449 | 6,293,449 | 6,556,255 | |
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.