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Consolidated Statements of Income

For the Years Ended December 31, 1994, 1995 and 1996

  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.