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Selected Consolidated Financial Data

(In thousands, except per share data)
The following table presents selected financial data and should be read in conjunction with the Consolidated Financial Statements and Notes thereto appearing elsewhere herein:

Year Ended December 31, 1992 1993 1994 1995 1996

Consolidated Statement of Income Data:
Revenues:
Core research $2,626 $4,691 $6,363 $10,150 $18,206
Advisory services and other 2,139 2,608 3,336 4,439 6,757

Total revenues 4,765 7,299 9,699 14,589 24,963

 
Operating expenses:
Cost of services and fulfillment 1,866 2,406 3,424 5,486 8,762
Selling and marketing 1,645 2,693 3,593 5,643 8,992
General and administrative 599 1,148 1,045 1,389 2,509
Depreciation and amortization 69 105 150 287 618

Total operating expenses 4,179 6,352 8,212 12,805 20,881

Income from operations 586 947 1,487 1,784 4,082
Interest income, net 68 79 125 340 634

Income before income tax provision 654 1,026 1,612 2,124 4,716
Income tax provision - 46 73 97 712

Net income 654 980 1,539 2,027 4,004

Pro forma income tax adjustment 262 365 583 739 1,198

Pro forma net income 392 615 956 1,288 2,806

Pro forma net income per
common share
$00.06 $00.10 $00.15 $000.20 $000.43

Weighted average common
shares outstanding
6,293,449 6,293,449 6,293,449 6,293,449 6,556,255

Consolidated Balance Sheet Data:
Cash, cash equivalents and
marketable securities
$2,354 $3,111 $4,764 $07,518 $44,640
Working capital $0,409 $0,901 $0,528 $00,991 $31,291
Total assets $4,964 $6,367 $8,784 $15,426 $56,782
Stockholders' equity $0,696 $1,331 $1,120 $02,047 $33,762