| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Analysis By: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Silicon Alley Insider | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | INCOME STATEMENT | Mar-03 | Jun-03 | Sep-03 | Dec-03 | Mar-04 | Jun-04 | Sep-04 | Dec-04 | Mar-05 | Jun-05 | Sep-05 | Dec-05 | Mar-06 | Jun-06 | Sep-06 | Dec-06 | Mar-07 | Jun-07 | Sep-07 | Dec-07 | Mar-08 | Jun-08 | | | 2005 | 2006 | 2007 | 2008E | 2009E | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Revenues | $1,475,000 | $1,545,000 | $1,715,000 | $2,006,000 | $1,909,000 | $2,014,000 | $2,350,000 | $3,490,000 | $3,243,000 | $3,520,000 | $3,678,000 | $5,749,000 | $4,359,000 | $4,370,000 | $4,837,000 | $7,115,000 | $5,264,000 | $5,410,000 | $6,217,000 | $9,608,000 | $7,512,000 | $7,464,000 | | | $16,190,000 | $20,681,000 | $26,499,000 | $31,128,912 | $39,771,172 | | | . | Y/Y Change | | | | | | | | | | | | | 34% | 24% | 32% | 24% | 21% | 24% | 29% | 35% | 43% | 38% | | | | 28% | 28% | 17% | 28% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Cost of Sales | $1,057,000 | $1,117,000 | $1,259,000 | $1,470,000 | $1,379,000 | $1,455,000 | $1,716,000 | $2,494,000 | $2,275,000 | $2,476,000 | $2,643,000 | $4,185,000 | $3,062,000 | $3,045,000 | $3,425,000 | $4,895,000 | $3,415,000 | $3,415,000 | $4,127,000 | $6,276,000 | $5,038,000 | $4,864,000 | | | $11,579,000 | $14,427,000 | $17,233,000 | $20,233,793 | $25,453,550 | | | . | Margin | 72% | 72% | 73% | 73% | 72% | 72% | 73% | 71% | 70% | 70% | 72% | 73% | 70% | 70% | 71% | 69% | 65% | 63% | 66% | 65% | 67% | 67% | | | 72% | 70% | 65% | 65% | 64% | | | . | Gross Profit | $418,000 | $428,000 | $456,000 | $536,000 | $530,000 | $559,000 | $634,000 | $996,000 | $968,000 | $1,044,000 | $1,035,000 | $1,564,000 | $1,297,000 | $1,325,000 | $1,412,000 | $2,220,000 | $1,849,000 | $1,995,000 | $2,090,000 | $3,332,000 | $2,474,000 | $2,600,000 | | | $4,611,000 | $6,254,000 | $9,266,000 | $10,895,119 | $14,317,622 | | | . | Margin | 28% | 28% | 27% | 27% | 28% | 28% | 27% | 29% | 30% | 30% | 28% | 27% | 30% | 30% | 29% | 31% | 35% | 37% | 34% | 35% | 33% | 35% | | | 28% | 30% | 35% | 35% | 36% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | R&D | $119,000 | $120,000 | $111,000 | $119,000 | $128,000 | $129,000 | $122,000 | $123,000 | $119,000 | $145,000 | $147,000 | $182,000 | $176,000 | $175,000 | $179,000 | $184,000 | $183,000 | $208,000 | $207,000 | $246,000 | $273,000 | $292,000 | | | $593,000 | $714,000 | $844,000 | $1,245,156 | $1,590,847 | | | . | Margin | 8% | 8% | 6% | 6% | 7% | 6% | 5% | 4% | 4% | 4% | 4% | 3% | 4% | 4% | 4% | 3% | 3% | 4% | 3% | 3% | 4% | 4% | | | 4% | 3% | 3% | 4% | 4% | | | . | SG&A | $303,000 | $299,000 | $314,000 | $343,000 | $350,000 | $358,000 | $384,000 | $470,000 | $447,000 | $473,000 | $470,000 | $632,000 | $592,000 | $584,000 | $625,000 | $714,000 | $680,000 | $746,000 | $823,000 | $960,000 | $886,000 | $916,000 | | | $2,022,000 | $2,515,000 | $3,209,000 | $4,046,759 | $5,170,252 | | | . | Margin | 21% | 19% | 18% | 17% | 18% | 18% | 16% | 13% | 14% | 13% | 13% | 11% | 14% | 13% | 13% | 10% | 13% | 14% | 13% | 10% | 12% | 13% | | | 12% | 12% | 12% | 13% | 13% | | | . | Total | $422,000 | $419,000 | $425,000 | $462,000 | $478,000 | $487,000 | $506,000 | $593,000 | $566,000 | $618,000 | $617,000 | $814,000 | $768,000 | $759,000 | $804,000 | $898,000 | $863,000 | $954,000 | $1,030,000 | $1,206,000 | $1,159,000 | $1,208,000 | | | $2,615,000 | $3,229,000 | $4,053,000 | $5,291,915 | $6,761,099 | | | . | Margin | 29% | 27% | 25% | 23% | 25% | 24% | 22% | 17% | 17% | 18% | 17% | 14% | 18% | 17% | 17% | 13% | 16% | 18% | 17% | 13% | 15% | 16% | | | 16% | 16% | 15% | 17% | 17% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Operating Income | -$4,000 | $9,000 | $31,000 | $74,000 | $52,000 | $72,000 | $128,000 | $403,000 | $402,000 | $427,000 | $418,000 | $750,000 | $529,000 | $566,000 | $609,000 | $1,322,000 | $986,000 | $1,041,000 | $1,060,000 | $2,126,000 | $1,315,000 | $1,392,000 | | | $1,997,000 | $3,026,000 | $5,213,000 | $5,603,204 | $7,556,523 | | | . | Margin | 0% | 1% | 2% | 4% | 3% | 4% | 5% | 12% | 12% | 12% | 11% | 13% | 12% | 13% | 13% | 19% | 19% | 19% | 17% | 22% | 18% | 19% | | | 12% | 15% | 20% | 18% | 19% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Other income and expense | $23,000 | $17,000 | $27,000 | $13,000 | $12,000 | $13,000 | $19,000 | $26,000 | $33,000 | $46,000 | $60,000 | $81,000 | $76,000 | $95,000 | $113,000 | $126,000 | $148,000 | $155,000 | $170,000 | $200,000 | $162,000 | $118,000 | | | $220,000 | $410,000 | $673,000 | $933,867 | $1,193,135 | | | . | Margin | 2% | 1% | 2% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 2% | 1% | 2% | 2% | 2% | 2% | 3% | 3% | 3% | 2% | 2% | 3% | | | 1% | 2% | 3% | 3% | 3% | | | . | Pre-Tax Income | $19,000 | $26,000 | $58,000 | $87,000 | $64,000 | $85,000 | $147,000 | $429,000 | $435,000 | $472,000 | $478,000 | $831,000 | $605,000 | $661,000 | $721,000 | $1,448,000 | $1,134,000 | $1,196,000 | $1,230,000 | $2,326,000 | $1,477,000 | $1,510,000 | | | $2,216,000 | $3,435,000 | $5,886,000 | $6,537,071 | $8,749,658 | | | . | Margin | 1% | 2% | 3% | 4% | 3% | 4% | 6% | 12% | 13% | 13% | 13% | 14% | 14% | 15% | 15% | 20% | 22% | 22% | 20% | 24% | 20% | 20% | | | 14% | 17% | 22% | 21% | 22% | | | . | Tax | $5,000 | $7,000 | $14,000 | $24,000 | $18,000 | $24,000 | $41,000 | $134,000 | $145,000 | $153,000 | $48,000 | $266,000 | $195,000 | $189,000 | $179,000 | $444,000 | $364,000 | $378,000 | $326,000 | $745,000 | $432,000 | $468,100 | | | $612,000 | $1,007,000 | $1,813,000 | $1,961,121 | $2,624,897 | | | . | % of Pre-Tax | 26% | 27% | 24% | 28% | 28% | 28% | 28% | 31% | 33% | 32% | 10% | 32% | 32% | 29% | 25% | 31% | 32% | 32% | 27% | 32% | 29% | 31% | | | 28% | 29% | 31% | 30% | 30% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Net Income | $14,000 | $19,000 | $44,000 | $63,000 | $46,000 | $61,000 | $106,000 | $295,000 | $290,000 | $320,000 | $430,000 | $565,000 | $410,000 | $472,000 | $546,000 | $1,004,000 | $770,000 | $818,000 | $904,000 | $1,581,000 | $1,045,000 | $1,072,000 | | | $1,605,000 | $2,432,000 | $4,073,000 | $4,575,950 | $6,124,760 | | | . | Margin | 0.95% | 1.23% | 2.57% | 3.14% | 2.41% | 3.03% | 4.51% | 8.45% | 8.94% | 9.09% | 11.69% | 9.83% | 9.41% | 10.80% | 11.29% | 14.11% | 14.63% | 15.12% | 14.54% | 16.46% | 13.91% | 14.36% | | | 10% | 12% | 15% | 15% | 15% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | EPS (Diluted) | $0.04 | $0.05 | $0.12 | $0.17 | $0.12 | $0.16 | $0.26 | $0.70 | $0.34 | $0.37 | $0.50 | $0.65 | $0.47 | $0.54 | $0.62 | $1.14 | $0.87 | $0.92 | $1.01 | $1.76 | $1.16 | $1.19 | | | $1.85 | $2.76 | $4.55 | $5.01 | $6.58 | | | . | Y/Y Change | | | | | | | | | | | | | 38% | 45% | 25% | 76% | 86% | 71% | 62% | 55% | 34% | 30% | | | | | | | | | | . | Shares Out (Diluted) | 362,243 | 363,777 | 370,733 | 372,308 | 378,230 | 392,621 | 402,906 | 419,087 | 857,011 | 860,688 | 866,404 | 874,207 | 878,537 | 876,368 | 878,757 | 883,297 | 886,653 | 890,671 | 895,666 | 900,054 | 899,329 | 908,484 | | | 856,780 | 877,526 | 895,077 | 912,978 | 931,238 | | | . | Y/Y Change | | | | | | | | | | | | | 3% | 2% | 1% | 1% | 1% | 2% | 2% | 2% | 2% | 2% | | | | 2% | 2% | 2% | 2% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | PRODUCT SUMMARY | | | | | | | | | Mar-05 | Jun-05 | Sep-05 | Dec-05 | Mar-06 | Jun-06 | Sep-06 | Dec-06 | Mar-07 | Jun-07 | Sep-07 | Dec-07 | Mar 08 | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | DESKTOP COMPUTERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Units (000s) | | | | | | | | 623 | 608 | 687 | 602 | 667 | 614 | 529 | 624 | 637 | 626 | 634 | 817 | 977 | 856 | 943 | | | 2,564 | 2,404 | 3,054 | 3,756 | 4,696 | | | . | Y/Y Change | | | | | | | | | | | | | 1% | -23% | 4% | -4% | 2% | 20% | 31% | 53% | 37% | 49% | | | | -6% | 27% | 23% | 25% | | | . | Revenues | | | | | | | | $1,001,000 | $803,000 | $845,000 | $787,000 | $912,000 | $833,000 | $705,000 | $869,000 | $955,000 | $914,000 | $956,000 | $1,195,000 | $1,515,000 | $1,352,000 | $1,373,000 | | | $3,347,000 | $3,362,000 | $4,580,000 | $5,841,736 | $7,667,278 | | | . | Y/Y Change | | | | | | | | | | | | | 4% | -17% | 10% | 5% | 10% | 36% | 38% | 59% | 48% | 44% | | | | 0% | 36% | 28% | 31% | | | . | % of Total | | | | | | | | | 25% | 24% | 21% | 16% | 19% | 16% | 18% | 13% | 17% | 18% | 18% | 16% | 18% | 18% | | | 21% | 16% | 17% | 19% | 19% | | | . | Revenue/Unit | | | | | | | | | $1,321 | $1,230 | $1,307 | $1,367 | $1,357 | $1,333 | $1,393 | $1,499 | $1,460 | $1,508 | $1,463 | $1,551 | $1,579 | $1,456 | | | $1,306 | $1,395 | $1,495 | $1,555 | $1,633 | | | . | Y/Y Change | | | | | | | | | | | | | 3% | 8% | 7% | 10% | 8% | 13% | 5% | 3% | 3% | -3% | | | | 7% | 7% | 4% | 5% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | PORTABLE COMPUTERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Units (000s) | | | | | | | | | 462 | 495 | 634 | 587 | 498 | 798 | 986 | 969 | 891 | 1,130 | 1,347 | 1,342 | 1,433 | 1,553 | | | 2,178 | 3,251 | 4,710 | 6,830 | 10,244 | | | . | Y/Y Change | | | | | | | | | | | | | 8% | 61% | 56% | 65% | 79% | 42% | 37% | 38% | 61% | 37% | | | | 49% | 45% | 45% | 50% | | | . | Revenues | | | | | | | | | $691,000 | $720,000 | $824,000 | $812,000 | $739,000 | $1,161,000 | $1,344,000 | $1,455,000 | $1,354,000 | $1,577,000 | $1,908,000 | $2,037,000 | $2,142,000 | $2,237,000 | | | $3,047,000 | $4,699,000 | $6,876,000 | $9,787,680 | $14,975,150 | | | . | Y/Y Change | | | | | | | | | | | | | 7% | 61% | 63% | 79% | 83% | 36% | 42% | 40% | 58% | 42% | | | | 54% | 46% | 42% | 53% | | | . | % of Total | | | | | | | | | 21% | 20% | 22% | 14% | 17% | 27% | 28% | 20% | 26% | 29% | 31% | 21% | 29% | 30% | | | 19% | 23% | 26% | 31% | 38% | | | . | Revenue/Unit | | | | | | | | | $1,496 | $1,455 | $1,300 | $1,383 | $1,484 | $1,455 | $1,363 | $1,502 | $1,520 | $1,396 | $1,416 | $1,518 | $1,495 | $1,396 | | | $1,408 | $1,451 | $1,462 | $1,433 | $1,462 | | | . | Y/Y Change | | | | | | | | | | | | | -1% | 0% | 5% | 9% | 2% | -4% | 4% | 1% | 1% | 0% | | | | 3% | 1% | -2% | 2% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | TOTAL COMPUTERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Units (000s) | | | | | | | | | 1,070 | 1,182 | 1,236 | 1,254 | 1,112 | 1,327 | 1,610 | 1,606 | 1,517 | 1,764 | 2,164 | 2,319 | 2,289 | 2,496 | 2,650 | | 4,742 | 5,655 | 7,051 | | | | | . | Y/Y Units Change | | | | | | | | | | | | | | | 374 | 352 | 405 | 437 | 554 | 713 | 772 | 732 | 486 | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | 4% | 12% | 30% | 28% | 36% | 33% | 34% | 44% | 51% | 41% | 22% | | | 19% | 25% | | | | | . | Revenues | | | | | | | | | $1,494,000 | $1,565,000 | $1,611,000 | $1,724,000 | $1,572,000 | $1,866,000 | $2,213,000 | $2,410,000 | $2,268,000 | $2,533,000 | $3,103,000 | $3,552,000 | $3,494,000 | $3,610,000 | | | $6,394,000 | $8,061,000 | $10,314,000 | | | | | . | Y/Y Change | | | | | | | | | | | | | 5% | 19% | 37% | 40% | 44% | 36% | 40% | 47% | 54% | 43% | | | | 26% | 28% | | | | | . | % of Total | | | | | | | | | 46% | 44% | 44% | 30% | 36% | 43% | 46% | 34% | 43% | 47% | 50% | 37% | 47% | 48% | | | 39% | 39% | 39% | | | | | . | Revenue/Unit | | | | | | | | | $1,396 | $1,324 | $1,303 | $1,375 | $1,414 | $1,406 | $1,375 | $1,501 | $1,495 | $1,436 | $1,434 | $1,532 | $1,526 | $1,446 | | | $1,350 | $1,424 | $1,444 | | | | | . | Y/Y Change | | | | | | | | | | | | | 1% | 6% | 5% | 9% | 6% | 2% | 4% | 2% | 2% | 1% | | | | 5% | 1% | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | iPODS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Units (000s) | | | | | | | | | 5,311 | 6,155 | 6,451 | 14,043 | 8,526 | 8,111 | 8,729 | 21,066 | 10,549 | 9,815 | 10,200 | 22,121 | 10,644 | 11,011 | | | 31,960 | 46,432 | 52,685 | 63,222 | 77,131 | | | . | Y/Y Change | | | | | | | | | | | | | 61% | 32% | 35% | 50% | 24% | 21% | 17% | 5% | 1% | 12% | | | | 45% | 13% | 20% | 22% | | | . | Revenues | | | | | | | | | $1,014,000 | $1,103,000 | $1,212,000 | $2,906,000 | $1,714,000 | $1,497,000 | $1,559,000 | $3,427,000 | $1,689,000 | $1,570,000 | $1,619,000 | $3,997,000 | $1,818,000 | $1,678,000 | | | $6,235,000 | $8,197,000 | $8,875,000 | $8,859,936 | $9,728,210 | | | . | Y/Y Change | | | | | | | | | | | | | 69% | 36% | 29% | 18% | -1% | 5% | 4% | 17% | 8% | 7% | | | | 31% | 8% | 0% | 10% | | | . | % of Total | | | | | | | | | 31% | 31% | 33% | 51% | 39% | 34% | 32% | 48% | 32% | 29% | 26% | 42% | 24% | 22% | | | 39% | 40% | 33% | 28% | 24% | | | . | Revenue/Unit | | | | | | | | | $191 | $179 | $188 | $207 | $201 | $185 | $179 | $163 | $160 | $160 | $159 | $181 | $171 | $152 | | | $191 | $182 | $165 | $140 | $126 | | | . | Y/Y Change | | | | | | | | | | | | | 5% | 3% | -5% | -21% | -20% | -13% | -11% | 11% | 5% | -5% | | | | -5% | -9% | -15% | -10% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | OTHER MUSIC PRODUCTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Revenues | | | | | | | | | $216,000 | $241,000 | $265,000 | $491,000 | $485,000 | $457,000 | $452,000 | $634,000 | $653,000 | $608,000 | $601,000 | $808,000 | $881,000 | $819,000 | | | $1,213,000 | $2,028,000 | $2,670,000 | $2,937,000 | $3,142,590 | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | 125% | 90% | 71% | 29% | 35% | 33% | 33% | 27% | 35% | 35% | | | | 67% | 32% | 10% | 7% | | | . | % of Total | | | | | | | | | 7% | 7% | 7% | 9% | 11% | 10% | 9% | 9% | 12% | 11% | 10% | 8% | 12% | 11% | | | | 10% | 10% | 9% | 8% | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | iPHONES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Units (000s) | | | | | | | | | | | | | | | | | | 270 | 1,119 | 2,315 | 1,703 | 717 | | | | | 3,704 | 10,000 | 10,000 | | | . | Revenues | | | | | | | | | | | | | | | | | | $5,000 | $118,000 | $241,000 | $378,000 | $419,000 | | | | | $364,000 | $2,000,000 | $1,750,000 | | | . | % of Total | | | | | | | | | | | | | | | | | | 0% | 2% | 3% | 5% | 6% | | | | | 1% | 6% | 4% | | | . | Revenue/Unit | | | | | | | | | | | | | | | | | | $19 | $105 | $104 | $222 | $584 | | | | | $105 | $200 | $175 | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | PERIPHERALS & OTHER HW | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Revenues | | | | | | | | | $280,000 | $266,000 | $296,000 | $303,000 | $264,000 | $236,000 | $297,000 | $297,000 | $309,000 | $308,000 | $346,000 | $382,000 | $412,000 | $437,000 | | | $1,145,000 | $1,094,000 | $1,345,000 | $1,573,650 | $1,809,698 | | | . | Y/Y Change | | | | | | | | | | | | | -6% | -11% | 0% | -2% | 17% | 31% | 16% | 29% | 33% | 42% | | | | -4% | 23% | 17% | 15% | | | . | % of Total | | | | | | | | | 9% | 8% | 8% | 5% | 6% | 5% | 6% | 4% | 6% | 6% | 6% | 4% | 5% | 6% | | | 7% | 5% | 5% | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | SOFTWARE, SERVICE & OTHER | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Revenues | | | | | | | | | $239,000 | $345,000 | $294,000 | $325,000 | $324,000 | $314,000 | $316,000 | $347,000 | $345,000 | $386,000 | $430,000 | $628,000 | $529,000 | $501,000 | | | $1,203,000 | $1,301,000 | $1,789,000 | $2,128,910 | $2,448,247 | | | . | Y/Y Change | | | | | | | | | | | | | 36% | -9% | 7% | 7% | 6% | 23% | 36% | 81% | 53% | 30% | | | | 8% | 38% | 19% | 15% | | | . | % of Total | | | | | | | | | 7% | 10% | 8% | 6% | 7% | 7% | 7% | 5% | 7% | 7% | 7% | 7% | 7% | 7% | | | 7% | 6% | 7% | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | TOTAL REVENUE | | | | | | | | | $3,243,000 | $3,520,000 | $3,678,000 | $5,749,000 | $4,359,000 | $4,370,000 | $4,837,000 | $7,115,000 | $5,264,000 | $5,410,000 | $6,217,000 | $9,608,000 | $7,512,000 | $7,464,000 | | | $16,190,000 | $20,681,000 | $26,135,000 | $31,128,912 | $39,771,172 | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | REVENUE BY SEGMENT | | | | | | | | | Mar-05 | Jun-05 | Sep-05 | Dec-05 | Mar-06 | Jun-06 | Sep-06 | Dec-06 | Mar-07 | Jun-07 | Sep-07A | | | | | | | | | | | | | . | Americas | | | | | | | | | $1,443,000 | $1,739,000 | $1,771,000 | $2,700,000 | $2,122,000 | $2,188,000 | $2,297,000 | $3,498,000 | $2,447,000 | $2,680,000 | $2,928,000 | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | 47% | 26% | 30% | 30% | 15% | 22% | 27% | | | | | | | | | | | | | . | % of Total | | | | | | | | | 44% | 49% | 48% | 47% | 49% | 50% | 47% | 49% | 46% | 50% | 47% | | | | | | | | | | | | | . | Europe | | | | | | | | | $705,000 | $742,000 | $779,000 | $1,242,000 | $966,000 | $899,000 | $987,000 | $1,711,000 | $1,249,000 | $1,160,000 | $1,339,000 | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | 37% | 21% | 27% | 38% | 29% | 29% | 36% | | | | | | | | | | | | | . | % of Total | | | | | | | | | 22% | 21% | 21% | 22% | 22% | 21% | 20% | 24% | 24% | 21% | 22% | | | | | | | | | | | | | . | Japan | | | | | | | | | $284,000 | $227,000 | $224,000 | $355,000 | $309,000 | $258,000 | $286,000 | $285,000 | $283,000 | $258,000 | $255,000 | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | 9% | 14% | 28% | -20% | -8% | 0% | -11% | | | | | | | | | | | | | . | % of Total | | | | | | | | | 9% | 6% | 6% | 6% | 7% | 6% | 6% | 4% | 5% | 5% | 4% | | | | | | | | | | | | | . | Retail | | | | | | | | | $571,000 | $555,000 | $663,000 | $1,072,000 | $636,000 | $715,000 | $936,000 | $1,139,000 | $855,000 | $915,000 | $1,251,000 | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | 11% | 29% | 41% | 6% | 34% | 28% | 34% | | | | | | | | | | | | | . | % of Total | | | | | | | | | 18% | 16% | 18% | 19% | 15% | 16% | 19% | 16% | 16% | 17% | | | | | | | | | | | | | | . | Other (Asia-Pacific and FileMaker) | | | | | | | | | $240,000 | $257,000 | $241,000 | $380,000 | $326,000 | $310,000 | $331,000 | $482,000 | $430,000 | $397,000 | $444,000 | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | 36% | 21% | 37% | 27% | 32% | 28% | 34% | | | | | | | | | | | | | . | % of Total | | | | | | | | | 7.40% | 7.30% | 6.55% | 6.61% | 7.48% | 7.09% | 6.84% | 6.77% | 8.17% | 7.34% | 7.14% | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | TOTAL REVENUE | | | | | | | | | $3,243,000 | $3,520,000 | $3,678,000 | $5,749,000 | $4,359,000 | $4,370,000 | $4,837,000 | $7,115,000 | $5,264,000 | $5,410,000 | $6,217,000 | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | CASH FLOW | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Cash Flow From Operations | | | | | | | | | | | | $283 | | $1,165 | | $1,813 | | $3,774 | | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | % of Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Capital Expenditures | | | | | | | | | | | | $82 | | $512 | | $142 | | $530 | | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | % of Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | FREE CASH FLOW | | | | | | | | | $0 | $0 | $0 | $201 | $0 | $653 | $0 | $1,671 | $0 | $3,244 | | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Margin | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | BALANCE SHEET | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Cash, Equivalents + Marketable Secs. | | | | | | | | | $2,254 | $3,094 | $3,491 | $4,150 | $6,346 | $8,013 | $6,392 | $7,159 | $7,095 | $7,118 | $9,352 | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Inventory | | | | | | | | | $164 | $193 | $165 | $244 | $204 | $213 | $270 | $303 | $208 | $251 | $346 | | | | | | | | | | | | | . | Y/Y Change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | % of Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Debt (Current + Long-Term) | | | | | | | | | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | VALUATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Price | | | | | | | | | $204.44 | | | | | | | | | | | | | | | | | | | | | | | . | Shares Outstanding (Diluted) | | | | | | | | | 890,671 | | | | | | | | | | | | | | | | | | | | | | | . | MARKET CAPITALIZATION | | | | | | | | | $182,088,779 | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Market Capitalization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | + Debt | | | | | | | | | $0 | | | | | | | | | | | | | | | | | | | | | | | . | - Cash | | | | | | | | | $9,352 | | | | | | | | | | | | | | | | | | | | | | | . | ENTERPRISE VALUE | | | | | | | | | $182,079,427 | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | VALUATION RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | P/E: | | | | | | | | | EPS | P/E | | | | | | | | | | | | | | | | | | | | | | . | CY 2007E | | | | | | | | | $4.55 | 45 | x | | | | | | | | | | | | | | | | | | | | | . | CY 2008E | | | | | | | | | $5.01 | 41 | x | | | | | | | | | | | | | | | | | | | | | . | CY 2009E | | | | | | | | | $6.58 | 31 | x | | | | | | | | | | | | | | | | | | | | |
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