Three Months Ended | Nine months Ended | |||
Sept. 30, | Sept. 30, | |||
2007 | 2006 | 2007 | 2006 | |
Revenue: | ||||
Professional and Support Services and other (Including revenues from related parties of $383, $1,062, $1,366, and $2,477, respectively) | $ 9,466 | $ 6,970 | $27,602 | $18,424 |
Software licensing | 2,340 | 326 | 3,038 | 1,551 |
Total revenue | 11,806 | 7,296 | 30,640 | 19,975 |
Operating expenses: | ||||
Cost of services provided | 1,840 | 1,480 | 5,124 | 4,170 |
Product development | 2,074 | 1,297 | 6,122 | 3,265 |
Sales and marketing | 1,099 | 730 | 3,129 | 1,969 |
General and administrative | 2,449 | 1,530 | 6,135 | 4,892 |
Amortization and depreciation | 632 | 435 | 1,882 | 1,166 |
Total operating expenses | 8,094 | 5,472 | 22,392 | 15,462 |
Operating income | 3,712 | 1,823 | 8,248 | 4,513 |
Interest income, net of interest expense | 174 | 31 | 11 | 81 |
Foreign exchange gain (loss) | 175 | (73) | 302 | 16 |
Income before income taxes | 4,061 | 1,783 | 8,561 | 4,610 |
Income tax expense | (368) | (123) | (393) | (318) |
Net income | $ 3,693 | $ 1,659 | $ 8,168 | $ 4,292 |
Basic earnings per common share | $ 1.13 | $ 0.60 | $ 2.69 | $ 1.56 |
Diluted earnings per common share | $ 1.00 | $ 0.53 | $ 2.39 | $ 1.37 |
Basic weighted average shares outstanding | 3,272 | 2,763 | 3,033 | 2,757 |
Diluted weighted average shares outstanding | 3,680 | 3,119 | 3,422 | 3,131 |