Tucows Inc. Registry Operations
Pro Forma Income Statement
Jan 2001 - Dec 2004
Month Total Total Total Total
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004
Registrations
New 75,000 75,000 112,500 112,500 150,000 150,000 112,500 112,500 150,000 150,000 112,500 187,500 1,500,000 86,300 86,300 129,400 129,400 172,500 172,500 129,400 129,400 172,500 172,500 129,400 215,600 1,725,200 99,200 99,200 148,800 148,800 198,400 198,400 148,800 148,800 198,400 198,400 148,800 248,000 1,984,000 114,100 114,100 171,100 171,100 228,100 228,100 171,100 171,100 228,100 228,100 171,100 285,200 2,281,300 1,500,000 1,725,200 1,984,000 2,281,300
Renewals & Transfers - - - - - - - - - - - - -   66,000 66,000 99,000 99,000 132,000 132,000 99,000 99,000 132,000 132,000 99,000 165,000 1,320,000   134,000 134,000 201,000 201,000 268,000 268,000 201,000 201,000 268,000 268,000 201,000 334,900 2,679,900   205,200 205,200 307,800 307,800 410,400 410,400 307,800 307,800 410,400 410,400 307,800 513,000 4,104,000   - 1,320,000 2,679,900 4,104,000
Total Registrations 75,000 75,000 112,500 112,500 150,000 150,000 112,500 112,500 150,000 150,000 112,500 187,500 1,500,000 152,300 152,300 228,400 228,400 304,500 304,500 228,400 228,400 304,500 304,500 228,400 380,600 3,045,200 233,200 233,200 349,800 349,800 466,400 466,400 349,800 349,800 466,400 466,400 349,800 582,900 4,663,900 319,300 319,300 478,900 478,900 638,500 638,500 478,900 478,900 638,500 638,500 478,900 798,200 6,385,300 1,500,000 3,045,200 4,663,900 6,385,300
Revenue
New Registrations 450,000 450,000 675,000 675,000 900,000 900,000 675,000 675,000 900,000 900,000 675,000 1,125,000 9,000,000 474,650 474,650 711,700 711,700 948,750 948,750 711,700 711,700 948,750 948,750 711,700 1,185,800 9,488,600 496,000 496,000 744,000 744,000 992,000 992,000 744,000 744,000 992,000 992,000 744,000 1,240,000 9,920,000 513,450 513,450 769,950 769,950 1,026,450 1,026,450 769,950 769,950 1,026,450 1,026,450 769,950 1,283,400 10,265,850 9,000,000 9,488,600 9,920,000 10,265,850
Renewals and Transfers - - - - - - - - - - - - - 363,000 363,000 544,500 544,500 726,000 726,000 544,500 544,500 726,000 726,000 544,500 907,500 7,260,000 670,000 670,000 1,005,000 1,005,000 1,340,000 1,340,000 1,005,000 1,005,000 1,340,000 1,340,000 1,005,000 1,674,500 13,399,500 923,400 923,400 1,385,100 1,385,100 1,846,800 1,846,800 1,385,100 1,385,100 1,846,800 1,846,800 1,385,100 2,308,500 18,468,000 - 7,260,000 13,399,500 18,468,000
Registrar Fees 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 117,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   117,000 93,000 93,000 93,000
495,000 480,000 690,000 678,000 903,000 903,000 678,000 678,000 903,000 903,000 678,000 1,128,000 9,117,000 846,650 846,650 1,265,200 1,265,200 1,683,750 1,683,750 1,265,200 1,262,200 1,680,750 1,680,750 1,262,200 2,099,300 16,841,600 1,175,000 1,175,000 1,758,000 1,758,000 2,341,000 2,341,000 1,758,000 1,755,000 2,338,000 2,338,000 1,755,000 2,920,500 23,412,500 1,445,850 1,445,850 2,164,050 2,164,050 2,882,250 2,882,250 2,164,050 2,161,050 2,879,250 2,879,250 2,161,050 3,597,900 28,826,850 9,117,000 16,841,600 23,412,500 28,826,850
Cost of Goods Sold
            0.30 ICANN 22,500 22,500 33,750 33,750 45,000 45,000 33,750 33,750 45,000 45,000 33,750 56,250 450,000 45,690 45,690 68,520 68,520 91,350 91,350 68,520 68,520 91,350 91,350 68,520 114,180 913,560 69,960 69,960 104,940 104,940 139,920 139,920 104,940 104,940 139,920 139,920 104,940 174,870 1,399,170 95,790 95,790 143,670 143,670 191,550 191,550 143,670 143,670 191,550 191,550 143,670 239,460 1,915,590 450,000 913,560 1,399,170 1,915,590
Sponsor 187,500 187,500 281,250 281,250 375,000 375,000 281,250 281,250 375,000 375,000 281,250 468,750 3,750,000   342,675 342,675 513,900 513,900 685,125 685,125 513,900 513,900 685,125 685,125 513,900 856,350 6,851,700   466,400 466,400 699,600 699,600 932,800 932,800 699,600 699,600 932,800 932,800 699,600 1,165,800 9,327,800   558,775 558,775 838,075 838,075 1,117,375 1,117,375 838,075 838,075 1,117,375 1,117,375 838,075 1,396,850 11,174,275   3,750,000 6,851,700 9,327,800 11,174,275
Total Cost of Goods Sold 210,000 210,000 315,000 315,000 420,000 420,000 315,000 315,000 420,000 420,000 315,000 525,000 4,200,000 388,365 388,365 582,420 582,420 776,475 776,475 582,420 582,420 776,475 776,475 582,420 970,530 7,765,260 536,360 536,360 804,540 804,540 1,072,720 1,072,720 804,540 804,540 1,072,720 1,072,720 804,540 1,340,670 10,726,970 654,565 654,565 981,745 981,745 1,308,925 1,308,925 981,745 981,745 1,308,925 1,308,925 981,745 1,636,310 13,089,865 4,200,000 7,765,260 10,726,970 13,089,865
Gross Profit 285,000 270,000 375,000 363,000 483,000 483,000 363,000 363,000 483,000 483,000 363,000 603,000 4,917,000 458,285 458,285 682,780 682,780 907,275 907,275 682,780 679,780 904,275 904,275 679,780 1,128,770 9,076,340 638,640 638,640 953,460 953,460 1,268,280 1,268,280 953,460 950,460 1,265,280 1,265,280 950,460 1,579,830 12,685,530 791,285 791,285 1,182,305 1,182,305 1,573,325 1,573,325 1,182,305 1,179,305 1,570,325 1,570,325 1,179,305 1,961,590 15,736,985 4,917,000 9,076,340 12,685,530 15,736,985
Gross Margin 58% 56% 54% 54% 53% 53% 54% 54% 53% 53% 54% 53% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 54% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 54% 54% 54% 55%
Operating Expenses
Amortization 69,700 69,700 69,800 69,800 69,800 69,800 90,700 90,700 90,700 90,700 90,700 90,700 962,800 118,400 118,400 118,400 118,400 146,200 146,200 146,200 146,200 174,000 174,000 174,000 174,000 1,754,400 194,800 194,800 194,800 194,800 236,500 236,500 236,500 236,500 257,300 257,300 257,300 257,300 2,754,400 278,200 278,200 278,200 299,000 299,000 299,000 299,000 299,000 312,900 312,900 312,900 312,900 3,581,200 962,800 1,754,400 2,754,400 3,581,200
3.25% Bank Charges 16,100 15,600 22,400 22,000 29,300 29,300 22,000 22,000 29,300 29,300 22,000 36,700 296,000 27,500 27,500 41,100 41,100 54,700 54,700 41,100 41,000 54,600 54,600 41,000 68,200 547,100 38,200 38,200 57,100 57,100 76,100 76,100 57,100 57,000 76,000 76,000 57,000 94,900 760,800 47,000 47,000 70,300 70,300 93,700 93,700 70,300 70,200 93,600 93,600 70,200 116,900 936,800 296,000 547,100 760,800 936,800
Insurance 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 72,000 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 78,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 48,000 72,000 78,000 84,000
Marketing - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Office Supplies 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 24,000 48,000 54,000 60,000
Premises - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Accounting & Legal 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000 24,000 42,000 48,000 54,000
Salaries & Benefits 27,500 27,500 42,500 42,500 42,500 42,500 42,500 42,500 52,800 52,800 54,400 54,400 524,400 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 57,000 59,700 59,700 689,400 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 62,700 65,900 65,900 758,800 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 69,200 72,600 72,600 837,200 524,400 689,400 758,800 837,200
Telecommunications 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 150,000 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 210,000 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 270,000 90,000 150,000 210,000 270,000
System Maintenance 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 17,500 210,000 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 330,000 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 450,000 90,000 210,000 330,000 450,000
Research & Development 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 600,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 900,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,200,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 1,500,000 600,000 900,000 1,200,000 1,500,000
Miscellaneous 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000   3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000   4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000   4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000   24,000 36,000 48,000 54,000
Total Operating Expenses 188,300 187,800 209,700 209,300 216,600 216,600 230,200 230,200 247,800 247,800 242,100 256,800 2,683,200 324,400 324,400 338,000 338,000 379,400 379,400 365,800 365,700 407,100 407,100 396,200 423,400 4,448,900 459,700 459,700 478,600 478,600 539,300 539,300 520,300 520,200 560,000 560,000 544,200 582,100 6,242,000 600,400 600,400 623,700 644,500 667,900 667,900 644,500 644,400 681,700 681,700 661,700 708,400 7,827,200 2,683,200 4,448,900 6,242,000 7,827,200
Income Before Taxes 96,700 82,200 165,300 153,700 266,400 266,400 132,800 132,800 235,200 235,200 120,900 346,200 2,233,800 133,885 133,885 344,780 344,780 527,875 527,875 316,980 314,080 497,175 497,175 283,580 705,370 4,627,440 178,940 178,940 474,860 474,860 728,980 728,980 433,160 430,260 705,280 705,280 406,260 997,730 6,443,530 190,885 190,885 558,605 537,805 905,425 905,425 537,805 534,905 888,625 888,625 517,605 1,253,190 7,909,785 2,233,800 4,627,440 6,443,530 7,909,785
- Taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 96,700 82,200 165,300 153,700 266,400 266,400 132,800 132,800 235,200 235,200 120,900 346,200 2,233,800 133,885 133,885 344,780 344,780 527,875 527,875 316,980 314,080 497,175 497,175 283,580 705,370 4,627,440 178,940 178,940 474,860 474,860 728,980 728,980 433,160 430,260 705,280 705,280 406,260 997,730 6,443,530 190,885 190,885 558,605 537,805 905,425 905,425 537,805 534,905 888,625 888,625 517,605 1,253,190 7,909,785 2,233,800 4,627,440 6,443,530 7,909,785
25% 27% 28% 27%
Tucows Inc. Registry Operations
Pro Forma Cash Flow Statement
Jan 2001 - Dec 2004
Month
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004            
Cash Receipts
New Registrations - 450,000 450,000 675,000 675,000 900,000 900,000 675,000 675,000 900,000 900,000 675,000 7,875,000 1,125,000 474,650 474,650 711,700 711,700 948,750 948,750 711,700 711,700 948,750 948,750 711,700 9,427,800 1,185,800 496,000 496,000 744,000 744,000 992,000 992,000 744,000 744,000 992,000 992,000 744,000 9,865,800 1,240,000 513,450 513,450 769,950 769,950 1,026,450 1,026,450 769,950 769,950 1,026,450 1,026,450 769,950 10,222,450 7,875,000 9,427,800 9,865,800 10,222,450
Renewals and Transfers - - - - - - - - - - - - - - 363,000 363,000 544,500 544,500 726,000 726,000 544,500 544,500 726,000 726,000 544,500 6,352,500 907,500 670,000 670,000 1,005,000 1,005,000 1,340,000 1,340,000 1,005,000 1,005,000 1,340,000 1,340,000 1,005,000 12,632,500 1,674,500 923,400 923,400 1,385,100 1,385,100 1,846,800 1,846,800 1,385,100 1,385,100 1,846,800 1,846,800 1,385,100 17,834,000 - 6,352,500 12,632,500 17,834,000
Registrar Fees - 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 114,000   3,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 90,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   114,000 90,000 93,000 93,000  
Cash Receipts - 495,000 480,000 690,000 678,000 903,000 903,000 678,000 678,000 903,000 903,000 678,000 7,989,000 1,128,000 846,650 846,650 1,265,200 1,265,200 1,683,750 1,683,750 1,265,200 1,262,200 1,680,750 1,680,750 1,262,200 15,870,300 2,099,300 1,175,000 1,175,000 1,758,000 1,758,000 2,341,000 2,341,000 1,758,000 1,755,000 2,338,000 2,338,000 1,755,000 22,591,300 2,920,500 1,445,850 1,445,850 2,164,050 2,164,050 2,882,250 2,882,250 2,164,050 2,161,050 2,879,250 2,879,250 2,161,050 28,149,450 7,989,000 15,870,300 22,591,300 28,149,450  
Disbursements
ICANN - 22,500 22,500 33,750 33,750 45,000 45,000 33,750 33,750 45,000 45,000 33,750 393,750 56,250 45,690 45,690 68,520 68,520 91,350 91,350 68,520 68,520 91,350 91,350 68,520 855,630 114,180 69,960 69,960 104,940 104,940 139,920 139,920 104,940 104,940 139,920 139,920 104,940 1,338,480 174,870 95,790 95,790 143,670 143,670 191,550 191,550 143,670 143,670 191,550 191,550 143,670 1,851,000 393,750 855,630 1,338,480 1,851,000 4,438,860 4,438,860
Sponsor - 187,500 187,500 281,250 281,250 375,000 375,000 281,250 281,250 375,000 375,000 281,250 3,281,250 468,750 342,675 342,675 513,900 513,900 685,125 685,125 513,900 513,900 685,125 685,125 513,900 6,464,100 856,350 466,400 466,400 699,600 699,600 932,800 932,800 699,600 699,600 932,800 932,800 699,600 9,018,350 1,165,800 558,775 558,775 838,075 838,075 1,117,375 1,117,375 838,075 838,075 1,117,375 1,117,375 838,075 10,943,225 3,281,250 6,464,100 9,018,350 10,943,225 29,706,925 29,706,925
Bank Charges 16,100 15,600 22,400 22,000 29,300 29,300 22,000 22,000 29,300 29,300 22,000 36,700 296,000 27,500 27,500 41,100 41,100 54,700 54,700 41,100 41,000 54,600 54,600 41,000 68,200 547,100 38,200 38,200 57,100 57,100 76,100 76,100 57,100 57,000 76,000 76,000 57,000 94,900 760,800 47,000 47,000 70,300 70,300 93,700 93,700 70,300 70,200 93,600 93,600 70,200 116,900 936,800 296,000 547,100 760,800 936,800 2,540,700 2,540,700
Insurance 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 6,000