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 Registrations 56,300 56,300 84,400 84,400 112,500 112,500 84,400 84,400 112,500 112,500 84,400 140,600 1,125,200 64,700 64,700 97,000 97,000 129,400 129,400 97,000 97,000 129,400 129,400 97,000 161,700 1,293,700 74,400 74,400 111,600 111,600 148,800 148,800 111,600 111,600 148,800 148,800 111,600 186,000 1,488,000 85,500 85,500 128,300 128,300 171,100 171,100 128,300 128,300 171,100 171,100 128,300 213,900 1,710,800 1,125,200 1,293,700 1,488,000 1,710,800
Renewals & Transfers - - - - - - - - - - - - -   49,500 49,500 74,300 74,300 99,000 99,000 74,300 74,300 99,000 99,000 74,300 123,700 990,200   100,500 100,500 150,700 150,700 201,000 201,000 150,700 150,700 201,000 201,000 150,700 251,200 2,009,700   153,900 153,900 230,800 230,800 307,800 307,800 230,800 230,800 307,800 307,800 230,800 384,700 3,077,700   - 990,200 2,009,700 3,077,700
Total Registrations 56,300 56,300 84,400 84,400 112,500 112,500 84,400 84,400 112,500 112,500 84,400 140,600 1,125,200 114,200 114,200 171,300 171,300 228,400 228,400 171,300 171,300 228,400 228,400 171,300 285,400 2,283,900 174,900 174,900 262,300 262,300 349,800 349,800 262,300 262,300 349,800 349,800 262,300 437,200 3,497,700 239,400 239,400 359,100 359,100 478,900 478,900 359,100 359,100 478,900 478,900 359,100 598,600 4,788,500 1,125,200 2,283,900 3,497,700 4,788,500
Revenue
New Registrations 337,800 337,800 506,400 506,400 675,000 675,000 506,400 506,400 675,000 675,000 506,400 843,600 6,751,200 355,850 355,850 533,500 533,500 711,700 711,700 533,500 533,500 711,700 711,700 533,500 889,350 7,115,350 372,000 372,000 558,000 558,000 744,000 744,000 558,000 558,000 744,000 744,000 558,000 930,000 7,440,000 384,750 384,750 577,350 577,350 769,950 769,950 577,350 577,350 769,950 769,950 577,350 962,550 7,698,600 6,751,200 7,115,350 7,440,000 7,698,600
Renewals and Transfers - - - - - - - - - - - - - 272,250 272,250 408,650 408,650 544,500 544,500 408,650 408,650 544,500 544,500 408,650 680,350 5,446,100 502,500 502,500 753,500 753,500 1,005,000 1,005,000 753,500 753,500 1,005,000 1,005,000 753,500 1,256,000 10,048,500 692,550 692,550 1,038,600 1,038,600 1,385,100 1,385,100 1,038,600 1,038,600 1,385,100 1,385,100 1,038,600 1,731,150 13,849,650 - 5,446,100 10,048,500 13,849,650
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
382,800 367,800 521,400 509,400 678,000 678,000 509,400 509,400 678,000 678,000 509,400 846,600 6,868,200 637,100 637,100 951,150 951,150 1,265,200 1,265,200 951,150 948,150 1,262,200 1,262,200 948,150 1,575,700 12,654,450 883,500 883,500 1,320,500 1,320,500 1,758,000 1,758,000 1,320,500 1,317,500 1,755,000 1,755,000 1,317,500 2,192,000 17,581,500 1,086,300 1,086,300 1,624,950 1,624,950 2,164,050 2,164,050 1,624,950 1,621,950 2,161,050 2,161,050 1,621,950 2,699,700 21,641,250 6,868,200 12,654,450 17,581,500 21,641,250
Cost of Goods Sold
            0.30 ICANN 16,890 16,890 25,320 25,320 33,750 33,750 25,320 25,320 33,750 33,750 25,320 42,180 337,560 34,260 34,260 51,390 51,390 68,520 68,520 51,390 51,390 68,520 68,520 51,390 85,620 685,170 52,470 52,470 78,690 78,690 104,940 104,940 78,690 78,690 104,940 104,940 78,690 131,160 1,049,310 71,820 71,820 107,730 107,730 143,670 143,670 107,730 107,730 143,670 143,670 107,730 179,580 1,436,550 337,560 685,170 1,049,310 1,436,550
Sponsor 140,750 140,750 211,000 211,000 281,250 281,250 211,000 211,000 281,250 281,250 211,000 351,500 2,813,000   256,950 256,950 385,425 385,425 513,900 513,900 385,425 385,425 513,900 513,900 385,425 642,150 5,138,775   349,800 349,800 524,600 524,600 699,600 699,600 524,600 524,600 699,600 699,600 524,600 874,400 6,995,400   418,950 418,950 628,425 628,425 838,075 838,075 628,425 628,425 838,075 838,075 628,425 1,047,550 8,379,875   2,813,000 5,138,775 6,995,400 8,379,875
Total Cost of Goods Sold 157,640 157,640 236,320 236,320 315,000 315,000 236,320 236,320 315,000 315,000 236,320 393,680 3,150,560 291,210 291,210 436,815 436,815 582,420 582,420 436,815 436,815 582,420 582,420 436,815 727,770 5,823,945 402,270 402,270 603,290 603,290 804,540 804,540 603,290 603,290 804,540 804,540 603,290 1,005,560 8,044,710 490,770 490,770 736,155 736,155 981,745 981,745 736,155 736,155 981,745 981,745 736,155 1,227,130 9,816,425 3,150,560 5,823,945 8,044,710 9,816,425
Gross Profit 225,160 210,160 285,080 273,080 363,000 363,000 273,080 273,080 363,000 363,000 273,080 452,920 3,717,640 345,890 345,890 514,335 514,335 682,780 682,780 514,335 511,335 679,780 679,780 511,335 847,930 6,830,505 481,230 481,230 717,210 717,210 953,460 953,460 717,210 714,210 950,460 950,460 714,210 1,186,440 9,536,790 595,530 595,530 888,795 888,795 1,182,305 1,182,305 888,795 885,795 1,179,305 1,179,305 885,795 1,472,570 11,824,825 3,717,640 6,830,505 9,536,790 11,824,825
Gross Margin 59% 57% 55% 54% 54% 54% 54% 54% 54% 54% 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 12,400 12,000 16,900 16,600 22,000 22,000 16,600 16,600 22,000 22,000 16,600 27,500 223,200 20,700 20,700 30,900 30,900 41,100 41,100 30,900 30,800 41,000 41,000 30,800 51,200 411,100 28,700 28,700 42,900 42,900 57,100 57,100 42,900 42,800 57,000 57,000 42,800 71,200 571,100 35,300 35,300 52,800 52,800 70,300 70,300 52,800 52,700 70,200 70,200 52,700 87,700 703,100 223,200 411,100 571,100 703,100
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 184,600 184,200 204,200 203,900 209,300 209,300 224,800 224,800 240,500 240,500 236,700 247,600 2,610,400 317,600 317,600 327,800 327,800 365,800 365,800 355,600 355,500 393,500 393,500 386,000 406,400 4,312,900 450,200 450,200 464,400 464,400 520,300 520,300 506,100 506,000 541,000 541,000 530,000 558,400 6,052,300 588,700 588,700 606,200 627,000 644,500 644,500 627,000 626,900 658,300 658,300 644,200 679,200 7,593,500 2,610,400 4,312,900 6,052,300 7,593,500
Income Before Taxes 40,560 25,960 80,880 69,180 153,700 153,700 48,280 48,280 122,500 122,500 36,380 205,320 1,107,240 28,290 28,290 186,535 186,535 316,980 316,980 158,735 155,835 286,280 286,280 125,335 441,530 2,517,605 31,030 31,030 252,810 252,810 433,160 433,160 211,110 208,210 409,460 409,460 184,210 628,040 3,484,490 6,830 6,830 282,595 261,795 537,805 537,805 261,795 258,895 521,005 521,005 241,595 793,370 4,231,325 1,107,240 2,517,605 3,484,490 4,231,325
- Taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 40,560 25,960 80,880 69,180 153,700 153,700 48,280 48,280 122,500 122,500 36,380 205,320 1,107,240 28,290 28,290 186,535 186,535 316,980 316,980 158,735 155,835 286,280 286,280 125,335 441,530 2,517,605 31,030 31,030 252,810 252,810 433,160 433,160 211,110 208,210 409,460 409,460 184,210 628,040 3,484,490 6,830 6,830 282,595 261,795 537,805 537,805 261,795 258,895 521,005 521,005 241,595 793,370 4,231,325 1,107,240 2,517,605 3,484,490 4,231,325
16% 20% 20% 20%
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 - 337,800 337,800 506,400 506,400 675,000 675,000 506,400 506,400 675,000 675,000 506,400 5,907,600 843,600 355,850 355,850 533,500 533,500 711,700 711,700 533,500 533,500 711,700 711,700 533,500 7,069,600 889,350 372,000 372,000 558,000 558,000 744,000 744,000 558,000 558,000 744,000 744,000 558,000 7,399,350 930,000 384,750 384,750 577,350 577,350 769,950 769,950 577,350 577,350 769,950 769,950 577,350 7,666,050 5,907,600 7,069,600 7,399,350 7,666,050
Renewals and Transfers - - - - - - - - - - - - - - 272,250 272,250 408,650 408,650 544,500 544,500 408,650 408,650 544,500 544,500 408,650 4,765,750 680,350 502,500 502,500 753,500 753,500 1,005,000 1,005,000 753,500 753,500 1,005,000 1,005,000 753,500 9,472,850 1,256,000 692,550 692,550 1,038,600 1,038,600 1,385,100 1,385,100 1,038,600 1,038,600 1,385,100 1,385,100 1,038,600 13,374,500 - 4,765,750 9,472,850 13,374,500
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 - 382,800 367,800 521,400 509,400 678,000 678,000 509,400 509,400 678,000 678,000 509,400 6,021,600 846,600 637,100 637,100 951,150 951,150 1,265,200 1,265,200 951,150 948,150 1,262,200 1,262,200 948,150 11,925,350 1,575,700 883,500 883,500 1,320,500 1,320,500 1,758,000 1,758,000 1,320,500 1,317,500 1,755,000 1,755,000 1,317,500 16,965,200 2,192,000 1,086,300 1,086,300 1,624,950 1,624,950 2,164,050 2,164,050 1,624,950 1,621,950 2,161,050 2,161,050 1,621,950 21,133,550 6,021,600 11,925,350 16,965,200 21,133,550  
Disbursements
ICANN - 16,890 16,890 25,320 25,320 33,750 33,750 25,320 25,320 33,750 33,750 25,320 295,380 42,180 34,260 34,260 51,390 51,390 68,520 68,520 51,390 51,390 68,520 68,520 51,390 641,730 85,620 52,470 52,470 78,690 78,690 104,940 104,940 78,690 78,690 104,940 104,940 78,690 1,003,770 131,160 71,820 71,820 107,730 107,730 143,670 143,670 107,730 107,730 143,670 143,670 107,730 1,388,130 295,380 641,730 1,003,770 1,388,130 3,329,010 3,329,010
Sponsor - 140,750 140,750 211,000 211,000 281,250 281,250 211,000 211,000 281,250 281,250 211,000 2,461,500 351,500 256,950 256,950 385,425 385,425 513,900 513,900 385,425 385,425 513,900 513,900 385,425 4,848,125 642,150 349,800 349,800 524,600 524,600 699,600 699,600 524,600 524,600 699,600 699,600 524,600 6,763,150 874,400 418,950 418,950 628,425 628,425 838,075 838,075 628,425 628,425 838,075 838,075 628,425 8,206,725 2,461,500 4,848,125 6,763,150 8,206,725 22,279,500 22,279,500
Bank Charges 12,400 12,000 16,900 16,600 22,000 22,000 16,600 16,600 22,000 22,000 16,600 27,500 223,200 20,700 20,700 30,900 30,900 41,100 41,100 30,900 30,800 41,000 41,000 30,800 51,200 411,100 28,700 28,700 42,900 42,900 57,100 57,100 42,900 42,800 57,000 57,000 42,800 71,200 571,100 35,300 35,300 52,800 52,800 70,300 70,300 52,800 52,700 70,200 70,200 52,700 87,700 703,100 223,200 411,100 571,100 703,100 1,908,500 1,908,500
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