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TUCOWS INC. REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER 2010

TORONTO Feb. 16 December 31, 2010

Summary Financial Results
(Numbers in Thousands of US Dollars, Except Per Share Data) 

 
Net revenues 22,077  20,330  84,579  80,939 
Gain (loss) on change in fair value of forward exchange contracts 298 277 (1,371) 4,180
Other income (16) (46) (116) 4,268
Net income for the period 1,237 1,746 2,117 12,241
Net earnings per common share 0.02 0.03 0.04 0.18
Net cash provided by operating activities 2,341  2,880  6,769  6,466 

Summary of Revenues and Cost of Revenues
(Numbers in Thousands of US Dollars) 

  Revenue Cost of Revenue
 
OpenSRS:        
Domain services 17,308 15,211 14,565 12,578
Email services 529 799 104 110
Other services 1,104 1,130 366 410
Total OpenSRS services 18,941 17,140 15,035 13,098
         
YummyNames 1,531 1,521 181 193
Hover 1,172 1,208 398 443
Butterscotch 433 461 9 12
         
Network, other costs 1,148 1,248
Network, depreciation and amortization costs 313 285
Total revenues/cost of revenue 22,077 20,330 17,084 15,279

Elliot Noss

$22.1 million $20.3 million

$1.2 million $0.02 $1.7 million $0.03 $0.5 million

$62.6 million $56.3 million $62.3 million

$4.2 million $9.6 million $5.4 million $2.8 million $0.5 million $0.3 million $2.3 million

$0.70 $2.8 million September 7, 2010 $9.7 million February 2007 January 2007

Conference Call
Wednesday, February 16, 2011 5:00 p.m. (ET) http://tucowsinc.com/investors

Wednesday, February 23, 2011 http://tucowsinc.com/investors

About Tucows
http://tucowsinc.com

This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995.  In particular, this release includes forward looking statements regarding our expectations as to our financial results, our future growth and our ability to generate cash and return capital to shareholders.  These statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements.  Information about potential factors that could affect Tucows’ business, results of operations and financial condition is included in the Risk Factors sections of Tucows’ filings with the Securities and Exchange Commission. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements are based on information available to Tucows as of the date they are made.  Tucows assumes no obligation to update any forward-looking statements, except as may be required by law.  

TUCOWS is a registered trademark of Tucows Inc. or its subsidiaries. All other trademarks and service marks are the properties of their respective owners.

Tuc ows  Inc.
Consolida ted Balan ce Sheets
(Dollar amounts in U. S. dollars)

         
    Decem ber 31,   Dece mber 31,
    2 010   2009
    (unaudited)   (unaudited)
         
As sets        
         
Current assets:        
  Cash and cash equivalents   $ 4,205,729   $ 9,632,394
  Accounts receivable   3,021,995   2,822,045
  Prepaid expenses and deposits   2,363,876   2,498,922
  Derivative instrument asset, current portion   833,960   2,107,825
  Prepaid domain name registry and ancillary services fees, current portion   37,016,871   31,596,236
  Income taxes recoverable   620,000   674,000
    Total current assets   48,062,431   49,331,422
         
Derivative instrument asset, long-term portion     96,845
Prepaid domain name registry and ancillary services fees, long-term portion   12,820,479   12,126,515
Property and equipment   1,552,349   1,986,768
Deferred financing charges   15,600   41,000
Deferred tax asset, long-term portion   4,155,600   3,907,476
Intangible assets   16,883,401   18,656,353
Goodwill   17,990,807   17,990,807
    Total assets   $ 101,480,667   $ 104,137,186
         
         
Liabilities and Stockholders ‘ Equity        
         
Current liabilities:        
  Accounts payable   $ 1,664,006   $ 1,547,863
  Accrued liabilities   1,346,436   1,889,980
  Customer deposits   3,960,312   3,624,317
  Loan payable, current portion   1,305,883   3,220,125
  Deferred revenue, current portion   45,832,374   40,211,766
  Accreditation fees payable, current portion   547,810   530,656
  Deferred tax liability, current portion   1,155,600   907,476
    Total current liabilities   55,812,421   51,932,183
         
Deferred revenue, long-term portion   16,738,429   16,098,812
Accreditation fees payable, long-term portion   168,580   169,620
Deferred tax liability, long-term portion   4,840,000   4,840,000
         
Stockholders’ equity:        
  Preferred stock – no par value, 1,250,000 shares authorized; none issued and outstanding    
  Common stock – no par value, 250,000,000 shares authorized; 53,448,591 shares issued and outstanding as of December 30, 2010 and 67,080,353 shares issued and outstanding as of December 31, 2009   11,324,866   14,030,384
  Additional paid-in capital   40,700,587   47,287,351
  Deficit   (28,104,216)   (30,221,164)
    Total stockholders’ equity   23,921,237   31,096,571
Total liabilities and stockholders’ equity   $ 101,480,667   $ 104,137,186

Tucows  Inc.
C onsolidated Statements of Operations
(Dollar amounts in U.S. dollars)

                 
    T hree months ende d De c ember 31,   Year ended De ce mber 31 ,
    2010   2009   2010   20 09
      (unaudited)       (unaudited)  
                 
Net revenues $ 22,077,286 $ 20,329,540 $ 84,578,505 $ 80,939,212
                 
Cost of revenues:                
  Cost of revenues (*)   15,623,360   13,745,834   58,494,849   53,187,917
  Network expenses   1,148,073   1,247,958   4,648,899   4,748,189
  Depreciation of property and equipment   238,000   256,357   1,032,368   1,673,191
  Amortization of intangible assets   74,802   29,199   299,208   116,796
    Total cost of revenues   17,084,235   15,279,348   64,475,324   59,726,093
                 
Gross profit   4,993,051   5,050,192   20,103,181   21,213,119
                 
Expenses:                
  Sales and marketing (*)   1,737,526   1,550,937   7,217,754   5,812,007
  Technical operations and development (*)   1,091,180   1,128,879   4,577,898   4,550,704
  General and administrative (*)   830,012   950,749   2,879,825   5,558,921
  Depreciation of property and equipment   43,285   35,915   170,844   266,251
  Loss on disposition of property and equipment   –    524   –    40,893
  Amortization of intangible assets   360,540   360,540   1,442,160   1,442,160
  Loss (gain) on change in fair value of forward exchange contracts   (298,321)   (277,195)   1,370,710   (4,179,589)
    Total expenses   3,764,222   3,750,349   17,659,191   13,491,347
                 
Income from operations   1,228,829   1,299,843   2,443,990   7,721,772
                 
Other (expenses) income:                
  Interest (expense) income, net   (16,385)   (46,471)   (116,197)   (225,140)
  Other income         4,493,190
    Total other (expenses) income   (16,385)   (46,471)   (116,197)   4,268,050
                 
Income before provision for income taxes   1,212,444   1,253,372   2,327,793   11,989,822
                 
(Recovery of) provision for income taxes   (24,260)   (493,005)   210,845   (251,384)
Net income for the period $ 1,236,704 $ 1,746,377 $ 2,116,948 $ 12,241,206
                 
                 
Basic earnings per common share $ 0.02 $ 0.03 $ 0.04 $ 0.18
                 
Shares used in computing basic earnings per common share   54,203,289   67,076,782   57,982,248   69,145,001
                 
Diluted earnings per common share $ 0.02 $ 0.03 $ 0.04 $ 0.17
                 
Shares used in computing diluted earnings per common share   56,294,238   68,860,034   59,955,788   70,356,013
                 
                 
(*) Stock-based compensation has been included in expenses as follows:                
    Cost of revenues $ 6,647 $ 3,730 $ 22,406 $ 15,957
    Sales and marketing $ 24,711 $ 16,018 $ 96,300 $ 58,782
    Technical operations and development $ 19,109 $ 15,186 $ 71,012 $ 49,302
    General and administrative $ 35,847 $ 28,579 $ 210,284 $ 171,220

Tucows  Inc.
Consolidated Statements of Cash Flows
(Dollar amounts in U.S. dollars)

                 
    Thr ee months end ed December 31,   Year ended De ce mber 31,
    2 010   2009   2010   2009
Cash provided by (used in):     (unaudited)       (unaudited)  
Operating activities:                
  Net income for the period $ 1,236,704 $ 1,746,377   2,116,948 $ 12,241,206
  Items not involving cash:                
    Depreciation of property and equipment   281,285   292,272   1,203,212   1,939,442
    Loss on disposition of property and equipment   –    524   –    40,893
    Amortization of deferred financing charges   5,300   8,300   25,400   37,500
    Amortization of intangible assets   435,342   389,739   1,741,368   1,558,956
    Gain on disposal of investment in Afilias   –    –    –    (3,890,395)
    Reduction in deferred tax liability   –    (59,000)   –    (556,000)
    Disposal of domain names   14,494   2,866   31,584   5,462
    Unrealized (gain) loss in the fair value of forward contracts   (298,321)   (277,195)   1,370,710   (4,179,589)
    Stock-based compensation   86,314   63,513   400,002   295,261
  Changes in non-cash operating working capital:                
    Accounts receivable   310,282   1,107,837   (199,950)   378,317
    Prepaid expenses and deposits   73,690   244,583   135,046   (224,879)
    Prepaid fees for domain name registry and ancillary services fees   (328,041)   (65,694)   (6,114,599)   (2,654,170)
    Income taxes recoverable   (73,000)   (674,000)   54,000   (674,000)
    Accounts payable   408,414   424,977   (35,210)   (172,583)
    Accrued liabilities   (307,613)   1,553   (571,930)   (110,166)
    Customer deposits   257,848   (140,003)   335,995   305,076
    Deferred revenue   236,335   (191,381)   6,260,225   2,122,953
    Accreditation fees payable   2,232   4,811   16,114   2,354
  Net cash provided by operating activities   2,341,265   2,880,079   6,768,915   6,465,638
                 
Financing activities:                
  Proceeds received on exercise of stock options   –    –    14,809   25,422
  Repurchase of common stock   (2,792,301)   (534,467)   (9,707,093)   (2,915,981)
  Repayment of loan payable   (478,560)   (478,560)   (1,914,242)   (2,639,242)
  Net cash used in financing activities   (3,270,861)   (1,013,027)   (11,606,526)   (5,529,801)
                 
Investing activities:                
  Cost of domain names acquired   –    (7,875)   –    (13,775)
  Additions to property and equipment   (296,264)   (381,238)   (589,054)   (807,530)
  Proceeds on disposal of investment in Afilias   –    –    –    4,090,395
  Net cash (used in) provided by investing activities

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