Merchants Bancshares Income Statement

Quarterly: March 2012 - December 2009 Previous Quarters
Annual

Income	2012-03	2011-12	2011-09	2011-06	2011-03	2010-12	2010-09	2010-06	2010-03	2009-12
Revenue	16.78M	16.70M	18.28M	17.27M	16.14M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Cost of Revenue	1.983M	2.005M	2.121M	2.219M	2.299M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Gross Profit	14.80M	14.70M	16.16M	15.05M	13.84M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Research & Development Expense						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Selling, General, & Admin. Expense	10.35M	10.15M	11.30M	10.46M	10.11M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Depreciation & Amortization						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Operating Interest Expense						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Other Operating Income (Expense)						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Operating Expenses	12.34M	12.15M	13.42M	12.68M	12.41M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Operating Income	4.444M	4.552M	4.861M	4.597M	3.734M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Non-Operating Income						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Pretax Income	4.444M	4.552M	4.861M	4.597M	3.734M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Provision for Income Taxes	0.831M	0.843M	0.68M	0.968M	0.633M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Income after Tax	3.613M	3.709M	4.181M	3.629M	3.101M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Minority Interest						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Minority Interest						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Equity In Affiliates						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Income Before Extraordinaries & Disc. Operations	3.613M	3.709M	4.181M	3.629M	3.101M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Investment Gains/Losses						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Other Income/Charges						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Income from Discontinued Operations						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Net Income	3.613M	3.709M	4.181M	3.629M	3.101M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Earnings Per Share Data	2012-03	2011-12	2011-09	2011-06	2011-03	2010-12	2010-09	2010-06	2010-03	2009-12
Average Shares to compute diluted EPS	6.252	6.224	6.231	6.216	6.20	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Average Shares used to compute basic EPS	6.237	6.212	6.221	6.206	6.188	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
EPS - Basic net	0.58	0.60	0.67	0.58	0.50	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
EPS - Diluted net	0.58	0.60	0.67	0.58	0.50	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro