SNWL » Topics » General and administrative

This excerpt taken from the SNWL 10-K filed Mar 14, 2007.
General and administrative
 
                         
    Year Ended December 31,  
    2006     2005     2004  
          (In thousands)        
 
Expenses
  $ 20,324     $ 15,535     $ 14,365  
Percentage of total revenue
    12 %     12 %     11 %
Year over year change in Dollars
    4,789       1,170          
Year over year change in Percent
    31 %     8 %        
 
General and administrative expenses consist primarily of personnel costs, business insurance, corporate governance costs, professional fees, travel expense, and related facilities costs. During 2006, the increase in G&A expenses was primarily due to (1) $4.5 million of share-based compensation expense under SFAS 123R related to employee stock options and rights granted under the employee stock purchase plan; (2) an increase in salaries and benefits of $470,000, partially offset by a decrease of contract labor cost of 300,000.
 
The increase in 2005 compared to 2004 was primarily related to an increase in professional fees of approximately $1.5 million that were associated primarily with litigation related expenses and expenses associated with the pursuit of various corporate opportunities and an increase in contract labor expenses of approximately $190,000. These increases were partially offset by a decrease in insurance related expense of approximately $420,000, a decrease in the 2004 allowance for doubtful accounts of approximately $125,000 and a decrease in various bank and credit card processing related fees of approximately $125,000.
 
We believe that general and administrative expenses will increase in absolute dollars and remain relatively stable as a percentage of total revenue as we incur costs related to corporate governance matters and the pursuit of various corporate opportunities.
 
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