##### 









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-K


| |   |  |  |                                                                                             
| | - |  |  | --------------------------------------------------------------------------------------------
| | þ |  |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
| |   |  |  | For the fiscal year ended: December 31, 2004                                                
| |   |  |  | or                                                                                          
| | o |  |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-50698


GREENFIELD ONLINE, INC.


(Exact name of Registrant as specified in its charter)


|                                                                   |  |                                      
|------------------------------------------------------------------ |  | -------------------------------------
|Delaware                                                           |  | 06-1440369                           
|(State or other jurisdiction of
    incorporation or organization) |  | (IRS Employer
    Identification No.)
|                                                                  
|21 River Road, Wilton, CT                                          |  | 06897                                
|(Address of principal executive offices)                           |  | (Zip Code)                           

Registrants telephone number, including area code:


(203) 834-8585


Securities registered pursuant to Section 12(b) of the
Act:


None


Securities registered under Section 12(g) of the Act:


Common Stock, $0.0001 par value


þ o


o


o þ






DOCUMENTS INCORPORATED BY REFERENCE












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TABLE OF CONTENTS









|         |  |                                                                                           |  |      |    |  |  | 
|-------- |  | ----------------------------------------------------------------------------------------- |  | ---- | -- |  |  | 
|         |  |                                                                                           |  | Page |   
|         |  |                                                                                           |  |      |   
|Part I  
|Item 1.  |  | Business                                                                                  |  |      | 2  | 
|Item 2.  |  | Properties                                                                                |  |      | 15 | 
|Item 3.  |  | Legal Proceedings                                                                         |  |      | 15 | 
|Item 4.  |  | Submission of Matters to a Vote of Security
    Holders                                   |  |      | 15 | 
|        
|Part II 
|Item 5.  |  | Market for Registrants Common Stock
    and Related Shareholder Matters                  |  |      | 16 | 
|Item 6.  |  | Selected Financial Data                                                                   |  |      | 17 | 
|Item 7.  |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations |  |      | 20 | 
|Item 7A. |  | Quantitative and Qualitative Disclosures
    about Market Risk                            |  |      | 43 | 
|Item 8.  |  | Financial Statements and Supplementary
    Data                                           |  |      | 44 | 
|Item 9.  |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure  |  |      | 82 | 
|Item 9A. |  | Controls and Procedures                                                                   |  |      | 82 | 
|Item 9B. |  | Other Information                                                                         |  |      | 82 | 
|        
|Part III
|Item 10. |  | Directors and Executive Officers of the
    Registrant                                    |  |      | 83 | 
|Item 11. |  | Executive Compensation                                                                    |  |      | 83 | 
|Item 12. |  | Security Ownership of Certain Beneficial
    Owners and Management                        |  |      | 83 | 
|Item 13. |  | Certain Relationships and Related
    Transactions                                        |  |      | 83 | 
|Item 14. |  | Principal Accountant Fees and Services                                                    |  |      | 83 | 
|        
|Part IV 
|Item 15. |  | Exhibits and Financial Statement
    Schedules                                            |  |      | 83 | 

1



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PART I.


SAFE HARBOR STATEMENT









|        |         
|------- | --------
|Item 1. | BUSINESS



Overview








2



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Recent Developments




| |                         
| | ------------------------
| | Rapidata.net Acquisition





| |                          
| | -------------------------
| | Zing Wireless Acquisition



Our Market Opportunity




Factors Affecting the Growth of Internet-Based Marketing
Research


Benefits of Internet-Based Marketing Research.


3



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| |   |                                             
| | - | --------------------------------------------
| |  | Benefits to the Marketing Research Industry.

Speed.


Cost Effectiveness.


Improved Results.


New Opportunities.




| |   |                                
| | - | -------------------------------
| |  | Benefits to Survey Respondents.

Less Intrusive and More Convenient.


More Engaging.




| |                                                           
| | ----------------------------------------------------------
| | Decline in Effectiveness of Telephone Data
    Collection.



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Telephone Refusal Rates. The telephone is the dominant
    method for conducting marketing research surveys. However, the
    number of people refusing to participate in telephone research
    is increasing rapidly. The Council for Marketing &
    Opinion Research (CMOR), an independent trade
    organization, reported that telephone interviewers often have
    little chance of getting past the introduction before
    respondents refuse to participate. Also adding to the refusal
    rate is the fact that many potential respondents are among the
    millions of people who have listed their telephone numbers on
    the national Do Not Call registry and do not understand that
    survey research is exempt from that legislation.
|
| |  | Advanced Telephone Technology. An increasing number of
    homes are adopting advanced telephone technologies such as
    caller ID, answering machines and special ring tones to screen
    telephone calls and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

4



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | use call blocking to prevent unwanted calls completely. This
    decreases the opportunity to perform telephone surveys and makes
    conducting telephone surveys more expensive and time consuming.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |  | Adoption of Mobile Telephones as Primary Telecommunication
    Device. There is a trend among consumers to abandon landline
    telephones and adopt mobile telephones as their primary means of
    telecommunication. The Telephone Consumer Protection Act,
    enacted in 1991, provides that calls cannot be placed by
    automatic telephone dialing systems to mobile telephone numbers
    unless the phone owner has given prior consent and is not
    charged for the call. This legislation impacts the telephone
    research industry and may become an even larger issue as
    telephone survey researchers lose access to a significant
    portion of the population switching to mobile telephones as a
    result of recent number portability regulations.
|
| |  | Proliferation of Non-usable Telephone Numbers. An
    increasing proportion of telephone numbers are being used by
    devices such as fax machines and computer modems. As a result of
    this trend, telephone survey data collectors are required to
    dial an ever-increasing volume of telephone numbers in order to
    reach the same number of respondents, thereby increasing their
    expenses.                                                                                                                                                                                                                                                                                                                                                                   

Growth in Internet Penetration.


Our Competitive Position






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Greenfield Online Panel. The Greenfield Online panel
    is one of the largest Internet-based panels available. As of
    December 31, 2004, the Greenfield Online panel consisted of
    approximately 3.7 million panelists that had double
    opted-in to participate in our surveys. We continue to actively
    expand the breadth and demographics of the Greenfield Online
    panel to address the needs of our clients. As part of this
    strategy, on October 21, 2004 we completed the acquisition
    of the OpinionSurveys.com panel from The Dohring Company. In
    January and February 2005, we completed the acquisitions of
    Rapidata and goZing, respectively, which added approximately
    10,000 and 1.0 million individuals to the Greenfield Online
    panel, respectively. These acquisitions, combined with our
    on-going recruiting efforts, have expanded the Greenfield Online
    panel, as of the end of February 2005, to approximately
    4.7 million double opt-in individuals representing
    households containing approximately 12.2 million people.
    Also, as a result of the goZing transaction, we acquired an
    additional 3.6 million single opt-in registrants we intend
    to convert to double opt-in panelists. We perform extensive
    screening and analysis of our panelists, which allows us to
    offer our clients premium specialty panels comprised of people
    with similar characteristics. We have the ability to quickly
    reach appropriate target audiences within our panel for a wide
    range of client requests, including respondents in the
    healthcare, automotive, Hispanic, business-to-business,
    information technology and international segments. The
    Greenfield Online panel completed 4,522 Internet-based marketing
    research projects in 2004.
|
| |  | Experienced Panel Management. Over the past
    10 years, we have developed proprietary panel management
    techniques designed to maximize the efficiency and productivity
    of the Greenfield Online panel. We maintain a fresh and active
    panel by continually adding new members and seeking additional
    information from our panelists. These panel management
    techniques allow us to efficiently target our survey invitations
    and create relevant cash and non-cash incentive programs for our
    panelists. Additionally, we maintain policies to protect the
    confidentiality of our panelists personal information and
    prohibit marketing to our panelists using information obtained
    through their survey participation. We believe that these
    policies have enabled us to develop a relationship of trust with
    our panelists and foster a climate that encourages their
    continued participation in our surveys.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

5



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Complete Internet Survey Solutions. We offer a wide range
    of Internet survey solutions that enable the global marketing
    research industry to conduct Internet-based research. Our
    complete range of survey solutions facilitates the migration
    from traditional survey methods to Internet-based methods and
    eliminates the need for our clients to develop their own
    Internet research capabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |  | Focused Sales Strategy. Our focused sales strategy seeks
    to incorporate our Internet survey solutions into our
    clients research proposals that they present to the
    end-users of the data we collect. Our client relationships are
    strengthened by this cooperative sales strategy which allows us
    to leverage their global sales forces as a distribution channel
    for our products and services. We do not compete with our
    clients for custom marketing research business from end-users.                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |  | Significant Operating Leverage. We believe our
    Internet-based business model provides significant operating
    leverage and should lead to expansion of our operating income
    margin if we succeed in growing our revenues. As compared to
    offline-based data collection models, which have high variable
    costs, such as telephone data collection models or mail-based
    data collection models, our Internet-based model is low variable
    cost in nature. As such, once the investment in infrastructure
    has been made, we realize the benefit of low incremental
    variable costs associated with revenue growth. By leveraging the
    established Greenfield Online panel, conducting an increasing
    number of surveys using our existing technology infrastructure
    and benefiting from our operations center in India, we believe
    we will continue to improve our operating leverage.
|
| |  | Well-Established Brand and Commitment to Customer
    Service. We were founded in 1994 and conducted our first
    Internet-based marketing research project in 1995. Since our
    inception, we have built and refined the Greenfield Online panel
    and maintained a commitment to industry-leading customer
    service. For example, in 2003 we established an operations
    center near New Delhi, in Gurgaon, India, which is integrated
    with our U.S., Canadian and U.K. facilities and allows us to
    provide our clients with continuous survey programming, data
    collection and processing services. Our early entry into the
    Internet-based survey marketing research industry, the quality
    of the Greenfield Online panel and our commitment to customer
    service have enabled us to develop a strong brand within the
    marketing research industry.                                     

Our Strategy






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Drive Migration to Internet-Based Marketing Research. We
    believe the Internet is the best method to reach a
    representative population sample as compared to the telephone
    and other traditional survey methods. As a result there is an
    ongoing transition within the marketing research industry to
    Internet-based survey solutions. We will continue to facilitate
    this transition and capitalize on this migration by:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Increasing the Size and Diversity of the Greenfield Online
    Panel. As the Greenfield Online panel becomes larger and
    more diverse, we will be able to reach smaller segments of the
    population allowing us to specifically target our clients
    research needs and offer higher value data.                                                                                                                                            
|
| |  | Expanding the Range of Our Specialty Panels. Our current
    specialty panels include healthcare, automotive, Hispanic,
    business-to-business, information technology and international
    panel segments. Our ability to capture and access specific
    demographic information about our panelists allows us to provide
    our clients with access to research audiences that were
    difficult or impossible to find through other methods.
|
| |  | Developing New and Innovative Internet-Based Survey
    Solutions. New solutions, such as our media testing
    capabilities, integrate images, sound, video and other media
    directly into our surveys and provide a more interactive and
    engaging process than current methods.                                                                                                                                                             
|
| |  | Providing Faster and Better Service than Traditional Data
    Collection Methods. Our clients seek suppliers that can
    provide high-quality panels and fast and accurate bid-turnaround
    and survey                                                                                                                                                                                                                                            

6



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| |  |                                                                                                                                                                                                                                                                                             
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | programming, allowing them more time to analyze survey data and
    provide timely, quality research for their customers. To achieve
    this strategy, we leverage our automated bid technology, skilled
    project management staff and our continuous survey programming
    capability.



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Expand Internationally. During 2005, we intend to further
    develop our capabilities outside the United States, expanding
    the size and diversity of the Greenfield Online panel by adding
    more panelists from the United Kingdom, Germany, France and
    other European countries as well as Canada. To facilitate this
    panel growth we have engaged qualified panel managers in Canada
    and the United Kingdom who are focused on combining our
    proprietary panel management techniques with local knowledge to
    develop more responsive and representative panels in their
    regions. We also intend to expand our sales and revenue
    generating presence internationally by deploying additional
    sales personnel in Germany, France and Canada. As of
    December 31, 2004 we had four sales representatives in
    Canada, four in the United Kingdom and one in Germany. We
    believe the migration of data collection to the Internet in the
    international market is in its early stages and represents a
    significant growth opportunity.
|
| |  | Pursue Strategic Acquisitions. We intend to seek
    additional strategic acquisitions both in the United States and
    internationally in order to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       



| |   |                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Increase the Size and Diversity of the Greenfield Online
    Panel. Acquired businesses may have panel assets that extend
    the Greenfield Online panel into new demographic areas, such as
    information technology decision makers, or expand the size of
    the general panel allowing us to find and reach more highly
    targeted samples.                                           
|
| |  | Accelerate Time to Scale. Acquiring panel assets, sales
    channels and customer relationships will allow us to accelerate
    our growth and allow us to fulfill all of our clients
    Internet survey solution needs. Acquired panel assets will allow
    us to rapidly meet industry demand through the incorporation of
    proven survey participants into the Greenfield Online panel.
|
| |  | Acquire New Technology. We will seek to acquire
    technologies or applications, which allow us to offer new and
    innovative Internet survey solutions.                                                                                                                                                                                                                                     



The Greenfield Online Panel






| |                   
| | ------------------
| | Panel Acquisition.



7



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| |                  
| | -----------------
| | Panel Management.





| |   |                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The registration process takes place before a panel member is
    invited to participate in a survey, so there is no incentive to
    submit anything but accurate information;                                                               
|
| |  | Survey invitations are delivered to respondents according to the
    demographic requirements of a survey and the panel member does
    not know the demographic information used to select them as
    potentially qualifying for the survey;
|
| |  | We do not indicate the desired demographic in the survey
    invitation so panel members are not tempted to fabricate profile
    information in order to qualify for the survey;                                                             
|
| |  | Survey takers are only allowed one opportunity to take a survey
    and are not able to change their answers during multiple
    attempts to qualify for the survey; and                                                                      
|
| |  | Only one email address is allowed per physical household
    address, which prevents establishing multiple accounts for the
    purpose of taking surveys multiple times.                                                                     



| |                  
| | -----------------
| | Panel Incentives.



8



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Our Internet-Based Survey Solutions






| |             
| | ------------
| | Full-Service



|                      |  |                                                                                                                        |  |                                                                                                                                                                                               
|--------------------- |  | ---------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Product               |  | Description                                                                                                            |  | Representative Application                                                                                                                                                                    
|                     
|Tracking Studies      |  | Studies that are fielded over time to determine advertising
    awareness and brand usage                              |  | Automobile manufacturers track consumer awareness of their brand
    to evaluate the effectiveness of their media spending                                                                    
|                     
|Conjoint Studies      |  | Studies that conduct a trade-off analysis of
    features/functionality                                              |  | Mobile phone carriers use these studies to design service plans
    with features that will attract the most consumers                                                                        
|                     
|Concept Testing       |  | Studies that present product concepts to potential consumers                                                           |  | Consumer packaged goods companies test a range of new product
    offering to identify those with the most appeal to consumers                                                                
|                     
|Media/Audio Testing   |  | Studies to evaluate the persuasiveness and key message recall
    associated with advertising                          |  | Health and beauty care manufacturers use these studies to test
    different versions of a new advertising campaign to see which is
    most likely to result in the purchase of their product
|                     
|In-Home Usage Testing |  | Studies that ask respondents to try new products in their home                                                         |  | Over-the-counter remedy manufacturers ask consumers to test
    their products and provide feedback on the Internet                                                                           
|                     
|Omnibus Studies       |  | Shared-cost studies that enable several clients to pool small
    sets of questions and receive feedback within 3 days |  | All industries take advantage of this product to get fast
    answers to urgent marketing questions                                                                                           

9



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| |                 
| | ----------------
| | Sample Solutions



Our Customers








Sales and Marketing




10



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Competition








Technology and Intellectual Property




Confirmit


Confirmit Confirmit




11



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| |   |                                                                                                                                                                                                                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | employing a geographically distributed multi-site architecture
    of web sites and applications creating separately located and
    redundant back-up systems, which minimizes the risk of a total
    shutdown due to a denial of service attack targeted at a
    specific location; and                                    
|
| |  | subscribing to multiple Internet Service Providers and having
    been assigned multiple network blocks or groups of Internet
    addresses within these ISPs, which provides us with flexibility
    in switching between Internet addresses and service providers
    during an attack targeting specific Internet addresses.



Greenfield Greenfield Online Greenfield Greenfield Online Greenfield Online Greenfield Power your
Research sm Power Your Research With Our Experience, Our People, Our
Technology sm SAM sm Survey Alerts
Manager sm Research Revolution NetReach FieldSource OpinionSurveys.com Greenfield or Greenfield Online OpinionSurveys.com OpinionSurvey.com OpinionSurvey.


Governmental Regulation




| |                     
| | --------------------
| | Do Not Call Registry



12



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| |                                  
| | ---------------------------------
| | Telephone Consumer Protection Act





| |                                                                                   
| | ----------------------------------------------------------------------------------
| | Controlling the Assault of Non-Solicited Pornography and
    Marketing Act of 2003





| |                             
| | ----------------------------
| | The Internet Tax Freedom Act





| |                               
| | ------------------------------
| | Telecommunications Act of 1996





| |                                                       
| | ------------------------------------------------------
| | European Commissions Directive on Data
    Protection



13



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TRUSTe,




| |                                      
| | -------------------------------------
| | Proposed Anti-Outsourcing Legislation



Employees




Available Information




14



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|        |           
|------- | ----------
|Item 2. | PROPERTIES










|        |                  
|------- | -----------------
|Item 3. | LEGAL PROCEEDINGS








|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS



15



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PART II







|        |                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------
|Item 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED
    STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
    SECURITIES

a) Market Information




|     |                                          |      |   |       |     |  |   |       | 
|---- | ---------------------------------------- | ---- | - | ----- | --- |  | - | ----- | 
|     |                                          | High |   |       | Low | 
|     |                                          |      |   |       |     | 
|2004 |                                          |      |   |       |     |  |   |      
|     | Third Quarter (commencing July 16, 2004) |      | $ | 22.18 |     |  | $ | 14.50 | 
|     | Fourth Quarter                           |      | $ | 24.10 |     |  | $ | 17.28 | 
|2005 |                                          |      |   |       |     |  |   |      
|     | First Quarter (through March 10, 2005)   |      | $ | 21.79 |     |  | $ | 16.11 | 

b) Holders of the Corporations Capital Stock




c) Dividends




d) Use of Proceeds






e) Recent Sales of Unregistered Securities




f) Issuer Purchases of Equity Securities




16



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|        |                        
|------- | -----------------------
|Item 6. | SELECTED FINANCIAL DATA

SELECTED CONSOLIDATED FINANCIAL DATA


The following selected consolidated financial data should be
read in conjunction with Managements Discussion and
Analysis of Financial Condition and Results of Operations
and the consolidated financial statements and related notes,
which are included elsewhere in this Annual Report on
Form 10-K. The selected consolidated statements of
operations data for each of the fiscal years ended
December 31, 2004, 2003 and 2002 and the selected
consolidated balance sheet data as of December 31, 2004 and
2003 are derived from our audited consolidated financial
statements, which are included elsewhere in this Annual Report
on Form 10-K. The selected consolidated statements of
operations data for the fiscal year ended December 31, 2001
and 2000 and the selected consolidated balance sheet data as of
December 31, 2002, 2001 and 2000 are derived from audited
consolidated financial statements not included in this Annual
Report on Form 10-K.


|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |         |        |   |   |         |        |  
|---------------------------------------------------------------------- | -------------------------------------------------------------------------- | ------------------------------------- | ------- | ------- | ---- | - | ------ | ------ | - | - | ------ | ------ | - | ---- | ------- | ------ | - | - | ------- | ------ | -
|                                                                       |                                                                            | Years Ended December 31,              |        
|                                                                       |                                                                            |                                       |        
|                                                                       |                                                                            | 2004                                  |         |         | 2003 |   |        | 2002   |   |   | 2001   |        |   | 2000 |        
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|                                                                       |                                                                            | (In thousands, except per share data) |        
|Consolidated Statements of Operations Data:                            |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |         |        |   |   |         |       
|Net revenues:                                                          |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |         |        |   |   |         |       
|                                                                       | Internet survey solutions(1)                                               |                                       | $       | 44,428  |      |   | $      | 25,868 |   |   | $      | 14,416 |   |      | $       | 4,072  |   |   | $       | 2,051  |  
|                                                                       | Custom research(2)                                                         |                                       |         |        |      |   |        |       |   |   |        | 470    |   |      |         | 9,715  |   |   |         | 13,067 |  
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Total net revenues                                                     |                                                                            |                                       | 44,428  |         |      |   | 25,868 |        |   |   | 14,886 |        |   |      | 13,787  |        |   |   | 15,118  |       
|Cost of revenues                                                       |                                                                            |                                       | 11,081  |         |      |   | 8,884  |        |   |   | 5,409  |        |   |      | 8,097   |        |   |   | 6,699   |       
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Gross profit                                                           |                                                                            |                                       | 33,347  |         |      |   | 16,984 |        |   |   | 9,477  |        |   |      | 5,690   |        |   |   | 8,419   |       
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Operating expenses:                                                    |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |         |        |   |   |         |       
|                                                                       | Selling, general and administrative                                        |                                       |         | 21,454  |      |   |        | 12,127 |   |   |        | 10,123 |   |      |         | 15,148 |   |   |         | 42,901 |  
|                                                                       | Panel acquisition expenses                                                 |                                       |         | 2,448   |      |   |        | 1,421  |   |   |        | 713    |   |      |         | 351    |   |   |         | 1,619  |  
|                                                                       | Depreciation and amortization                                              |                                       |         | 1,292   |      |   |        | 1,113  |   |   |        | 1,802  |   |      |         | 2,654  |   |   |         | 9,375  |  
|                                                                       | Research and development                                                   |                                       |         | 1,002   |      |   |        | 626    |   |   |        | 747    |   |      |         | 1,750  |   |   |         | 2,928  |  
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Total operating expenses                                               |                                                                            |                                       | 26,196  |         |      |   | 15,287 |        |   |   | 13,385 |        |   |      | 19,903  |        |   |   | 56,823  |       
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Operating income (loss)                                                |                                                                            |                                       | 7,151   |         |      |   | 1,697  |        |   |   | (3,908 | )      |   |      | (14,213 | )      |   |   | (48,404 | )     
|Total other income (expense)                                           |                                                                            |                                       | (1,022  | )       |      |   | 101    |        |   |   | 945    |        |   |      | (3,074  | )      |   |   | (4,164  | )     
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Income (loss) before income taxes                                      |                                                                            |                                       | 6,129   |         |      |   | 1,798  |        |   |   | (2,963 | )      |   |      | (17,287 | )      |   |   | (52,568 | )     
|Provision (benefit) for income taxes                                   |                                                                            |                                       | 411     |         |      |   | 150    |        |   |   | (569   | )      |   |      |        |        |   |   |        |       
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Net income (loss)                                                      |                                                                            |                                       | 5,718   |         |      |   | 1,648  |        |   |   | (2,394 | )      |   |      | (17,287 | )      |   |   | (52,568 | )     
|Less: Accretion of Series C-2 redeemable preferred stock
    dividends |                                                                            |                                       |        |         |      |   | (63    | )      |   |   |       |        |   |      |        |        |   |   |        |       
|                                                                       | Charge to common stockholders for Series B convertible
    preferred stock |                                       |         | (28,054 | )    |   |        |       |   |   |        | (3,873 | ) |      |         |       |   |   |         |       |  
|                                                                       | Cumulative dividends on Series B convertible preferred stock               |                                       |         | (382    | )    |   |        | (673   | ) |   |        | (28    | ) |      |         |       |   |   |         |       |  
|                                                                       | Income allocable to participating preferred securities                     |                                       |         | (1,564  | )    |   |        | (761   | ) |   |        |       |   |      |         |       |   |   |         |       |  
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Net income (loss) available to common stockholders                     |                                                                            | $                                     | (24,282 | )       |      | $ | 151    |        |   | $ | (6,295 | )      |   | $    | (17,287 | )      |   | $ | (52,568 | )     
|                                                                       |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |        
|Net income (loss) per share available to common stockholders           |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |         |        |   |   |         |       
|                                                                       | Basic                                                                      |                                       | $       | (2.70   | )    |   | $      | 0.07   |   |   | $      | (6.42  | ) |      | $       | (18.08 | ) |   | $       | (57.43 | )
|                                                                       | Diluted                                                                    |                                       |         | (2.70   | )    |   |        | 0.06   |   |   |        | (6.42  | ) |      |         | (18.08 | ) |   |         | (57.43 | )
|Weighted average shares outstanding                                    |                                                                            |                                       |         |         |      |   |        |        |   |   |        |        |   |      |         |        |   |   |         |       
|                                                                       | Basic                                                                      |                                       |         | 8,985   |      |   |        | 2,054  |   |   |        | 981    |   |      |         | 956    |   |   |         | 915    |  
|                                                                       | Diluted                                                                    |                                       |         | 9,722   |      |   |        | 2,347  |   |   |        | 981    |   |      |         | 956    |   |   |         | 915    |  

17



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##### 



|                                 |                                            |                   |   |         |       |  |   |        |     |  |      |        |       |      |   |         |        |  |   |         |        | 
|-------------------------------- | ------------------------------------------ | ----------------- | - | ------- | ----- |  | - | ------ | --- |  | ---- | ------ | ----- | ---- | - | ------- | ------ |  | - | ------- | ------ | 
|                                 |                                            | December 31,      |  
|                                 |                                            |                   |  
|                                 |                                            | 2004              |   |         | 2003  |  |   | 2002   |     |  | 2001 |        |       | 2000 |  
|                                 |                                            |                   |   |         |       |  |   |        |     |  |      |        |       |      |  
|                                 |                                            | ($ In thousands)  |  
|Consolidated Balance Sheet Data: |                                            |                   |   |         |       |  |   |        |     |  |      |        |       |      |   |         |        |  |   |        
|                                 | Cash, restricted cash and cash equivalents |                   | $ | 96,082  |       |  | $ | 3,721  |     |  | $    | 1,864  |       |      | $ | 1,056   |        |  | $ | 1,318   |       
|                                 | Investments in marketable securities       |                   |   | 17,400  |       |  |   |       |     |  |      |       |       |      |   |        |        |  |   |        |       
|                                 | Total assets                               |                   |   | 135,306 |       |  |   | 11,929 |     |  |      | 8,724  |       |      |   | 9,102   |        |  |   | 13,580  |       
|                                 | Capital lease obligations:                 |                   |   |         |       |  |   |        |     |  |      |        |       |      |   |         |        |  |   |         |       
|                                 |                                            | Current portion   |   |         | 1,253 |  |   |        | 874 |  |      |        | 895   |      |   |         | 569    |  |   |         | 819    | 
|                                 |                                            | Long-term portion |   |         | 1,877 |  |   |        | 705 |  |      |        | 1,102 |      |   |         | 1,968  |  |   |         | 595    | 
|                                 | Debt:                                      |                   |   |         |       |  |   |        |     |  |      |        |       |      |   |         |        |  |   |         |       
|                                 |                                            | Current portion   |   |         |      |  |   |        |    |  |      |        | 1,216 |      |   |         | 5,115  |  |   |         | 3,832  | 
|                                 |                                            | Long-term portion |   |         |      |  |   |        |    |  |      |        |      |      |   |         | 16,171 |  |   |         | 15,004 | 
|                                 | Series C-2 redeemable preferred stock      |                   |   |        |       |  |   | 943    |     |  |      | 821    |       |      |   |        |        |  |   |        |       
|                                 | Series B convertible preferred stock       |                   |   |        |       |  |   | 9,114  |     |  |      | 8,441  |       |      |   |        |        |  |   |        |       
|                                 | Total stockholders equity (deficit)       |                   |   | 123,078 |       |  |   | (6,327 | )   |  |      | (8,526 | )     |      |   | (21,603 | )      |  |   | (18,351 | )     

|                                                 |                                            |                          |   |       |      |  |   |       |  |  |      |       |  |      |   |        |   |  |   |         |  
|------------------------------------------------ | ------------------------------------------ | ------------------------ | - | ----- | ---- |  | - | ----- |  |  | ---- | ----- |  | ---- | - | ------ | - |  | - | ------- | -
|                                                 |                                            | Years Ended December 31, |  
|                                                 |                                            |                          |  
|                                                 |                                            | 2004                     |   |       | 2003 |  |   | 2002  |  |  | 2001 |       |  | 2000 |  
|                                                 |                                            |                          |   |       |      |  |   |       |  |  |      |       |  |      |  
|                                                 |                                            | ($ In thousands)         |  
|Other Consolidated Financial and Operating Data: |                                            |                          |   |       |      |  |   |       |  |  |      |       |  |      |   |        |   |  |   |        
|                                                 | EBITDA(3)                                  |                          | $ | 8,944 |      |  | $ | 3,691 |  |  | $    | 80    |  |      | $ | (9,339 | ) |  | $ | (38,843 | )
|                                                 | EBITDA margin(4)                           |                          |   | 20%   |      |  |   | 14%   |  |  |      | 1%    |  |      |   | n.m.   |   |  |   | n.m.    |  
|                                                 | Number of projects completed during period |                          |   | 4,522 |      |  |   | 2,482 |  |  |      | 1,249 |  |      |   | 838    |   |  |   | 847     |  






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Internet survey solutions includes services revenues from the
    collection of survey data for sale to marketing research
    companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|(2) | Custom research includes revenues from the line of business that
    we sold to Taylor Nelson Sofres Operations, Inc. in January 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   
|(3) | We define EBITDA as earnings before net interest expense, income
    taxes, depreciation and amortization, which definition may not
    be comparable to similarly titled measures reported by other
    companies. We are presenting EBITDA because it provides an
    additional way to view our operations, when considered with both
    our GAAP results and the reconciliation to net income, which we
    believe provides a more complete understanding of our business
    than could be obtained absent this disclosure. EBITDA is
    presented solely as a supplemental disclosure because:
    (i) we believe it is a useful tool for investors to assess
    the operating performance of the business without the effect of
    non-cash depreciation and amortization expenses; (ii) we
    believe that investors will find it useful in assessing our
    ability to service or incur indebtedness; (iii) we use
    EBITDA internally to evaluate the performance of our personnel
    and also as a benchmark to evaluate our operating performance or
    compare our performance to that of our competitors. The use of
    EBITDA has limitations and you should not consider EBITDA in
    isolation from or as an alternative to GAAP measures such as net
    income, cash flows from operating activities and consolidated
    income or cash flow statement data prepared in accordance with
    GAAP, or as a measure of profitability or liquidity.

18



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##### 



| |                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The following table sets forth the reconciliation of EBITDA, a
    non-GAAP financial measure, to net income (loss), our most
    directly comparable financial measure presented in accordance
    with GAAP.

|                                     |  |                         |       |   |      |   |       |      |  |   |        |   |  |      |         |   |  |   |         |  
|------------------------------------ |  | ----------------------- | ----- | - | ---- | - | ----- | ---- |  | - | ------ | - |  | ---- | ------- | - |  | - | ------- | -
|                                     |  | Year Ended December 31, |      
|                                     |  |                         |      
|                                     |  | 2004                    |       |   | 2003 |   |       | 2002 |  |   | 2001   |   |  | 2000 |        
|                                     |  |                         |       |   |      |   |       |      |  |   |        |   |  |      |        
|                                     |  | ($ In thousands)        |      
|Net income (loss)                    |  | $                       | 5,718 |   |      | $ | 1,648 |      |  | $ | (2,394 | ) |  | $    | (17,287 | ) |  | $ | (52,569 | )
|Interest expense, net                |  |                         | 970   |   |      |   | 495   |      |  |   | 553    |   |  |      | 3,306   |   |  |   | 4,351   |  
|Provision (benefit) for income taxes |  |                         | 411   |   |      |   | 150   |      |  |   | (569   | ) |  |      |        |   |  |   |        |  
|Depreciation and amortization        |  |                         | 1,845 |   |      |   | 1,398 |      |  |   | 2,490  |   |  |      | 4,642   |   |  |   | 9,375   |  
|                                     |  |                         |       |   |      |   |       |      |  |   |        |   |  |      |        
|EBITDA                               |  | $                       | 8,944 |   |      | $ | 3,691 |      |  | $ | 80     |   |  | $    | (9,339  | ) |  | $ | (38,843 | )
|                                     |  |                         |       |   |      |   |       |      |  |   |        |   |  |      |        
|EBITDA margin                        |  |                         | 20    | % |      |   | 14    | %    |  |   | 1      | % |  |      | n.m.    |   |  |   | n.m.    |  



|    |                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | We define EBITDA margin as our EBITDA as a percentage of our net
    revenues. EBITDA margin is not presented for 2001 and 2000
    because it is not meaningful.

19



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##### 








|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
    CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial
condition and results of operations should be read in
conjunction with our consolidated financial statements and
related notes contained in Item 8 of this Annual Report on
Form 10-K. This discussion contains forward-looking
statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these
forward-looking statements as a result of certain factors,
including those discussed in Risk Factors below. See
Cautionary Note Regarding Forward-Looking
Statements.


Overview








Key Historical Events that Impact Our Business






20



---



##### 













Our Operating Leverage




21



---



##### 







Explanation of Key Financial Statement Captions




| |             
| | ------------
| | Net Revenues





| |   |                                                                                                                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Full Service  we program our clients
    surveys, host them on our website infrastructure, invite our
    panelists to take the surveys and deliver the compiled data to
    our clients for their analysis and presentation.
|
| |  | Sample Solutions  clients that have their own
    programming capabilities, but have limited or no access to
    survey respondents, can purchase controlled access to the
    Greenfield Online panel.                       









| |                 
| | ----------------
| | Cost of Revenues





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Project Personnel  Project personnel have
    three distinct roles: project management, survey programming and
    data processing. We maintain project personnel in the United
    States, Europe, Canada and India. Labor costs are specifically
    allocated to each project. We utilize an automated timekeeping
    system in which project personnel maintain estimates of time
    incurred for each specific project. Project personnel are paid
    quarterly bonuses based upon quality of service delivery,
    achievement of revenue goals associated with clients as well as
    achievement of corporate profit objectives.
|
| |  | Panelist Incentives  Our panelists receive
    cash and non-cash incentives for participating in our surveys.
    Each member of our panel has their own Greenfield Online
    incentive account that we maintain. Our panelists accrue
    incentives based upon a member qualifying for and completing a
    survey within a predetermined timeframe. The panel member may
    request and receive payment of his or her incentives at any
    point in time prior to expiration. Incentives generally expire
    one year after award as outlined in the terms and conditions
    available on our panelist website.                    
|
| |  | Data Processing  We perform the majority of
    the processing of survey data with our own professionals.
    Occasionally, we outsource certain data processing functions to
    third-party suppliers.                                                                                                                                                                                                                                                                                                                                                                                                                                   

22



---



##### 





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Outside Sample  Occasionally, clients will
    request that we supplement our sample with survey responses from
    individuals who are not members of the Greenfield Online panel.
    These requests may occur in situations where the customer
    requests augmentation of data collected from the Greenfield
    Online panel, as well as in markets in which we do not have
    panelists, typically certain international geographic sectors.                                                                                                                                                                                                                                                                                                       
|
| |  | Other Direct Costs  Other direct costs may
    include the following: (i) fees paid to a third party for
    healthcare-related sample data retrieved from a panel of
    healthcare professionals developed by this third-party and
    (ii) fees paid to Microsoft Corporation
    (Microsoft) for surveys completed and sold using
    data from panelists we have obtained through the Microsoft
    Network (MSN). We intend to phase out our use of
    arrangements with third parties that require us to pay fees in
    connection with completed surveys. Also included in other direct
    costs are unearned stock-based compensation charges, which are
    amortized over the service period of options granted to project
    personnel.
|
| |  | Amortization of Internal Use Software  We
    include in cost of revenues amortization of capitalized software
    costs related to survey production. Over the last two years, we
    have migrated from developing the majority of our internal use
    software ourselves to using third-party best-of-breed survey
    solutions. This migration has tended to reduce the cost of such
    software and thus, has also reduced amortization expense.                                                                                                                                                                                                                                                                                                   



| |                                             
| | --------------------------------------------
| | Selling, General and Administrative Expenses





| |                           
| | --------------------------
| | Panel Acquisition Expenses





| |                                  
| | ---------------------------------
| | Research and Development Expenses



23



---



##### 









| |                                             
| | --------------------------------------------
| | Related Party Interest Income (Expense), Net





| |                           
| | --------------------------
| | Provision for Income Taxes



Treatment of Sale of Custom Research Business




Critical Accounting Policies and Estimates






24



---



##### 



Revenue Recognition.


Accounts Receivable Allowances.


Panelist Incentives.


Panel Acquisition Expenses.


Stock-Based Compensation.




25



---



##### 







Income Taxes.


Earnings Per Share.


26



---



##### 



Results of Operations




| |                                                                     
| | --------------------------------------------------------------------
| | Year Ended December 31, 2004 Versus Year Ended
    December 31, 2003



|                           |                                              |                  |        |        |       |  |       |      |      |   |        |        |       |  |       |      |     |  
|-------------------------- | -------------------------------------------- | ---------------- | ------ | ------ | ----- |  | ----- | ---- | ---- | - | ------ | ------ | ----- |  | ----- | ---- | --- | -
|                           |                                              | 2004             |        |        | %     |  |       | 2003 |      |   | %      |       
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|                           |                                              | ($ In thousands) |       
|Net revenues               |                                              | $                | 44,428 |        |       |  | 100.0 | %    |      | $ | 25,868 |        |       |  | 100.0 | %   
|Cost of revenues           |                                              |                  | 11,081 |        |       |  | 24.9  |      |      |   | 8,884  |        |       |  | 34.3  |     
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Gross profit               |                                              |                  | 33,347 |        |       |  | 75.1  |      |      |   | 16,984 |        |       |  | 65.7  |     
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Operating expenses:        |                                              |                  |        |        |       |  |       |      |      |   |        |        |       |  |       |     
|                           | Selling, general and administrative          |                  |        | 21,454 |       |  |       | 48.3 |      |   |        | 12,127 |       |  |       | 46.9 |    
|                           | Panel acquisition expenses                   |                  |        | 2,448  |       |  |       | 5.5  |      |   |        | 1,421  |       |  |       | 5.5  |    
|                           | Depreciation and amortization                |                  |        | 1,292  |       |  |       | 2.9  |      |   |        | 1,113  |       |  |       | 4.3  |    
|                           | Research and development                     |                  |        | 1,002  |       |  |       | 2.3  |      |   |        | 626    |       |  |       | 2.4  |    
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Total operating expenses   |                                              |                  | 26,196 |        |       |  | 59.0  |      |      |   | 15,287 |        |       |  | 59.1  |     
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Operating income           |                                              |                  | 7,151  |        |       |  | 16.1  |      |      |   | 1,697  |        |       |  | 6.6   |     
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Other income (expense):    |                                              |                  |        |        |       |  |       |      |      |   |        |        |       |  |       |     
|                           | Interest income (expense), net               |                  |        | 123    |       |  |       | 0.3  |      |   |        | (440   | )     |  |       | (1.7 | )  
|                           | Related party interest income (expense), net |                  |        | (1,093 | )     |  |       | (2.5 | )    |   |        | (55    | )     |  |       | (0.2 | )  
|                           | Other income, net                            |                  |        | (52    | )     |  |       | (0.1 | )    |   |        | 596    |       |  |       | 2.3  |    
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Total other income (loss)  |                                              |                  | (1,022 | )      |       |  | (2.3  | )    |      |   | 101    |        |       |  | 0.4   |     
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Income before income taxes |                                              |                  | 6,129  |        |       |  | 13.8  |      |      |   | 1,798  |        |       |  | 7.0   |     
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|Provision for income taxes |                                              |                  | 411    |        |       |  | 0.9   |      |      |   | 150    |        |       |  | 0.6   |     
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       
|                           |                                              | Net income       |        | $      | 5,718 |  |       |      | 12.9 | % |        | $      | 1,648 |  |       |      | 6.4 | %
|                           |                                              |                  |        |        |       |  |       |      |      |   |        |       

Net Revenues.


Gross Profit.


27



---



##### 





Selling, General and Administrative Expenses.


Panel Acquisition Expenses.


Depreciation and Amortization Expenses.


Interest Income (Expense), Net.


Related Party Interest Expense, Net.


28



---



##### 



Other Income (Expense), Net.


Provision (Benefit) for Income Taxes.


Net Income (Loss).


29



---



##### 





| |                                                                     
| | --------------------------------------------------------------------
| | Year Ended December 31, 2003 Versus Year Ended
    December 31, 2002



|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |        |   |  |       |      |  
|------------------------------------ | -------------------------------------------- | ---------------- | ------ | ------ | - |  | ----- | ----- | - | - | ------ | ------ | - |  | ----- | ---- | -
|                                     |                                              | 2003             |        |        | % |  |       | 2002  |   |   | %      |       
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|                                     |                                              | ($ In thousands) |       
|Net revenues:                        |                                              |                  |        |        |   |  |       |       |   |   |        |        |   |  |       |     
|                                     | Internet survey solutions                    |                  | $      | 25,868 |   |  |       | 100.0 | % |   | $      | 14,416 |   |  |       | 96.8 | %
|                                     | Custom research                              |                  |        |       |   |  |       |      |   |   |        | 470    |   |  |       | 3.2  |  
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Total net revenues                   |                                              |                  | 25,868 |        |   |  | 100.0 |       |   |   | 14,886 |        |   |  | 100.0 |     
|Cost of revenues                     |                                              |                  | 8,884  |        |   |  | 34.3  |       |   |   | 5,409  |        |   |  | 36.3  |     
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Gross profit                         |                                              |                  | 16,984 |        |   |  | 65.7  |       |   |   | 9,477  |        |   |  | 63.7  |     
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Operating expenses:                  |                                              |                  |        |        |   |  |       |       |   |   |        |        |   |  |       |     
|                                     | Selling, general and administrative          |                  |        | 12,127 |   |  |       | 46.9  |   |   |        | 10,123 |   |  |       | 68.0 |  
|                                     | Panel acquisition expenses                   |                  |        | 1,421  |   |  |       | 5.5   |   |   |        | 713    |   |  |       | 4.8  |  
|                                     | Depreciation and amortization                |                  |        | 1,113  |   |  |       | 4.3   |   |   |        | 1,802  |   |  |       | 12.1 |  
|                                     | Research and development                     |                  |        | 626    |   |  |       | 2.4   |   |   |        | 747    |   |  |       | 5.0  |  
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Total operating expenses             |                                              |                  | 15,287 |        |   |  | 59.1  |       |   |   | 13,385 |        |   |  | 89.9  |     
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Operating income (loss)              |                                              |                  | 1,697  |        |   |  | 6.6   |       |   |   | (3,908 | )      |   |  | (26.3 | )   
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Other income (expense):              |                                              |                  |        |        |   |  |       |       |   |   |        |        |   |  |       |     
|                                     | Interest expense, net                        |                  |        | (440   | ) |  |       | (1.7  | ) |   |        | (621   | ) |  |       | (4.2 | )
|                                     | Related party interest income (expense), net |                  |        | (55    | ) |  |       | (0.2  | ) |   |        | 69     |   |  |       | 0.5  |  
|                                     | Other income, net                            |                  |        | 596    |   |  |       | 2.3   |   |   |        | 1,497  |   |  |       | 10.1 |  
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Total other income                   |                                              |                  | 101    |        |   |  | 0.4   |       |   |   | 945    |        |   |  | 6.3   |     
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Income (loss) before income taxes    |                                              |                  | 1,798  |        |   |  | 7.0   |       |   |   | (2,963 | )      |   |  | (19.9 | )   
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Provision (benefit) for income taxes |                                              |                  | 150    |        |   |  | 0.6   |       |   |   | (569   | )      |   |  | (3.8  | )   
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       
|Net income (loss)                    |                                              | $                | 1,648  |        |   |  | 6.4   | %     |   | $ | (2,394 | )      |   |  | (16.1 | )%  
|                                     |                                              |                  |        |        |   |  |       |       |   |   |        |       

Net Revenues.


Gross Profit.


30



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##### 





Selling, General and Administrative Expenses.


Panel Acquisition Expenses.


Depreciation and Amortization Expenses.


Interest Expense, Net.


Related Party Interest Income (Expense), Net.


Other Income, Net.


Provision (Benefit) for Income Taxes.


Net Income (Loss).


31



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##### 





Liquidity and Capital Resources










32



---



##### 











33



---



##### 











34



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##### 





| |                                                                                     
| | ------------------------------------------------------------------------------------
| | Contractual Cash Obligations and Other Commercial
    Commitments and Contingencies.



|                                           |  |                  |        |  |                          |   |       |      |  |          |       |  |  |      |       |  |      |   |       |            |  |   |       |  |  |   |   | 
|------------------------------------------ |  | ---------------- | ------ |  | ------------------------ | - | ----- | ---- |  | -------- | ----- |  |  | ---- | ----- |  | ---- | - | ----- | ---------- |  | - | ----- |  |  | - | - | 
|                                           |  | Total at         |        |  | Years Ended December 31, |   |       |      |  |         
|                                           |  | December 31,     |        |  |                          |   |       |      |  | 2010 and
|                                           |  | 2004             |        |  | 2005                     |   |       | 2006 |  |          | 2007  |  |  | 2008 |       |  | 2009 |   |       | thereafter
|                                           |  |                  |        |  |                          |   |       |      |  |          |       |  |  |      |       |  |      |   |       |           
|                                           |  | ($ In thousands)
|Contractual obligations:                   |  |                  |        |  |                          |   |       |      |  |          |       |  |  |      |       |  |      |   |       |            |  |   |       |  |  |   |   | 
|Capital lease obligations                  |  | $                | 3,130  |  |                          | $ | 1,253 |      |  | $        | 1,293 |  |  | $    | 584   |  |      | $ |      |            |  | $ |      |  |  | $ |  | 
|Non-cancelable operating lease obligations |  |                  | 7,261  |  |                          |   | 1,697 |      |  |          | 1,541 |  |  |      | 1,450 |  |      |   | 1,395 |            |  |   | 1,178 |  |  |   |  | 
|Other long-term liabilities                |  |                  | 159    |  |                          |   | 51    |      |  |          | 55    |  |  |      | 47    |  |      |   | 6     |            |  |   |      |  |  |   |  | 
|                                           |  |                  |        |  |                          |   |       |      |  |          |       |  |  |      |       |  |      |   |       |            | 
|Total contractual cash obligations         |  | $                | 10,550 |  |                          | $ | 3,001 |      |  | $        | 2,889 |  |  | $    | 2,081 |  |      | $ | 1,401 |            |  | $ | 1,178 |  |  | $ |  | 
|                                           |  |                  |        |  |                          |   |       |      |  |          |       |  |  |      |       |  |      |   |       |            | 






Impact of Inflation




Recently Issued Accounting Pronouncements




Risk Factors




35



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##### 





| |                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we are unable to maintain the size or demographic
    composition of the Greenfield Online panel, our clients may stop
    using our products and services.







| |                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------
| | If the rate at which our panelists respond to our surveys
    decreases, we may not be able to meet our clients
    needs.





| |   |                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | our email-based survey invitations are not received by our
    panelists due to the use of spam-filtering and blocking software
    by individuals, corporations and Internet service providers;
|
| |  | our panelists become dissatisfied with the forms of
    participation incentives we offer; or                                                                                                   
|
| |  | our panelists respond less frequently to our surveys, or stop
    responding altogether due to excessive requests for
    participation from us or other researchers.                           





| |                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If the rate at which our panelists respond to our surveys
    decreases, we may be required to expend additional funds to
    retain our panelists or provide additional incentives to
    encourage panelist participation.





| |                                                                                                                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We derived approximately 37% of our total net revenues
    from ten clients in fiscal 2004. If we were to lose, or if there
    were a material reduction in business from, these clients, our
    net revenues might decline substantially.



36



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##### 





| |                                                                                                              
| | -------------------------------------------------------------------------------------------------------------
| | We may not be able to successfully compete with marketing
    research firms and other potential competitors.









| |                                                                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Consolidation in the marketing research industry may
    result in fewer potential clients for us and a smaller market in
    general if companies with existing Internet-based panels combine
    with companies without such panels.





| |                                                                                                       
| | ------------------------------------------------------------------------------------------------------
| | If our clients develop their own Internet-based panels, we
    may lose some or all of their business.





| |                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If the marketplace significantly slows its migration from
    traditional data collection methods to Internet-based marketing
    research data collection, our growth may slow or cease
    altogether.



37



---



##### 





| |                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------
| | If we do not keep pace with technological change, we may
    be unable to implement our business strategy
    successfully.





| |                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------
| | If we are unable to manage and support our growth
    effectively, we may not be able to execute our business strategy
    successfully.









| |                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we are unable to achieve international growth of the
    Greenfield Online panel or to overcome other risks of
    international operations, we may be unable to conduct business
    on a global level.





| |   |                                                                                                 
| | - | ------------------------------------------------------------------------------------------------
| |  | more restrictive privacy laws;                                                                  
|
| |  | difficulty in recruiting and managing employees in foreign
    countries;                       
|
| |  | aversion to U.S. companies or non-domestic companies in
    the regions where we plan to expand;
|
| |  | unexpected changes in regulatory requirements;                                                  
|
| |  | export controls relating to encryption technology;                                              
|
| |  | currency exchange rate fluctuations;                                                            
|
| |  | problems collecting accounts receivable and longer collection
    periods;                      

38



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##### 





| |   |                                      
| | - | -------------------------------------
| |  | potentially adverse tax consequences;
|
| |  | political instability; and           
|
| |  | Internet access restrictions.        





| |                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We have significant operations in India that could be
    limited or prohibited by changes in the political or economic
    stability of India or government policies in India or the United
    States.





| |                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------
| | Potential acquisitions or investments in other companies
    may have a negative impact on our business and our stock
    price.





| |   |                                                                                                                                                                                                          
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | difficulties with the integration and assimilation of the
    acquired business, including maintaining the frequency of survey
    participation of panelist who join our panel through
    acquisitions;
|
| |  | diversion of our management teams attention from other
    business concerns;                                                                                                                           
|
| |  | availability of favorable acquisition or investment
    financing;                                                                                                                                       
|
| |  | potential undisclosed liabilities associated with
    acquisitions; and                                                                                                                                  
|
| |  | loss of key employees of any acquired business.                                                                                                                                                          



39



---



##### 





| |                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------
| | Our success depends on our ability to retain the current
    members of our senior management team and other key
    personnel.





| |                                                                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we fail to continue to attract and retain project
    management professionals and other highly-skilled personnel, we
    may be unable to successfully execute our business
    strategy.





| |                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may be at a competitive disadvantage if we are unable
    to protect our proprietary rights or if we infringe on the
    proprietary rights of others, and related litigation could be
    time consuming and costly.







| |                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Fluctuations in our quarterly operating results may cause
    our stock price to decline and limit our stockholders
    ability to sell our common stock in the public market.



40



---



##### 







| |   |                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------
| |  | fluctuations in general economic conditions;                                                                   
|
| |  | demand for marketing research products and services
    generally;                                             
|
| |  | fluctuations in the marketing research budgets of the
    end-users serviced by our marketing research clients;
|
| |  | the failure of our large clients to win Internet-based
    marketing research projects; and                    
|
| |  | the development of products and services by our
    competitors.                                               







| |                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We might have difficulty obtaining additional capital,
    which could prevent us from achieving our business objectives.
    If we are successful in raising additional capital, it may have
    a dilutive effect on our stockholders.





| |                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Government regulations could limit our Internet activities
    or result in additional costs of doing business and conducting
    marketing research on the Internet.





41



---



##### 















| |   |                                                                    
| | - | -------------------------------------------------------------------
| |  | user privacy and expression;                                       
|
| |  | the rights and safety of children;                                 
|
| |  | intellectual property;                                             
|
| |  | information security;                                              
|
| |  | anti-competitive practices;                                        
|
| |  | the convergence of offline channels with Internet commerce;
    and
|
| |  | taxation and pricing.                                              



42



---



##### 








|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET
    RISK



Interest Rate and Debt Sensitivity.




Currency Exchange Rate Sensitivity.




43



---



##### 








|        |                                            
|------- | -------------------------------------------
|Item 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


|                                                                                                                                                                      |  |      |    | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|                                                                                                                                                                      |  | Page |   
|                                                                                                                                                                      |  |      |   
|Greenfield Online, Inc. Consolidated Financial Statements                                                                                                             |  |      |    | 
|Report of Independent Registered Public
    Accounting Firm                                                                                                           |  |      | 45 | 
|Consolidated Balance Sheets at
    December 31, 2004 and 2003                                                                                                         |  |      | 46 | 
|Consolidated Statements of Operations for
    the years ended December 31, 2004, 2003 and 2002                                                                        |  |      | 47 | 
|Consolidated Statements of Changes in
    Convertible Preferred Stock and Stockholders Equity
    (Deficit) for the years ended December 31, 2004, 2003 and
    2002 |  |      | 48 | 
|Consolidated Statements of Cash Flows for
    the years ended December 31, 2004, 2003 and 2002                                                                        |  |      | 51 | 
|Notes to Consolidated Financial
    Statements                                                                                                                        |  |      | 52 | 

44



---



##### 






REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM














45



---



##### 



GREENFIELD ONLINE, INC.





CONSOLIDATED BALANCE SHEETS


(In thousands, except share data)


|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |   |       |         |        |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------ | ----- | ------- | ------- | - | ----- | ------- | ------ | -
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | December 31,                                                                         |      
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |      
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | 2004                                                                                 |       |         | 2003    |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|ASSETS                                                                                                                                                                                                             
|Current assets:                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |   |       |        
|                                                                                                                                                                                                                    | Cash and cash equivalents                                                                                                                                                                                                                                                                      |                                                                                      | $     | 96,082  |         |   | $     | 3,721   |       
|                                                                                                                                                                                                                    | Investments in marketable securities                                                                                                                                                                                                                                                           |                                                                                      |       | 17,400  |         |   |       |        |       
|                                                                                                                                                                                                                    | Accounts receivable trade, net (net of allowances of $429, and
    $219 at December 31, 2004 and 2003, respectively)                                                                                                                                                                           |                                                                                      |       | 10,537  |         |   |       | 4,234   |       
|                                                                                                                                                                                                                    | Prepaid expenses and other current assets                                                                                                                                                                                                                                                      |                                                                                      |       | 1,245   |         |   |       | 498     |       
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | Total current assets                                                                 |       |         | 125,264 |   |       |         | 8,453  |  
|Property and equipment, net                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                |                                                                                      | 5,611 |         |         |   | 2,420 |        
|Other intangible assets, net                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                |                                                                                      | 3,647 |         |         |   | 311   |        
|Security deposits and other assets                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                |                                                                                      | 784   |         |         |   | 745   |        
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | Total assets                                                                         |       | $       | 135,306 |   |       | $       | 11,929 |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS EQUITY
    (DEFICIT)                                                                                                                                               
|Current liabilities:                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |   |       |        
|                                                                                                                                                                                                                    | Accounts payable                                                                                                                                                                                                                                                                               |                                                                                      | $     | 2,868   |         |   | $     | 1,563   |       
|                                                                                                                                                                                                                    | Accrued expenses and other current liabilities                                                                                                                                                                                                                                                 |                                                                                      |       | 5,892   |         |   |       | 4,579   |       
|                                                                                                                                                                                                                    | Current portion of capital lease obligations                                                                                                                                                                                                                                                   |                                                                                      |       | 1,253   |         |   |       | 874     |       
|                                                                                                                                                                                                                    | Deferred revenues                                                                                                                                                                                                                                                                              |                                                                                      |       | 225     |         |   |       | 394     |       
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | Total current liabilities                                                            |       |         | 10,238  |   |       |         | 7,410  |  
|Capital lease obligations                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                |                                                                                      | 1,877 |         |         |   | 705   |        
|Other long-term liabilities                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                |                                                                                      | 113   |         |         |   | 84    |        
|Series C-2 mandatorily redeemable preferred stock                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                |                                                                                      |      |         |         |   | 943   |        
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | Total liabilities                                                                    |       |         | 12,228  |   |       |         | 9,142  |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|Series B convertible preferred stock; par value
    $0.0001 per share; none authorized, issued and outstanding
    December 31, 2004 and 30,211,595 shares authorized,
    issued and outstanding December 31, 2003 |                                                                                                                                                                                                                                                                                                |                                                                                      |      |         |         |   | 9,114 |        
|Commitments and contingencies                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |   |       |        
|Stockholders equity (deficit):                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |   |       |        
|                                                                                                                                                                                                                    | Series A convertible preferred stock; par value
    $0.0001 per share; none authorized, issued and outstanding
    December 31, 2004 and 40,874,511 shares authorized,
    issued and outstanding December 31, 2003 (aggregate
    liquidation preference of $5,953 as of December 31, 2003)   |                                                                                      |       |        |         |   |       | 4       |       
|                                                                                                                                                                                                                    | Series C-1 convertible preferred stock; par value
    $0.0001 per share; none authorized, issued and outstanding
    December 31, 2004 and 74,627,182 shares authorized,
    issued and outstanding December 31, 2003 (aggregate
    liquidation preference of $9,127 as of December 31, 2003) |                                                                                      |       |        |         |   |       | 7       |       
|                                                                                                                                                                                                                    | Common stock; par value $0.0001 per share; 100,000,000 and
    13,605,479 shares authorized at December 31, 2004 and
    2003, respectively; 21,001,103 and 2,054,485 shares issued
    and outstanding at December 31, 2004 and 2003, respectively                                            |                                                                                      |       | 2       |         |   |       |        |       
|                                                                                                                                                                                                                    | Additional paid-in capital                                                                                                                                                                                                                                                                     |                                                                                      |       | 204,635 |         |   |       | 82,440  |       
|                                                                                                                                                                                                                    | Accumulated deficit                                                                                                                                                                                                                                                                            |                                                                                      |       | (78,671 | )       |   |       | (84,389 | )     
|                                                                                                                                                                                                                    | Unearned stock-based compensation                                                                                                                                                                                                                                                              |                                                                                      |       | (2,757  | )       |   |       | (4,258  | )     
|                                                                                                                                                                                                                    | Treasury stock, at cost                                                                                                                                                                                                                                                                        |                                                                                      |       |         |         |   |       |         |       
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | Common stock  9,643 and none shares at
    December 31, 2004 and 2003, respectively |       |         | (131    | ) |       |         |       |  
|                                                                                                                                                                                                                    | Note receivable from stockholder                                                                                                                                                                                                                                                               |                                                                                      |       |        |         |   |       | (131    | )     
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | Total stockholders equity (deficit)                                                 |       |         | 123,078 |   |       |         | (6,327 | )
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                | Total liabilities, temporary equity and stockholders
    equity (deficit)           |       | $       | 135,306 |   |       | $       | 11,929 |  
|                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                |                                                                                      |       |         |         |  



46



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##### 



GREENFIELD ONLINE, INC.





CONSOLIDATED STATEMENTS OF OPERATIONS


(In thousands, except per share data)


|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |      |        |        |        |        |        | 
|------------------------------------------------------------ | ---------------------------------------------------------------------- | -------------------------------------------------------------------------- | ---------------------------- | ------ | ------- | ------ | ------ | ------ | ---- | ------ | ------ | ------ | ------ | ------ | 
|                                                             |                                                                        | Years Ended December 31,                                                   |                             
|                                                             |                                                                        |                                                                            |                             
|                                                             |                                                                        | 2004                                                                       |                              |        | 2003    |        |        | 2002   |     
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Net revenues                                                 |                                                                        | $                                                                          | 44,428                       |        |         | $      | 25,868 |        |      | $      | 14,886 |       
|Cost of revenues                                             |                                                                        |                                                                            | 11,081                       |        |         |        | 8,884  |        |      |        | 5,409  |       
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Gross profit                                                 |                                                                        |                                                                            | 33,347                       |        |         |        | 16,984 |        |      |        | 9,477  |       
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Operating expenses:                                          |                                                                        |                                                                            |                              |        |         |        |        |        |      |        |        |       
|                                                             | Selling, general and administrative                                    |                                                                            |                              | 21,454 |         |        |        | 12,127 |      |        |        | 10,123 |       
|                                                             | Panel acquisition expenses                                             |                                                                            |                              | 2,448  |         |        |        | 1,421  |      |        |        | 713    |       
|                                                             | Depreciation and amortization                                          |                                                                            |                              | 1,292  |         |        |        | 1,113  |      |        |        | 1,802  |       
|                                                             | Research and development                                               |                                                                            |                              | 1,002  |         |        |        | 626    |      |        |        | 747    |       
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|                                                             |                                                                        |                                                                            | Total operating expenses     |        |         | 26,196 |        |        |      | 15,287 |        |        |        | 13,385 | 
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Operating income (loss)                                      |                                                                        |                                                                            | 7,151                        |        |         |        | 1,697  |        |      |        | (3,908 | )     
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Other income (expense):                                      |                                                                        |                                                                            |                              |        |         |        |        |        |      |        |        |       
|                                                             | Interest income (expense), net                                         |                                                                            |                              | 123    |         |        |        | (440   | )    |        |        | (621   | )     
|                                                             | Related party interest income (expense), net                           |                                                                            |                              | (1,093 | )       |        |        | (55    | )    |        |        | 69     |       
|                                                             | Other income (expense), net                                            |                                                                            |                              | (52    | )       |        |        | 596    |      |        |        | 1,497  |       
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|                                                             |                                                                        |                                                                            | Total other income (expense) |        |         | (1,022 | )      |        |      | 101    |        |        |        | 945    | 
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Income (loss) before income taxes                            |                                                                        |                                                                            | 6,129                        |        |         |        | 1,798  |        |      |        | (2,963 | )     
|Provision (benefit) for income taxes                         |                                                                        |                                                                            | 411                          |        |         |        | 150    |        |      |        | (569   | )     
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Net income (loss)                                            |                                                                        |                                                                            | 5,718                        |        |         |        | 1,648  |        |      |        | (2,394 | )     
|                                                             | Less: Accretion of Series C-2 redeemable preferred stock
    dividends |                                                                            |                              |       |         |        |        | (63    | )    |        |        |       |       
|                                                             |                                                                        | Charge to common stockholders for Series B convertible
    preferred stock |                              |        | (28,054 | )      |        |        |     |        |        |        | (3,873 | )     
|                                                             |                                                                        | Cumulative dividends on Series B convertible preferred stock               |                              |        | (382    | )      |        |        | (673 | )      |        |        | (28    | )     
|                                                             |                                                                        | Income allocable to participating preferred securities                     |                              |        | (1,564  | )      |        |        | (761 | )      |        |        |       |       
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Net income (loss) available to common stockholders           |                                                                        | $                                                                          | (24,282                      | )      |         | $      | 151    |        |      | $      | (6,295 | )     
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Net income (loss) per share available to common stockholders |                                                                        |                                                                            |                              |        |         |        |        |        |      |        |        |       
|                                                             | Basic                                                                  |                                                                            | $                            | (2.70  | )       |        | $      | 0.07   |      |        | $      | (6.42  | )     
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|                                                             | Diluted                                                                |                                                                            | $                            | (2.70  | )       |        | $      | 0.06   |      |        | $      | (6.42  | )     
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|Weighted average shares outstanding:                         |                                                                        |                                                                            |                              |        |         |        |        |        |      |        |        |       
|                                                             | Basic                                                                  |                                                                            |                              | 8,985  |         |        |        | 2,054  |      |        |        | 981    |       
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     
|                                                             | Diluted                                                                |                                                                            |                              | 9,722  |         |        |        | 2,347  |      |        |        | 981    |       
|                                                             |                                                                        |                                                                            |                              |        |         |        |        |        |     



47



---



##### 



GREENFIELD ONLINE, INC.





CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED
STOCK


AND STOCKHOLDERS EQUITY (DEFICIT)


(In thousands)


|                              |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|----------------------------- | ----------------------------------------------------------------------------------------- | --------------- | ------ | ------- | --------------- | - | - | ------------ | - |  | ------------ | ------- | - | ------------ | - | -- | ------ |  | ----- | ------ | - | - | ------ | ---- | - | ------ | --- | ---- | ------ | - | --- | ---- | - |  | ------ | ------ | - | - | - | - | 
|                              |                                                                                           | Series A        |        |         | Series C-1      |   |   |              |   |  |              |         |   |             
|                              |                                                                                           | Convertible     |        |         | Convertible     |   |   | Class A      |   |  | Class B      |         |   |             
|                              |                                                                                           | Preferred Stock |        |         | Preferred Stock |   |   | Common Stock |   |  | Common Stock |         |   | Common Stock |  
|                              |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |  
|                              |                                                                                           | Shares          |        |         | Amount          |   |   | Shares       |   |  | Amount       |         |   | Shares       |   |    | Amount |  |       | Shares |   |   | Amount |      |   | Shares |     |      | Amount |  
|                              |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |  
|Balance at December 31, 2001  |                                                                                           |                 | 40,875 |         |                 | $ | 4 |              |   |  |             |         |   | $            |  |    |        |  | 1,350 |        |   | $ | 450    |      |   |        | 843 |      |        | $ | 281 |      |   |  |       |        |   | $ |  |  
|Year ended December 31, 2002: |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |  
|                              | Net loss for the year                                                                     |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Issuance of stock options                                                                 |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Stock option forfeitures                                                                  |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Stock issuance and conversion related to the recapitalization
    (Note 12)               |                 |        |         |                 |   |   |              |   |  |              | 74,627  |   |              |   | 7  |        |  |       | (1,350 | ) |   |        | (450 | ) |        |     | (843 | )      |   |     | (281 | ) |  |        | 2,051  |   |   |   |  | 
|                              | Effect of modification to Series A preferred stock                                        |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Discount on Series C-2 redeemable preferred stock
    liquidation preference              |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Series B convertible preferred stock liquidation preference                               |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Cumulative dividends on Series B convertible preferred stock                              |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Amortization of unearned stock based compensation                                         |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Fees paid related to stock issuance and recapitalization                                  |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |  
|Balance at December 31, 2002  |                                                                                           |                 | 40,875 |         |                 |   | 4 |              |   |  | 74,627       |         |   |              | 7 |    |        |  |      |        |   |   |       |      |   |        |    |      |        |   |    |      |   |  | 2,051  |        |   |   |  |  
|Year ended December 31, 2003: |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |  
|                              | Net income for the year                                                                   |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Issuance of stock options                                                                 |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Exercise of stock options                                                                 |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        | 3      |   |   |   |   | 
|                              | Accretion of discount on Series C-2 redeemable preferred
    stock liquidation preference |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Cumulative dividends on Series B convertible preferred stock                              |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Amortization of unearned stock based compensation                                         |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |  
|Balance at December 31, 2003  |                                                                                           |                 | 40,875 |         |                 |   | 4 |              |   |  | 74,627       |         |   |              | 7 |    |        |  |      |        |   |   |       |      |   |        |    |      |        |   |    |      |   |  | 2,054  |        |   |   |  |  
|Year ended December 31, 2004: |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |  
|                              | Net income for the year                                                                   |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Repossession of shares in payment of note receivable from officer                         |                 |        | (58     | )               |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        | (5     | ) |   |   |   | 
|                              | Conversion of preferred shares into common at the initial public
    offering             |                 |        | (40,817 | )               |   |   | (4           | ) |  |              | (74,627 | ) |              |   | (7 | )      |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        | 10,422 |   |   |   | 2 | 
|                              | Issuance of shares pursuant to the initial public offering                                |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        | 4,000  |   |   |   |   | 
|                              | Issuance of shares pursuant to the follow-on public offering                              |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        | 4,500  |   |   |   |   | 
|                              | Exercise of stock options                                                                 |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        | 30     |   |   |   |   | 
|                              | Cumulative dividends on Series B convertible preferred stock                              |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Stock option forfeitures                                                                  |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              | Amortization of unearned stock based compensation                                         |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |   |     |      |   |  |        |        |   |   |   |   | 
|                              |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |  
|Balance at December 31, 2004  |                                                                                           |                 |       |         |                 | $ |  |              |   |  |             |         |   | $            |  |    |        |  |      |        |   | $ |       |      |   |        |    |      |        | $ |    |      |   |  | 21,001 |        |   | $ | 2 |  
|                              |                                                                                           |                 |        |         |                 |   |   |              |   |  |              |         |   |              |   |    |        |  |       |        |   |   |        |      |   |        |     |      |        |  



48



---



##### 



GREENFIELD ONLINE, INC.


CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED
STOCK


AND STOCKHOLDERS EQUITY
(DEFICIT)  (Continued)


(In thousands)


|                              |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|----------------------------- | ----------------------------------------------------------------------------------------- | ---------- | ------- | -------------- | -------------- | -------- | ------ | --------- |  | - | ------------ | ------ |  | ------ | - | --- | ------ | - | - | ------ | - |  | - | - |  | - | ---- | --- | -
|                              |                                                                                           |            |         | Treasury Stock |               
|                              |                                                                                           |            |         |                |               
|                              |                                                                                           |            |         |                |                | Series A |        |           | 
|                              |                                                                                           | Additional |         |                | Class A Common |          |        | Preferred |  |   | Common Stock |       
|                              |                                                                                           | Paid-In    |         |                |                |          |        |           |  |   |              |       
|                              |                                                                                           | Capital    |         |                | Shares         |          |        | Amount    |  |   | Shares       |        |  | Amount |   |     | Shares |   |   | Amount |  
|                              |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |  
|Balance at December 31, 2001  |                                                                                           | $          | 80,146  |                |                |          | (1,247 | )         |  | $ | (16,868      | )      |  |        |  |     |        | $ |  |        |   |  |  |   |  | $ |     |    
|Year ended December 31, 2002: |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |    
|                              | Net loss for the year                                                                     |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Issuance of stock options                                                                 |            |         | 1,087          |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Stock option forfeitures                                                                  |            |         | (157           | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Stock issuance and conversion related to the recapitalization
    (Note 12)               |            |         | 13,715         |                |          |        | 1,247     |  |   |              | 16,868 |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Effect of modification to Series A preferred stock                                        |            |         | (8,430         | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Discount on Series C-2 redeemable preferred stock
    liquidation preference              |            |         | 1,232          |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Series B convertible preferred stock liquidation preference                               |            |         | (8,413         | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Cumulative dividends on Series B convertible preferred stock                              |            |         | (28            | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Amortization of unearned stock based compensation                                         |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Fees paid related to stock issuance and recapitalization                                  |            |         | (263           | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |  
|Balance at December 31, 2002  |                                                                                           |            | 78,889  |                |                |          |       |           |  |   |             |        |  |        |  |     |        |   |  |        |   |  |  |   |  |   |     |    
|Year ended December 31, 2003: |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |    
|                              | Net income for the year                                                                   |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Issuance of stock options                                                                 |            |         | 4,284          |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Exercise of stock options                                                                 |            |         | 3              |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Accretion of discount on Series C-2 redeemable preferred
    stock liquidation preference |            |         | (63            | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Cumulative dividends on Series B convertible preferred stock                              |            |         | (673           | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Amortization of unearned stock based compensation                                         |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |  
|Balance at December 31, 2003  |                                                                                           |            | 82,440  |                |                |          |       |           |  |   |             |        |  |        |  |     |        |   |  |        |   |  |  |   |  |   |     |    
|Year ended December 31, 2004: |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |    
|                              | Net income for the year                                                                   |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Repossession of shares in payment of note receivable from officer                         |            |         | (38            | )              |          |        |           |  |   |              |        |  |        |   | 58  |        |   |   | (56    | ) |  |   | 5 |  |   |      | (75 | )
|                              | Conversion of preferred shares into common at the initial public
    offering             |            |         | 9              |                |          |        |           |  |   |              |        |  |        |   | (58 | )      |   |   | 56     |   |  |   | 4 |  |   |      | (56 | )
|                              | Issuance of shares pursuant to the initial public offering                                |            |         | 46,310         |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Issuance of shares pursuant to the follow-on public offering                              |            |         | 76,427         |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Exercise of stock options                                                                 |            |         | 25             |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Cumulative dividends on Series B convertible preferred stock                              |            |         | (382           | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Stock option forfeitures                                                                  |            |         | (156           | )              |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              | Amortization of unearned stock based compensation                                         |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |   |  |   |   |  |   |      |     |  
|                              |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |  
|Balance at December 31, 2004  |                                                                                           | $          | 204,635 |                |                |          |       |           |  | $ |             |        |  |        |  |     |        | $ |  |        |   |  | 9 |   |  | $ | (131 | )  
|                              |                                                                                           |            |         |                |                |          |        |           |  |   |              |        |  |        |   |     |        |   |   |        |  



49



---



##### 



GREENFIELD ONLINE, INC.


CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED
STOCK


AND STOCKHOLDERS EQUITY
(DEFICIT)  (Continued)


(In thousands)


|                              |                                                                                           |              |      |     |              |   |        |             |   |       |                  |        |   |   |         |        |  
|----------------------------- | ----------------------------------------------------------------------------------------- | ------------ | ---- | --- | ------------ | - | ------ | ----------- | - | ----- | ---------------- | ------ | - | - | ------- | ------ | -
|                              |                                                                                           | Note         |      |     | Unearned     |   |        |             |   | Total |                 
|                              |                                                                                           | Receivable   |      |     | Stock Based  |   |        | Accumulated |   |       | Stockholders    |       
|                              |                                                                                           | from Officer |      |     | Compensation |   |        | Deficit     |   |       | Equity (Deficit) |       
|                              |                                                                                           |              |      |     |              |   |        |             |   |       |                  |       
|Balance at December 31, 2001  |                                                                                           | $            | (75  | )   |              | $ | (1,898 | )           |   | $     | (83,643          | )      |   | $ | (21,603 | )     
|Year ended December 31, 2002: |                                                                                           |              |      |     |              |   |        |             |   |       |                  |        |   |   |         |       
|                              | Net loss for the year                                                                     |              |      |     |              |   |        |             |   |       |                  | (2,394 | ) |   |         | (2,394 | )
|                              | Issuance of stock options                                                                 |              |      |     |              |   |        | (1,087      | ) |       |                  |        |   |   |         |       |  
|                              | Stock option forfeitures                                                                  |              |      |     |              |   |        | 157         |   |       |                  |        |   |   |         |       |  
|                              | Stock issuance and conversion related to the recapitalization
    (Note 12)               |              |      | (58 | )            |   |        |             |   |       |                  |        |   |   |         | 29,801 |  
|                              | Effect of modification to Series A preferred stock                                        |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | (8,430 | )
|                              | Discount on Series C-2 redeemable preferred stock
    liquidation preference              |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | 1,232  |  
|                              | Series B convertible preferred stock liquidation preference                               |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | (8,413 | )
|                              | Cumulative dividends on Series B convertible preferred stock                              |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | (28    | )
|                              | Amortization of unearned stock based compensation                                         |              |      |     |              |   |        | 1,572       |   |       |                  |        |   |   |         | 1,572  |  
|                              | Fees paid related to stock issuance and recapitalization                                  |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | (263   | )
|                              |                                                                                           |              |      |     |              |   |        |             |   |       |                  |       
|Balance at December 31, 2002  |                                                                                           |              | (133 | )   |              |   | (1,256 | )           |   |       | (86,037          | )      |   |   | (8,526  | )     
|Year ended December 31, 2003: |                                                                                           |              |      |     |              |   |        |             |   |       |                  |        |   |   |         |       
|                              | Net income for the year                                                                   |              |      |     |              |   |        |             |   |       |                  | 1,648  |   |   |         | 1,648  |  
|                              | Issuance of stock options                                                                 |              |      |     |              |   |        | (4,284      | ) |       |                  |        |   |   |         |       |  
|                              | Exercise of stock options                                                                 |              |      | 2   |              |   |        |             |   |       |                  |        |   |   |         | 5      |  
|                              | Accretion of discount on Series C-2 redeemable preferred
    stock liquidation preference |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | (63    | )
|                              | Cumulative dividends on Series B convertible preferred stock                              |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | (673   | )
|                              | Amortization of unearned stock based compensation                                         |              |      |     |              |   |        | 1,282       |   |       |                  |        |   |   |         | 1,282  |  
|                              |                                                                                           |              |      |     |              |   |        |             |   |       |                  |       
|Balance at December 31, 2003  |                                                                                           |              | (131 | )   |              |   | (4,258 | )           |   |       | (84,389          | )      |   |   | (6,327  | )     
|Year ended December 31, 2004: |                                                                                           |              |      |     |              |   |        |             |   |       |                  |        |   |   |         |       
|                              | Net income for the year                                                                   |              |      |     |              |   |        |             |   |       |                  | 5,718  |   |   |         | 5,718  |  
|                              | Repossession of shares in payment of note receivable from officer                         |              |      | 131 |              |   |        |             |   |       |                  |        |   |   |         | (38    | )
|                              | Conversion of preferred shares into common at the initial public
    offering             |              |      |     |              |   |        |             |   |       |                  |        |   |   |         |       |  
|                              | Issuance of shares pursuant to the initial public offering                                |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | 46,310 |  
|                              | Issuance of shares pursuant to the follow-on public offering                              |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | 76,427 |  
|                              | Exercise of stock options                                                                 |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | 25     |  
|                              | Cumulative dividends on Series B convertible preferred stock                              |              |      |     |              |   |        |             |   |       |                  |        |   |   |         | (382   | )
|                              | Stock option forfeitures                                                                  |              |      |     |              |   |        | 156         |   |       |                  |        |   |   |         |       |  
|                              | Amortization of unearned stock based compensation                                         |              |      |     |              |   |        | 1,345       |   |       |                  |        |   |   |         | 1,345  |  
|                              |                                                                                           |              |      |     |              |   |        |             |   |       |                  |       
|Balance at December 31, 2004  |                                                                                           | $            |     |     |              | $ | (2,757 | )           |   | $     | (78,671          | )      |   | $ | 123,078 |       
|                              |                                                                                           |              |      |     |              |   |        |             |   |       |                  |       



50



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##### 



GREENFIELD ONLINE, INC.





CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)


|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |       |        |       |        |        |       |  
|---------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------- | ---------------------------------------------- | ------- | ----- | ------ | ------ | ------ | ----- | ------ | ----- | ------ | ------ | ----- | -
|                                                                                               |                                                                                                        | Years Ended December 31,                                   |                                               
|                                                                                               |                                                                                                        |                                                            |                                               
|                                                                                               |                                                                                                        | 2004                                                       |                                                |         | 2003  |        |        | 2002   |      
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Cash flows from operating activities:                                                          |                                                                                                        |                                                            |                                                |         |       |        |        |        |       |        |       |       
|                                                                                               | Net income (loss)                                                                                      |                                                            | $                                              | 5,718   |       |        | $      | 1,648  |       |        | $     | (2,394 | )     
|                                                                                               | Adjustments to reconcile net income (loss) to net cash provided
    by (used in) operating activities: |                                                            |                                                |         |       |        |        |        |       |        |       |        |       
|                                                                                               |                                                                                                        | Depreciation and amortization                              |                                                |         | 1,845 |        |        |        | 1,398 |        |       |        | 2,490  |      
|                                                                                               |                                                                                                        | Amortization of contract asset                             |                                                |         | 17    |        |        |        | 200   |        |       |        | 183    |      
|                                                                                               |                                                                                                        | Stock based compensation                                   |                                                |         | 1,345 |        |        |        | 1,282 |        |       |        | 1,572  |      
|                                                                                               |                                                                                                        | Non-cash interest expense (income)                         |                                                |         | 1,093 |        |        |        | 55    |        |       |        | (69    | )    
|                                                                                               |                                                                                                        | Impairment of other intangible assets                      |                                                |         |      |        |        |        |      |        |       |        | 95     |      
|                                                                                               |                                                                                                        | (Gain) loss on disposal of property and equipment          |                                                |         | (2    | )      |        |        |      |        |       |        | 23     |      
|                                                                                               |                                                                                                        | Gain on sale of Custom Research Business                   |                                                |         |      |        |        |        | (600  | )      |       |        | (1,497 | )    
|                                                                                               |                                                                                                        | Provision for doubtful accounts and other sales allowances |                                                |         | 125   |        |        |        | (6    | )      |       |        | 6      |      
|                                                                                               |                                                                                                        | Changes in assets and liabilities, net:                    |                                                |         |       |        |        |        |       |        |       |        |        |      
|                                                                                               |                                                                                                        |                                                            | Accounts receivable                            |         |       | (6,425 | )      |        |       | (2,139 | )     |        |        | (437  | )
|                                                                                               |                                                                                                        |                                                            | Deferred project costs                         |         |       | (23    | )      |        |       | (10    | )     |        |        | 57    |  
|                                                                                               |                                                                                                        |                                                            | Other current assets                           |         |       | (605   | )      |        |       | (2     | )     |        |        | (263  | )
|                                                                                               |                                                                                                        |                                                            | Security deposits                              |         |       | (136   | )      |        |       | 66     |       |        |        | 52    |  
|                                                                                               |                                                                                                        |                                                            | Other assets                                   |         |       | (60    | )      |        |       |       |       |        |        |      |  
|                                                                                               |                                                                                                        |                                                            | Accounts payable                               |         |       | 1,303  |        |        |       | 576    |       |        |        | (104  | )
|                                                                                               |                                                                                                        |                                                            | Accrued expenses and other current liabilities |         |       | 1,312  |        |        |       | 1,623  |       |        |        | 1,483 |  
|                                                                                               |                                                                                                        |                                                            | Deferred project revenues                      |         |       | (169   | )      |        |       | (40    | )     |        |        | (500  | )
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Net cash provided by (used in) operating activities                                            |                                                                                                        |                                                            | 5,338                                          |         |       |        | 4,051  |        |       |        | 697   |       
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Cash flows from investing activities:                                                          |                                                                                                        |                                                            |                                                |         |       |        |        |        |       |        |       |       
|                                                                                               | Purchases of marketable securities                                                                     |                                                            |                                                | (31,900 | )     |        |        |       |       |        |       |       |       
|                                                                                               | Sales of marketable securities                                                                         |                                                            |                                                | 14,500  |       |        |        |       |       |        |       |       |       
|                                                                                               | Proceeds from sale of Custom Research Business                                                         |                                                            |                                                |        |       |        |        | 600    |       |        |       | 1,400  |       
|                                                                                               | Proceeds from sale of property and equipment                                                           |                                                            |                                                | 32      |       |        |        |       |       |        |       |       |       
|                                                                                               | Expenses paid in connection with the sale of the custom research
    business                          |                                                            |                                                |        |       |        |        |       |       |        |       | (303   | )     
|                                                                                               | Purchase of business                                                                                   |                                                            |                                                | (3,189  | )     |        |        |       |       |        |       |       |       
|                                                                                               | Additions to property and equipment and intangibles                                                    |                                                            |                                                | (2,404  | )     |        |        | (305   | )     |        |       | (558   | )     
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Net cash provided by (used in) investing activities                                            |                                                                                                        |                                                            | (22,961                                        | )       |       |        | 295    |        |       |        | 539   |       
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Cash flows from financing activities:                                                          |                                                                                                        |                                                            |                                                |         |       |        |        |        |       |        |       |       
|                                                                                               | Proceeds from borrowings under credit facility                                                         |                                                            |                                                | 1,000   |       |        |        |       |       |        |       | 27     |       
|                                                                                               | Repayments under credit facility                                                                       |                                                            |                                                | (1,000  | )     |        |        | (1,216 | )     |        |       |       |       
|                                                                                               | Increase (decrease) in other long-term liabilities                                                     |                                                            |                                                | 26      |       |        |        | (282   | )     |        |       | 367    |       
|                                                                                               | Increase (decrease) in book overdraft                                                                  |                                                            |                                                |        |       |        |        | (31    | )     |        |       | 31     |       
|                                                                                               | Legal fees paid in conjunction with recapitalization                                                   |                                                            |                                                |        |       |        |        |       |       |        |       | (263   | )     
|                                                                                               | Proceeds of options exercised                                                                          |                                                            |                                                | 24      |       |        |        | 2      |       |        |       |       |       
|                                                                                               | Proceeds from subscriptions receivable from management                                                 |                                                            |                                                |        |       |        |        | 2      |       |        |       |       |       
|                                                                                               | Net proceeds from initial public offering                                                              |                                                            |                                                | 46,310  |       |        |        |       |       |        |       |       |       
|                                                                                               | Net proceeds from follow-on public offering                                                            |                                                            |                                                | 76,427  |       |        |        |       |       |        |       |       |       
|                                                                                               | Payment of Series C-2 Preferred Stock liquidation preference                                           |                                                            |                                                | (2,052  | )     |        |        |       |       |        |       |       |       
|                                                                                               | Payment of Series B dividend liquidation preference                                                    |                                                            |                                                | (9,496  | )     |        |        |       |       |        |       |       |       
|                                                                                               | Principal payments under capital lease obligations                                                     |                                                            |                                                | (1,257  | )     |        |        | (964   | )     |        |       | (590   | )     
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Net cash (used in) provided by financing activities                                            |                                                                                                        |                                                            | 109,982                                        |         |       |        | (2,489 | )      |       |        | (428  | )     
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Effect of exchange rate changes                                                                |                                                                                                        |                                                            | 2                                              |         |       |        |       |        |       |        |      |       
|Net increase (decrease) in cash and cash equivalents                                           |                                                                                                        |                                                            | 92,361                                         |         |       |        | 1,857  |        |       |        | 808   |       
|Cash and cash equivalents at beginning of the period                                           |                                                                                                        |                                                            | 3,721                                          |         |       |        | 1,864  |        |       |        | 1,056 |       
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Cash and cash equivalents at end of the period                                                 |                                                                                                        | $                                                          | 96,082                                         |         |       | $      | 3,721  |        |       | $      | 1,864 |       
|                                                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |      
|Supplemental disclosures of cash flow information:                                             |                                                                                                        |                                                            |                                                |         |       |        |        |        |       |        |       |       
|Cash paid during the period for:                                                               |                                                                                                        |                                                            |                                                |         |       |        |        |        |       |        |       |       
|                                                                                               | Interest                                                                                               |                                                            | $                                              | 288     |       |        | $      | 412    |       |        | $     | 599    |       
|                                                                                               | Income taxes                                                                                           |                                                            |                                                | 356     |       |        |        | 116    |       |        |       |       |       
|Supplemental Schedule of Non-cash Investing and Financing
    Activities:                      |                                                                                                        |                                                            |                                                |         |       |        |        |        |       |        |       |       
|Purchase of equipment and internal use software financed through
    capital lease obligations |                                                                                                        | $                                                          | 2,808                                          |         |       | $      | 545    |        |       | $      | 49    |       
|Repossession of shares in payment of note receivable from officer                              |                                                                                                        |                                                            | 169                                            |         |       |        |       |        |       |        |      |       
|Exchange of bridge notes into equity                                                           |                                                                                                        |                                                            |                                               |         |       |        |       |        |       |        | 4,007 |       
|Exchange of accrued related party interest into equity                                         |                                                                                                        |                                                            |                                               |         |       |        |       |        |       |        | 4,785 |       
|Exchange of notes payable for Series B convertible
    preferred stock                         |                                                                                                        |                                                            |                                               |         |       |        |       |        |       |        | 8,413 |       
|Issuance of Series C-2 redeemable preferred stock                                              |                                                                                                        |                                                            |                                               |         |       |        |       |        |       |        | 2,053 |       
|Cumulative dividends on Series B convertible preferred stock                                   |                                                                                                        |                                                            | 382                                            |         |       |        | 673    |        |       |        | 28    |       
|Accretion of Series C-2 redeemable preferred stock dividends                                   |                                                                                                        |                                                            |                                               |         |       |        | 63     |        |       |        |      |       



51



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GREENFIELD ONLINE, INC.





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




|         |                                                                            
|-------- | ---------------------------------------------------------------------------
|Note 1  | Organization of Business, Nature of Business and Basis of
    Presentation:



| |                                       
| | --------------------------------------
| | Organization and Basis of Presentation









| |                   
| | ------------------
| | Nature of Business









| |                                               
| | ----------------------------------------------
| | International Expansion  India and
    Europe



52



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##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                
| | -------------------------------
| | Liquidity and Capital Resources









| |                                                
| | -----------------------------------------------
| | Reverse Stock Split and Initial Public Offering





|         |                                            
|-------- | -------------------------------------------
|Note 2  | Summary of Significant Accounting Policies:



Consolidation.


Revenue Recognition.


53



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##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






Cost of Revenues.


Cash and Cash Equivalents.


Investments in Marketable Securities.




|                                   |  |            |        | 
|---------------------------------- |  | ---------- | ------ | 
|Investment Type                    |  | Fair Value |       
|                                   |  |            |       
|U.S. State debt obligations        |  | $          | 15,400 | 
|Corporate debt securities          |  |            | 2,000  | 
|                                   |  |            |       
|Fair value as of December 31, 2004 |  | $          | 17,400 | 
|                                   |  |            |       

Translation of Foreign Currencies.


Concentration of Credit Risk.


54



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##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounts receivable allowances.


Property and Equipment.


Goodwill and Other Intangible Assets.


Long-lived Assets.


Software Costs. Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use




Income Taxes.


55



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##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Fair Value of Financial Instruments.


Panelist Incentives.


Panel Acquisition Expenses.


Research and Development.


Stock-Based Compensation. Accounting for Stock Issued to Employees Accounting
for Stock-Based Compensation




56



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##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                                                                                                                   |                                                                        |                                                                            |         |       |         |   |        |      |      |   |        |       |        |  
|-------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- | -------------------------------------------------------------------------- | ------- | ----- | ------- | - | ------ | ---- | ---- | - | ------ | ----- | ------ | -
|                                                                                                                                                   |                                                                        | Years Ended December 31,                                                   |        
|                                                                                                                                                   |                                                                        |                                                                            |        
|                                                                                                                                                   |                                                                        | 2004                                                                       |         |       | 2003    |   |        | 2002 |     
|                                                                                                                                                   |                                                                        |                                                                            |         |       |         |   |        |      |     
|Net income (loss) as reported                                                                                                                      |                                                                        | $                                                                          | 5,718   |       |         | $ | 1,648  |      |      | $ | (2,394 | )    
|Add: Stock-based employee compensation expense included in net
    income (loss) as recorded                                                       |                                                                        |                                                                            | 1,345   |       |         |   | 1,282  |      |      |   | 1,572  |      
|Deduct: Total stock-based employee compensation expense
    determined under the fair value method for all awards, net of
    related tax effects* |                                                                        |                                                                            | (3,415  | )     |         |   | (1,421 | )    |      |   | (1,435 | )    
|                                                                                                                                                   |                                                                        |                                                                            |         |       |         |   |        |      |     
|Pro forma net income (loss)                                                                                                                        |                                                                        |                                                                            | 3,648   |       |         |   | 1,509  |      |      |   | (2,257 | )    
|                                                                                                                                                   | Less: Accretion of Series C-2 redeemable preferred stock
    dividends |                                                                            |         |      |         |   |        | (63  | )    |   |        |      |       
|                                                                                                                                                   |                                                                        | Charge to common stockholders for Series B convertible
    preferred stock |         |       | (28,054 | ) |        |      |     |   |        |       | (3,873 | )
|                                                                                                                                                   |                                                                        | Cumulative dividends on Series B convertible preferred stock               |         |       | (382    | ) |        |      | (673 | ) |        |       | (28    | )
|                                                                                                                                                   |                                                                        | Income allocable to participating preferred securities                     |         |       | (1,129  | ) |        |      | (646 | ) |        |       |       |  
|                                                                                                                                                   |                                                                        |                                                                            |         |       |         |   |        |      |     
|Pro forma net income (loss) available to common stockholders                                                                                       |                                                                        | $                                                                          | (25,917 | )     |         | $ | 127    |      |      | $ | (6,158 | )    
|                                                                                                                                                   |                                                                        |                                                                            |         |       |         |   |        |      |     
|Net income (loss) per share as reported:                                                                                                           |                                                                        |                                                                            |         |       |         |   |        |      |      |   |        |      
|                                                                                                                                                   | Basic                                                                  |                                                                            | $       | (2.70 | )       |   | $      | 0.07 |      |   | $      | (6.42 | )     
|                                                                                                                                                   | Diluted                                                                |                                                                            | $       | (2.70 | )       |   | $      | 0.06 |      |   | $      | (6.42 | )     
|Pro forma income (loss) per share:                                                                                                                 |                                                                        |                                                                            |         |       |         |   |        |      |      |   |        |      
|                                                                                                                                                   | Basic                                                                  |                                                                            | $       | (2.88 | )       |   | $      | 0.06 |      |   | $      | (6.28 | )     
|                                                                                                                                                   | Diluted                                                                |                                                                            | $       | (2.88 | )       |   | $      | 0.05 |      |   | $      | (6.28 | )     






|  |                                                                                                                                                                                                                                                                                                                                                          
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|* | Prior year estimates to the pro forma compensation expense have
    been adjusted to reflect actual forfeitures. The effects of
    these adjustments amounted to $2.4 million and
    $2.7 million, respectively for 2003 and 2002 or
    $0.87 per share-basic and $0.86 per share-diluted for
    2003 and $2.72 per share-basic and diluted for 2002.



57



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##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                       |  |              |      |   |      |  |      |      |  |  |      |  
|-------------------------------------- |  | ------------ | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                       |  | Years Ended  |     
|                                       |  | December 31, |     
|                                       |  |              |     
|                                       |  | 2004         |      |   | 2003 |  |      | 2002 | 
|                                       |  |              |      |   |      |  |      |      | 
|Risk-free interest rate                |  |              | 3.29 | % |      |  | 2.35 | %    |  |  | 1.45 | %
|Weighted average expected life (years) |  |              | 5    |   |      |  | 5    |      |  |  | 5    |  
|Volatility factor                      |  |              | 60   | % |      |  | 72   | %    |  |  | 63   | %
|Forfeiture rates                       |  |              |     |   |      |  |     |      |  |  |     |  
|Expected dividend yield                |  |              |     |   |      |  |     |      |  |  |     |  



Net income (loss) per share.


|                                                                               |  |              |       |  |      |  |       |      |  |  |     | 
|------------------------------------------------------------------------------ |  | ------------ | ----- |  | ---- |  | ----- | ---- |  |  | --- | 
|                                                                               |  | Years Ended  |      
|                                                                               |  | December 31, |      
|                                                                               |  |              |      
|                                                                               |  | 2004         |       |  | 2003 |  |       | 2002 | 
|                                                                               |  |              |       |  |      |  |       |      | 
|Weighted average number of common and potential common shares
    outstanding: |  |              |       |  |      |  |       |      |  |  |     | 
|Basic number of common shares outstanding                                      |  |              | 8,985 |  |      |  | 2,054 |      |  |  | 981 | 
|Dilutive effect of stock option grants                                         |  |              | 720   |  |      |  | 289   |      |  |  |    | 
|Dilutive effect of warrants                                                    |  |              | 17    |  |      |  | 4     |      |  |  |    | 
|                                                                               |  |              |       |  |      |  |       |      | 
|Diluted number of common and potential common shares outstanding               |  |              | 9,722 |  |      |  | 2,347 |      |  |  | 981 | 
|                                                                               |  |              |       |  |      |  |       |      | 

58



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Use of Estimates.




| |                                      
| | -------------------------------------
| | Recently Issued Accounting Standards.

Stock-Based Compensation:








59



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|         |                                  
|-------- | ---------------------------------
|Note 3  | Sale of Custom Research Business:







60



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|         |                                           
|-------- | ------------------------------------------
|Note 4  | Prepaid Expenses and Other Current Assets:



|                            |  |              |       |  |      |   |     | 
|--------------------------- |  | ------------ | ----- |  | ---- | - | --- | 
|                            |  | December 31, |      
|                            |  |              |      
|                            |  | 2004         |       |  | 2003 |  
|                            |  |              |       |  |      |  
|Other non-trade receivables |  | $            | 56    |  |      | $ | 28  | 
|Prepaid expenses            |  |              | 356   |  |      |   | 350 | 
|Prepaid insurance           |  |              | 367   |  |      |   | 5   | 
|Deferred project costs      |  |              | 92    |  |      |   | 68  | 
|Contract asset (Note 3)     |  |              |      |  |      |   | 17  | 
|Other                       |  |              | 374   |  |      |   | 30  | 
|                            |  |              |       |  |      |  
|                            |  | $            | 1,245 |  |      | $ | 498 | 
|                            |  |              |       |  |      |  



|         |                             
|-------- | ----------------------------
|Note 5  | Property and Equipment, net:



|                                       |  |            |     |   |              |   |        |      |  |   |        |  
|-------------------------------------- |  | ---------- | --- | - | ------------ | - | ------ | ---- |  | - | ------ | -
|                                       |  | Estimated  |     |   | December 31, |  
|                                       |  | Useful     |     |   |              |  
|                                       |  | Life-Years |     |   | 2004         |   |        | 2003 | 
|                                       |  |            |     |   |              |   |        |      | 
|Computer and data processing equipment |  |            | 2-5 |   |              | $ | 8,498  |      |  | $ | 5,423  |  
|Leasehold improvements                 |  |            | 2-5 | * |              |   | 1,505  |      |  |   | 1,366  |  
|Furniture and fixtures                 |  |            | 7   |   |              |   | 1,732  |      |  |   | 1,097  |  
|Telephone system                       |  |            | 5   |   |              |   | 606    |      |  |   | 281    |  
|Automobile(s)                          |  |            | 4   |   |              |   | 88     |      |  |   | 88     |  
|                                       |  |            |     |   |              |   |        |      | 
|                                       |  |            |     |   |              |   | 12,429 |      |  |   | 8,255  |  
|Less: Accumulated depreciation         |  |            |     |   |              |   | (6,818 | )    |  |   | (5,835 | )
|                                       |  |            |     |   |              |   |        |      | 
|Property and equipment, net            |  |            |     |   |              | $ | 5,611  |      |  | $ | 2,420  |  
|                                       |  |            |     |   |              |   |        |      | 






|  |                                                                                   
|- | ----------------------------------------------------------------------------------
|* | Lesser of the estimated life of the asset or the life of the
    underlying lease.



61



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                       |  |              |        |   |      |   |        |  
|-------------------------------------- |  | ------------ | ------ | - | ---- | - | ------ | -
|                                       |  | December 31, |       
|                                       |  |              |       
|                                       |  | 2004         |        |   | 2003 |  
|                                       |  |              |        |   |      |  
|Computer and data processing equipment |  | $            | 5,066  |   |      | $ | 3,030  |  
|Leasehold improvements                 |  |              | 30     |   |      |   |       |  
|Furniture and fixtures                 |  |              | 1,232  |   |      |   | 947    |  
|Telephone system                       |  |              | 594    |   |      |   | 241    |  
|Automobile                             |  |              | 58     |   |      |   | 58     |  
|                                       |  |              |        |   |      |  
|                                       |  |              | 6,980  |   |      |   | 4,276  |  
|Accumulated depreciation               |  |              | (3,639 | ) |      |   | (3,024 | )
|                                       |  |              |        |   |      |  
|Assets under capital leases, net       |  | $            | 3,341  |   |      | $ | 1,252  |  
|                                       |  |              |        |   |      |  



|         |                              
|-------- | -----------------------------
|Note 6  | Other Intangible Assets, Net:



|                               |  |            |    |  |              |   |        |      |  |   |        |  
|------------------------------ |  | ---------- | -- |  | ------------ | - | ------ | ---- |  | - | ------ | -
|                               |  | Estimated  |    |  | December 31, |  
|                               |  | Useful     |    |  |              |  
|                               |  | Life-Years |    |  | 2004         |   |        | 2003 | 
|                               |  |            |    |  |              |   |        |      | 
|Internal use software          |  |            | 2  |  |              | $ | 2,317  |      |  | $ | 2,047  |  
|Panel members                  |  |            | 4  |  |              |   | 2,849  |      |  |   | 712    |  
|Domain names and service marks |  |            | 10 |  |              |   | 340    |      |  |   |       |  
|                               |  |            |    |  |              |   |        |      | 
|                               |  |            |    |  |              |   | 5,506  |      |  |   | 2,759  |  
|Less: Accumulated amortization |  |            |    |  |              |   | (1,859 | )    |  |   | (2,448 | )
|                               |  |            |    |  |              |   |        |      | 
|Other intangible assets, net   |  |            |    |  |              | $ | 3,647  |      |  | $ | 311    |  
|                               |  |            |    |  |              |   |        |      | 





|     |  |        |       | 
|---- |  | ------ | ----- | 
|     |  | Amount |      
|     |  |        |      
|2005 |  | $      | 1,247 | 
|2006 |  | $      | 851   | 
|2007 |  | $      | 754   | 
|2008 |  | $      | 598   | 
|2009 |  | $      | 34    | 

62



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|                                 |  |              |     |   |      |   |     |  
|-------------------------------- |  | ------------ | --- | - | ---- | - | --- | -
|                                 |  | December 31, |    
|                                 |  |              |    
|                                 |  | 2004         |     |   | 2003 |  
|                                 |  |              |     |   |      |  
|Internal use software            |  | $            | 62  |   |      | $ | 13  |  
|Accumulated amortization         |  |              | (16 | ) |      |   | (10 | )
|                                 |  |              |     |   |      |  
|Assets under capital leases, net |  | $            | 46  |   |      | $ | 3   |  
|                                 |  |              |     |   |      |  



|         |                         
|-------- | ------------------------
|Note 7  | Acquisition of Business:







63



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                               |  |            |    |  |             |   |       | 
|------------------------------ |  | ---------- | -- |  | ----------- | - | ----- | 
|                               |  | Estimated  |    |  |            
|                               |  | Useful     |    |  | October 21, |  
|                               |  | Life-Years |    |  | 2004        |  
|                               |  |            |    |  |             |  
|Panel members                  |  |            | 4  |  |             | $ | 2,849 | 
|Domain names and service marks |  |            | 10 |  |             |   | 340   | 
|                               |  |            |    |  |             |  
|Net assets acquired            |  |            |    |  |             | $ | 3,189 | 
|                               |  |            |    |  |             |  





|                                                     |                                                                        |                                                              |         |         |              |   |        |       |      |  
|---------------------------------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------------------ | ------- | ------- | ------------ | - | ------ | ----- | ---- | -
|                                                     |                                                                        | Year Ended                                                   |         |         | Year Ended   |  
|                                                     |                                                                        | December 31,                                                 |         |         | December 31, |  
|                                                     |                                                                        | 2004                                                         |         |         | 2003         |  
|                                                     |                                                                        |                                                              |         |         |              |  
|                                                     |                                                                        | (Unaudited)                                                  |         |         | (Unaudited)  |  
|                                                     |                                                                        | (In thousands, except per                                    |        
|                                                     |                                                                        | share data)                                                  |        
|Net revenues                                         |                                                                        | $                                                            | 44,428  |         |              | $ | 25,868 |      
|                                                     |                                                                        |                                                              |         |         |              |  
|Operating income                                     |                                                                        | $                                                            | 8,202   |         |              | $ | 1,502  |      
|                                                     |                                                                        |                                                              |         |         |              |  
|Net income                                           |                                                                        | $                                                            | 6,698   |         |              | $ | 1,469  |      
|                                                     | Less: Accretion of Series C-2 redeemable preferred stock
    dividends |                                                              |         | (28,054 | )            |   |        | (63   | )   
|                                                     |                                                                        | Cumulative dividends on Series B convertible preferred stock |         |         | (382         | ) |        |       | (673 | )
|                                                     |                                                                        | Income allocable to participating preferred securities       |         |         | (1,564       | ) |        |       | (761 | )
|                                                     |                                                                        |                                                              |         |         |              |  
|Net loss available to common stockholders            |                                                                        | $                                                            | (23,302 | )       |              | $ | (28    | )    
|                                                     |                                                                        |                                                              |         |         |              |  
|Net loss per share available to common stockholders: |                                                                        |                                                              |         |         |              |   |        |      
|                                                     | Basic                                                                  |                                                              | $       | (2.59   | )            |   | $      | (0.01 | )   
|                                                     |                                                                        |                                                              |         |         |              |  
|                                                     | Diluted                                                                |                                                              | $       | (2.59   | )            |   | $      | (0.01 | )   
|                                                     |                                                                        |                                                              |         |         |              |  
|Weighted average shares outstanding:                 |                                                                        |                                                              |         |         |              |   |        |      
|                                                     | Basic                                                                  |                                                              |         | 8,985   |              |   |        | 2,054 |     
|                                                     |                                                                        |                                                              |         |         |              |  
|                                                     | Diluted                                                                |                                                              |         | 9,722   |              |   |        | 2,347 |     
|                                                     |                                                                        |                                                              |         |         |              |  

64



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |                                                
|-------- | -----------------------------------------------
|Note 8  | Accrued Expenses and Other Current Liabilities:



|                                                   |  |              |       |  |      |   |       | 
|-------------------------------------------------- |  | ------------ | ----- |  | ---- | - | ----- | 
|                                                   |  | December 31, |      
|                                                   |  |              |      
|                                                   |  | 2004         |       |  | 2003 |  
|                                                   |  |              |       |  |      |  
|Accrued payroll and commissions                    |  | $            | 1,439 |  |      | $ | 1,499 | 
|Panelist incentives                                |  |              | 896   |  |      |   | 1,118 | 
|Accrued panel costs                                |  |              | 1,076 |  |      |   | 401   | 
|Income and other taxes payable                     |  |              | 481   |  |      |   | 323   | 
|Fees associated with the follow-on public offering |  |              | 350   |  |      |   |      | 
|Software license liability                         |  |              | 269   |  |      |   | 223   | 
|Customer deposits                                  |  |              | 118   |  |      |   | 235   | 
|Other                                              |  |              | 1,263 |  |      |   | 780   | 
|                                                   |  |              |       |  |      |  
|                                                   |  | $            | 5,892 |  |      | $ | 4,579 | 
|                                                   |  |              |       |  |      |  







|         |                 
|-------- | ----------------
|Note 9  | Related Parties:





| |                                   
| | ----------------------------------
| | Notes receivable from Stockholders





65



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounting
for Stock Compensation Arrangements with Employer
Loan Features










| |                               
| | ------------------------------
| | Related Party Interest Expense





|          |                           
|--------- | --------------------------
|Note 10  | Revolving Credit Facility:



66



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|          |                                           
|--------- | ------------------------------------------
|Note 11  | Redeemable or Convertible Preferred Stock:



| |                                                     
| | ----------------------------------------------------
| | Series C-2 Redeemable Non-Voting Preferred
    Stock











67



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |                                     
| | ------------------------------------
| | Series B Convertible Preferred Stock









The Effect of the
Calculation of Earnings per Share for the Redemption or Induced
Conversion of Preferred Stock


68



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|          |                      
|--------- | ---------------------
|Note 12  | Stockholders Equity:



| |                 
| | ----------------
| | Recapitalization







| |             
| | ------------
| | Common Stock





69



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |                                                       
| | ------------------------------------------------------
| | Series A Convertible Participating Preferred
    Stock











70



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                                         
| | --------------------------------------------------------
| | Series C-1 Convertible Participating Preferred
    Stock











| |                                  
| | ---------------------------------
| | Unearned Stock-Based Compensation





| |         
| | --------
| | Warrants





71



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |               
| | --------------
| | Treasury Stock





|          |               
|--------- | --------------
|Note 13  | Stock Options:



| |                       
| | ----------------------
| | 1999 Stock Option Plan







| |                           
| | --------------------------
| | 2004 Equity Incentive Plan



72



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




provided,
that


|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  |  |   |  |  |   |       |  |  |   |       | 
|-------------------------------------------------------------------- |  | ---------------------- | ------- | -------- | -------------------------- | - | --------- | ----- | -------- | --------- | ------ |  |  | ------------------ | --------- |  | ----- | - | ----- |  |  |  | ------- | - |  | - | ----- |  |  |  | - |  |  | - | ----- |  |  | - | ----- | 
|                                                                     |  | 1999 Stock Option Plan |         |          | 2004 Equity Incentive Plan |  
|                                                                     |  |                        |         |          |                            |  
|                                                                     |  |                        |         | Weighted |                            |   |           |       | Weighted |          
|                                                                     |  |                        |         | Average  |                            |   |           |       | Average  |          
|                                                                     |  | Number of              |         |          |                            |   | Price Per |       |          | Number of |        |  |  |                    | Price Per | 
|                                                                     |  | Shares                 |         |          | Option Price Range         |   |           | Share |          |           | Shares |  |  | Option Price Range |           |  | Share |  
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |  
|Outstanding at December 31, 2001                                     |  |                        | 204,846 |          |                            | $ | 0.42      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 8.41  |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Granted                                                              |  |                        | 1,875   |          |                            | $ | 0.42      |       |          |           | -      |  |  | $                  | 0.42      |  |       | $ | 0.42  |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|Canceled                                                             |  |                        | (28,908 | )        |                            | $ | 0.42      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 14.34 |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Outstanding at December 31, 2002                                     |  |                        | 177,813 |          |                            | $ | 0.42      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 7.36  |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Granted                                                              |  |                        | 600,486 |          |                            | $ | 0.14      |       |          |           | -      |  |  | $                  | 2.66      |  |       | $ | 2.15  |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|Canceled                                                             |  |                        | (13,572 | )        |                            | $ | 0.42      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 11.09 |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|Exercised                                                            |  |                        | (3,590  | )        |                            | $ | 0.42      |       |          |           | -      |  |  | $                  | 10.36     |  |       | $ | 0.67  |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Outstanding at December 31, 2003                                     |  |                        | 761,137 |          |                            | $ | 0.14      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 3.22  |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Granted                                                              |  |                        | 178,574 |          |                            | $ | 17.64     |       |          |           | -      |  |  | $                  | 17.64     |  |       | $ | 17.64 |  |  |  | 766,180 |   |  | $ | 13.00 |  |  |  | - |  |  | $ | 20.71 |  |  | $ | 13.68 | 
|Canceled                                                             |  |                        | (19,569 | )        |                            | $ | 0.42      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 3.57  |  |  |  | (1,786  | ) |  | $ | 13.00 |  |  |  | - |  |  | $ | 13.00 |  |  | $ | 13.00 | 
|Exercised                                                            |  |                        | (48,083 | )        |                            | $ | 0.14      |       |          |           | -      |  |  | $                  | 10.36     |  |       | $ | 0.51  |  |  |  |        |   |  | $ |      |  |  |  | - |  |  | $ |      |  |  | $ |      | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Outstanding at December 31, 2004                                     |  |                        | 872,059 |          |                            | $ | 0.14      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 6.31  |  |  |  | 764,394 |   |  | $ | 13.00 |  |  |  | - |  |  | $ | 20.71 |  |  | $ | 13.68 | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Exercisable at December 31, 2004                                     |  |                        | 271,963 |          |                            | $ | 0.14      |       |          |           | -      |  |  | $                  | 168.84    |  |       | $ | 5.35  |  |  |  | 200,000 |   |  | $ | 13.00 |  |  |  | - |  |  | $ | 13.00 |  |  | $ | 13.00 | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Available for future option grants before reallocation               |  |                        | 22,942  |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  | 21,320  |   |  |   |       |  |  |  |   |  |  |   |       |  |  |   |       | 
|Options granted under the 1999 Plan canceled after July 14,
    2004 |  |                        | (12     | )        |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  | 12      |   |  |   |       |  |  |  |   |  |  |   |       |  |  |   |       | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 
|Available for future option grants at December 31, 2004              |  |                        | 22,930  |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  | 21,332  |   |  |   |       |  |  |  |   |  |  |   |       |  |  |   |       | 
|                                                                     |  |                        |         |          |                            |   |           |       |          |           |        |  |  |                    |           |  |       |   |       |  |  |  |         |   |  |   |       |  |  | 

73



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                           |  |           |         |  |              |          |              |           |            |   |            |  |  |   |       | 
|---------------------------------------------------------- |  | --------- | ------- |  | ------------ | -------- | ------------ | --------- | ---------- | - | ---------- |  |  | - | ----- | 
|                                                           |  |           |         |  |              |          |              | Weighted  |           
|                                                           |  |           |         |  |              | Weighted |              |           | Average    |  
|                                                           |  |           |         |  |              | Average  |              |           | Fair Value |  
|                                                           |  | Number of |         |  | Option Price |          |              | Price per |            |   | at Date of | 
|                                                           |  | Shares    |         |  | Range        |          |              | Share     |            |   | Grant      | 
|                                                           |  |           |         |  |              |          |              |           |            |   |            | 
|1999 Stock Option Plan                                     |  |           |         |  |              |          |              |           |            |   |            |  |  |   |       | 
|Year ended December 31, 2002:                              |  |           |         |  |              |          |              |           |            |   |            |  |  |   |       | 
|Options granted with an exercise price greater than market |  |           | 1,875   |  |              | $        | 0.42-$0.42   |           |            | $ | 0.42       |  |  | $ | 0.23  | 
|Year ended December 31, 2003:                              |  |           |         |  |              |          |              |           |            |   |            |  |  |   |       | 
|Options granted with an exercise price less than market    |  |           | 600,486 |  |              | $        | 0.14-$2.66   |           |            | $ | 2.15       |  |  | $ | 7.89  | 
|Year ended December 31, 2004:                              |  |           |         |  |              |          |              |           |            |   |            |  |  |   |       | 
|Options granted with an exercise price equal to market     |  |           | 17,858  |  |              | $        | 17.64-$17.64 |           |            | $ | 17.64      |  |  | $ | 10.65 | 
|Options granted with an exercise price greater than market |  |           | 160,716 |  |              | $        | 17.64-$17.64 |           |            | $ | 17.64      |  |  | $ | 10.65 | 
|2004 Equity Incentive Plan                                 |  |           |         |  |              |          |              |           |            |   |            |  |  |   |       | 
|Year ended December 31, 2004:                              |  |           |         |  |              |          |              |           |            |   |            |  |  |   |       | 
|Options granted with an exercise price less than market    |  |           | 12,500  |  |              | $        | 15.70-$15.70 |           |            | $ | 15.70      |  |  | $ | 8.29  | 
|Options granted with an exercise price equal to market     |  |           | 135,501 |  |              | $        | 14.71-$20.71 |           |            | $ | 16.55      |  |  | $ | 8.50  | 
|Options granted with an exercise price greater than market |  |           | 618,179 |  |              | $        | 13.00-$17.81 |           |            | $ | 13.01      |  |  | $ | 6.83  | 





|                         |  |                     |         |          |                     |  |           |          |  |   |             |          |  |          |         |  |  |   |        | 
|------------------------ |  | ------------------- | ------- | -------- | ------------------- |  | --------- | -------- |  | - | ----------- | -------- |  | -------- | ------- |  |  | - | ------ | 
|                         |  | Options Outstanding |         |          | Options Exercisable | 
|                         |  |                     |         |          |                     | 
|                         |  |                     |         | Weighted |                     |  | Weighted  |          |  |   |             | Weighted | 
|                         |  | Number of           |         |          | Average             |  |           | Average  |  |   | Number of   |          |  | Average  |        
|                         |  | Outstanding         |         |          | Remaining           |  |           | Exercise |  |   | Exercisable |          |  | Exercise |        
|Range of Exercise Prices |  | Options             |         |          | Contractual Life    |  |           | Price    |  |   | Options     |          |  | Price    |        
|                         |  |                     |         |          |                     |  |           |          |  |   |             |          |  |          |        
|$  0.00 - $  0.70        |  |                     | 213,025 |          |                     |  | 7.1 years |          |  | $ | 0.32        |          |  |          | 123,664 |  |  | $ | 0.40   | 
|$  0.71 - $  2.80        |  |                     | 456,686 |          |                     |  | 8.8 years |          |  | $ | 2.66        |          |  |          | 124,525 |  |  | $ | 2.66   | 
|$  2.81 - $ 12.00        |  |                     | 9,155   |          |                     |  | 6.0 years |          |  | $ | 9.87        |          |  |          | 9,155   |  |  | $ | 9.87   | 
|$ 12.01 - $ 13.00        |  |                     | 615,393 |          |                     |  | 9.4 years |          |  | $ | 13.00       |          |  |          | 200,000 |  |  | $ | 13.00  | 
|$ 13.01 - $ 17.00        |  |                     | 83,501  |          |                     |  | 7.6 years |          |  | $ | 14.91       |          |  |          |        |  |  | $ | 0.00   | 
|$ 17.01 - $ 20.00        |  |                     | 241,263 |          |                     |  | 7.3 years |          |  | $ | 17.74       |          |  |          | 6,689   |  |  | $ | 17.08  | 
|$ 20.01 - $ 42.00        |  |                     | 12,665  |          |                     |  | 8.5 years |          |  | $ | 22.66       |          |  |          | 3,165   |  |  | $ | 29.39  | 
|$ 42.01 - $140.00        |  |                     | 466     |          |                     |  | 5.8 years |          |  | $ | 106.82      |          |  |          | 466     |  |  | $ | 106.82 | 
|$140.01 - $168.84        |  |                     | 4,299   |          |                     |  | 5.1 years |          |  | $ | 168.84      |          |  |          | 4,299   |  |  | $ | 168.84 | 

74



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|          |                 
|--------- | ----------------
|Note 14  | Taxes on Income:



|                                      |                    |                     |       |   |       |   |       |      |       |   |        |   |        |  
|------------------------------------- | ------------------ | ------------------- | ----- | - | ----- | - | ----- | ---- | ----- | - | ------ | - | ------ | -
|                                      |                    | For the Years Ended |      
|                                      |                    | December 31,        |      
|                                      |                    |                     |      
|                                      |                    | 2004                |       |   | 2003  |   |       | 2002 |      
|                                      |                    |                     |       |   |       |   |       |      |      
|Income (loss) before income taxes:    |                    |                     |       |   |       |   |       |      |       |   |        |  
|                                      |                    | Domestic            |       | $ | 5,855 |   |       | $    | 1,853 |   |        | $ | (2,963 | )
|                                      |                    | Foreign             |       |   | 274   |   |       |      | (55   | ) |        |   |       |  
|                                      |                    |                     |       |   |       |   |       |      |      
|                                      |                    | $                   | 6,129 |   |       | $ | 1,798 |      |       | $ | (2,963 | )
|                                      |                    |                     |       |   |       |   |       |      |      
|Provision (benefit) for income taxes: |                    |                     |       |   |       |   |       |      |       |   |        |  
|                                      | Currently payable: |                     |       |   |       |   |       |      |       |   |        |   |       
|                                      |                    | Federal             |       | $ | 185   |   |       | $    | 74    |   |        | $ |       |  
|                                      |                    | State               |       |   | 209   |   |       |      | 73    |   |        |   | (569   | )
|                                      |                    | Foreign             |       |   | 17    |   |       |      | 3     |   |        |   |       |  
|                                      |                    |                     |       |   |       |   |       |      |      
|Total income tax provision (benefit)  |                    | $                   | 411   |   |       | $ | 150   |      |       | $ | (569   | )
|                                      |                    |                     |       |   |       |   |       |      |      





|                                   |                               |                |         |   |              |   |         |   | 
|---------------------------------- | ----------------------------- | -------------- | ------- | - | ------------ | - | ------- | - | 
|                                   |                               | December 31,   |         |   | December 31, |  
|                                   |                               | 2004           |         |   | 2003         |  
|                                   |                               |                |         |   |              |  
|                                   |                               | (In thousands) |        
|Deferred tax assets (liabilities): |                               |                |         |   |              |   |         |  
|Net operating loss carryforwards   |                               | $              | 14,108  |   |              | $ | 17,884  |  
|Unearned stock-based compensation  |                               |                | 3,544   |   |              |   | 3,018   |  
|Capitalized panel costs            |                               |                | 1,102   |   |              |   | 892     |  
|Federal and state tax credits      |                               |                | 664     |   |              |   | 430     |  
|Other deferred tax assets          |                               |                | 399     |   |              |   | 479     |  
|                                   |                               |                |         |   |              |  
|Net deferred tax asset             |                               |                | 19,817  |   |              |   | 22,703  |  
|Valuation allowance                |                               |                | (19,817 | ) |              |   | (22,703 | )
|                                   |                               |                |         |   |              |  
|                                   | Total net deferred tax assets |                | $       |  |              |   | $       |  | 
|                                   |                               |                |         |   |              |  





75



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|                                                      |       |                     |       |     |      |  |       |      |   |  |       |       |   
|----------------------------------------------------- | ----- | ------------------- | ----- | --- | ---- |  | ----- | ---- | - |  | ----- | ----- | --
|                                                      |       | For the Years Ended |      
|                                                      |       | December 31,        |      
|                                                      |       |                     |      
|                                                      |       | 2004                |       |     | 2003 |  |       | 2002 |  
|                                                      |       |                     |       |     |      |  |       |      |  
|Statutory federal income tax rate                     |       |                     | 34.0  | %   |      |  | 34.0  | %    |   |  | 34.0  | %    
|State income taxes, net of federal income tax benefit |       |                     | 9.6   |     |      |  | 2.7   |      |   |  |      |      
|State research and development credit refunds         |       |                     |      |     |      |  |      |      |   |  | (19.2 | )    
|Alternative minimum taxes                             |       |                     |      |     |      |  | 4.1   |      |   |  |      |      
|Deferred compensation and other                       |       |                     | 6.7   |     |      |  | 1.4   |      |   |  | (2.4  | )    
|Change in deferred tax asset valuation allowance      |       |                     | (42.8 | )   |      |  | (33.5 | )    |   |  | (31.7 | )    
|Goodwill amortization                                 |       |                     |      |     |      |  |      |      |   |  |      |      
|Other reconciling items                               |       |                     | (0.8  | )   |      |  | (0.4  | )    |   |  | 0.1   |      
|                                                      |       |                     |       |     |      |  |       |      |  
|                                                      | Total |                     |       | 6.7 | %    |  |       | 8.3  | % |  |       | (19.2 | )%
|                                                      |       |                     |       |     |      |  |       |      |  

76



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|          |                               
|--------- | ------------------------------
|Note 15  | Commitments and Contingencies:



| |                                  
| | ---------------------------------
| | Lease Commitments and Obligations



|                                 |                                                 |         |       |       |           |   |       |  | 
|-------------------------------- | ----------------------------------------------- | ------- | ----- | ----- | --------- | - | ----- |  | 
|Fiscal Years Ending December 31, |                                                 | Capital |       |       | Operating |  
|                                 |                                                 |         |       |       |           |  
|2005                             |                                                 | $       | 1,475 |       |           | $ | 1,697 | 
|2006                             |                                                 |         | 1,426 |       |           |   | 1,541 | 
|2007                             |                                                 |         | 632   |       |           |   | 1,450 | 
|2008                             |                                                 |         |      |       |           |   | 1,395 | 
|2009                             |                                                 |         |      |       |           |   | 1,178 | 
|2010 and thereafter              |                                                 |         |      |       |           |   |      | 
|                                 |                                                 |         |       |       |           |  
|Total minimum lease payments     |                                                 |         | 3,533 |       |           | $ | 7,261 | 
|                                 |                                                 |         |       |       |           |  
|Amount representing interest     |                                                 |         | (403  | )     |           |   |       | 
|                                 |                                                 |         |       |       |           |  
|                                 | Present value of minimum capital lease payments |         | $     | 3,130 |           |   |       |  | 
|                                 |                                                 |         |       |       |           |  







| |                     
| | --------------------
| | Legal Contingencies:





|          |                       
|--------- | ----------------------
|Note 16  | Employee Benefit Plan:



77



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                  
| | ---------------------------------
| | 2004 Employee Stock Purchase Plan









|          |                   
|--------- | ------------------
|Note 17  | Subsequent Events:



| |                         
| | ------------------------
| | Rapidata.net Acquisition





| |                          
| | -------------------------
| | Zing Wireless Acquisition



78



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                          |  |             |        |  
|------------------------- |  | ----------- | ------ | -
|                          |  | February 8, |       
|                          |  | 2005        |       
|                          |  |             |       
|                          |  | (Unaudited) |       
|Cash                      |  | $           | 833    |  
|Trade Receivables         |  |             | 2,321  |  
|Other current assets      |  |             | 318    |  
|Property and equipment    |  |             | 244    |  
|Other Intangible assets   |  |             | 3,886  |  
|Goodwill                  |  |             | 26,098 |  
|                          |  |             |       
|Total assets acquired     |  |             | 33,700 |  
|Accounts payable          |  |             | (653   | )
|Accrued expenses          |  |             | (999   | )
|Other current liabilities |  |             | (31    | )
|Long term liabilities     |  |             | (78    | )
|                          |  |             |       
|Net assets acquired       |  | $           | 31,939 |  
|                          |  |             |       



|                               |  |            |    |             |             |   |       | 
|------------------------------ |  | ---------- | -- | ----------- | ----------- | - | ----- | 
|                               |  | Estimated  |    |             |            
|                               |  | Useful     |    |             | February 8, |  
|                               |  | Life-Years |    |             | 2005        |  
|                               |  |            |    |             |             |  
|                               |  |            |    | (Unaudited) |            
|Internal use software          |  |            | 0  | .42         |             | $ | 156   | 
|Panel members                  |  |            | 5  |             |             |   | 2,278 | 
|Domain names and service marks |  |            | 10 |             |             |   | 115   | 
|Customer relationships         |  |            | 5  |             |             |   | 494   | 
|Non-competition agreements     |  |            | 3  |             |             |   | 436   | 
|Affiliate Network              |  |            | 3  |             |             |   | 281   | 
|Backlog                        |  |            | 0  | .25         |             |   | 126   | 
|                               |  |            |    |             |             |  
|Other intangible assets        |  |            |    |             |             | $ | 3,886 | 
|                               |  |            |    |             |             |  

79



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Quarterly Financial Data (unaudited):




|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |        |   |   |        |        | 
|-------------------------------------------------------------------------------- | ------------------------------------------------------------ | ------- | ----- | ----- | ------ | - | ------ | ------ | - | - | ------- | ------ | - | - | ------ | ------ | 
|                                                                                 |                                                              | Quarter |      
|                                                                                 |                                                              |         |      
|Fiscal Year Ended December 31, 2004(1)                                           |                                                              | First   |       |       | Second |   |        | Third  |   |   | Fourth  |       
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Net revenues                                                                     |                                                              | $       | 8,623 |       |        | $ | 10,229 |        |   | $ | 12,015  |        |   | $ | 13,561 |       
|Cost of revenues                                                                 |                                                              |         | 2,813 |       |        |   | 2,180  |        |   |   | 2,515   |        |   |   | 3,573  |       
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Gross profit                                                                     |                                                              |         | 5,810 |       |        |   | 8,049  |        |   |   | 9,500   |        |   |   | 9,988  |       
|Operating expenses                                                               |                                                              |         | 5,376 |       |        |   | 6,103  |        |   |   | 7,179   |        |   |   | 7,538  |       
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Operating income                                                                 |                                                              |         | 434   |       |        |   | 1,946  |        |   |   | 2,321   |        |   |   | 2,450  |       
|Interest income (expense), net                                                   |                                                              |         | (83   | )     |        |   | (87    | )      |   |   | (1,017  | )      |   |   | 217    |       
|Other expense, net                                                               |                                                              |         | (5    | )     |        |   | (11    | )      |   |   | (10     | )      |   |   | (26    | )     
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Income before income taxes                                                       |                                                              |         | 346   |       |        |   | 1,848  |        |   |   | 1,294   |        |   |   | 2,641  |       
|Provision for income taxes                                                       |                                                              |         | 21    |       |        |   | 121    |        |   |   | 51      |        |   |   | 218    |       
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Net income                                                                       |                                                              |         | 325   |       |        |   | 1,727  |        |   |   | 1,243   |        |   |   | 2,423  |       
|Less: Charge to common stockholders for Series B
    convertible preferred stock |                                                              |         |      |       |        |   |       |        |   |   | (28,054 | )      |   |   |       |       
|                                                                                 | Cumulative dividends on Series B convertible preferred stock |         |       | (168  | )      |   |        | (168   | ) |   |         | (46    | ) |   |        |       | 
|                                                                                 | Income allocable to participating preferred securities       |         |       | (131  | )      |   |        | (1,302 | ) |   |         | (131   | ) |   |        |       | 
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Net income (loss) available to common stockholders                               |                                                              | $       | 26    |       |        | $ | 257    |        |   | $ | (26,988 | )      |   | $ | 2,423  |       
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Net Income (loss) per share  basic and diluted:                                 |                                                              |         |       |       |        |   |        |        |   |   |         |        |   |   |        |       
|                                                                                 | Basic                                                        |         | $     | 0.01  |        |   | $      | 0.13   |   |   | $       | (1.91  | ) |   | $      | 0.14   | 
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|                                                                                 | Diluted                                                      |         | $     | 0.01  |        |   | $      | 0.10   |   |   | $       | (1.91  | ) |   | $      | 0.13   | 
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|Weighted average shares outstanding:                                             |                                                              |         |       |       |        |   |        |        |   |   |         |        |   |   |        |       
|                                                                                 | Basic                                                        |         |       | 2,054 |        |   |        | 2,052  |   |   |         | 14,145 |   |   |        | 17,689 | 
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       
|                                                                                 | Diluted                                                      |         |       | 3,046 |        |   |        | 2,693  |   |   |         | 14,969 |   |   |        | 18,589 | 
|                                                                                 |                                                              |         |       |       |        |   |        |        |   |   |         |       






|    |                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The sum of quarterly income (loss) per share may differ from the
    full-year amounts due to rounding and the effect of weighting
    shares outstanding in the quarters rather than the full year.

80



---



##### 



GREENFIELD ONLINE, INC.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |       |   |   |       |       |  
|-------------------------------------------- | ------------------------------------------------------------ | ------- | ----- | ----- | ------ | - | ----- | ----- | - | - | ------ | ----- | - | - | ----- | ----- | -
|                                             |                                                              | Quarter |      
|                                             |                                                              |         |      
|Fiscal Year Ended December 31, 2003(1)       |                                                              | First   |       |       | Second |   |       | Third |   |   | Fourth |      
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Net revenues                                 |                                                              | $       | 4,591 |       |        | $ | 5,948 |       |   | $ | 7,048  |       |   | $ | 8,281 |      
|Cost of revenues                             |                                                              |         | 1,531 |       |        |   | 1,956 |       |   |   | 2,574  |       |   |   | 2,823 |      
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Gross profit                                 |                                                              |         | 3,060 |       |        |   | 3,992 |       |   |   | 4,474  |       |   |   | 5,458 |      
|Operating expenses                           |                                                              |         | 3,162 |       |        |   | 3,291 |       |   |   | 3,994  |       |   |   | 4,840 |      
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Operating income (loss)                      |                                                              |         | (102  | )     |        |   | 701   |       |   |   | 480    |       |   |   | 618   |      
|Interest expense, net                        |                                                              |         | (125  | )     |        |   | (112  | )     |   |   | (128   | )     |   |   | (130  | )    
|Other income (expense), net                  |                                                              |         | 600   |       |        |   |      |       |   |   |       |       |   |   | (4    | )    
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Income before income taxes                   |                                                              |         | 373   |       |        |   | 589   |       |   |   | 352    |       |   |   | 484   |      
|Provision for income taxes                   |                                                              |         | 23    |       |        |   | 40    |       |   |   | 17     |       |   |   | 70    |      
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Net income                                   |                                                              |         | 350   |       |        |   | 549   |       |   |   | 335    |       |   |   | 414   |      
|Less: Accretion of preferred stock dividends |                                                              |         | (32   | )     |        |   | (31   | )     |   |   |       |       |   |   |      |      
|                                             | Cumulative dividends on Series B convertible preferred stock |         |       | (168  | )      |   |       | (168  | ) |   |        | (168  | ) |   |       | (169  | )
|                                             | Income allocable to participating preferred securities       |         |       | (125  | )      |   |       | (292  | ) |   |        | (139  | ) |   |       | (205  | )
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Net income available to common stockholders  |                                                              | $       | 25    |       |        | $ | 58    |       |   | $ | 28     |       |   | $ | 40    |      
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Net income per share  basic and diluted:    |                                                              |         |       |       |        |   |       |       |   |   |        |       |   |   |       |      
|                                             | Basic                                                        |         | $     | 0.01  |        |   | $     | 0.03  |   |   | $      | 0.01  |   |   | $     | 0.02  |  
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|                                             | Diluted                                                      |         | $     | 0.01  |        |   | $     | 0.02  |   |   | $      | 0.01  |   |   | $     | 0.01  |  
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|Weighted average shares outstanding:         |                                                              |         |       |       |        |   |       |       |   |   |        |       |   |   |       |      
|                                             | Basic                                                        |         |       | 2,054 |        |   |       | 2,054 |   |   |        | 2,054 |   |   |       | 2,054 |  
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      
|                                             | Diluted                                                      |         |       | 2,184 |        |   |       | 2,339 |   |   |        | 2,439 |   |   |       | 2,836 |  
|                                             |                                                              |         |       |       |        |   |       |       |   |   |        |      






|    |                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The sum of quarterly income per share may differ from the
    full-year amounts due to rounding, or in the case of diluted
    earnings per share, because securities that are anti-dilutive in
    certain quarters may not be anti-dilutive on a full-year basis.

81



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##### 








|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
    ACCOUNTING AND FINANCIAL DISCLOSURE








|         |                        
|-------- | -----------------------
|Item 9A. | CONTROLS AND PROCEDURES



| |                                                         
| | --------------------------------------------------------
| | Managements Responsibility for Financial
    Statements





| |                                                                                  
| | ---------------------------------------------------------------------------------
| | Conclusion Regarding the Effectiveness of Disclosure
    Controls and Procedures.





| |                                                          
| | ---------------------------------------------------------
| | Changes in Internal Control Over Financial
    Reporting.






Item 9B.     OTHER
INFORMATION




82



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##### 



PART III







|         |                                                   
|-------- | --------------------------------------------------
|Item 10. | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT










|         |                       
|-------- | ----------------------
|Item 11. | EXECUTIVE COMPENSATION








|         |                                                                   
|-------- | ------------------------------------------------------------------
|Item 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
    MANAGEMENT








|         |                                               
|-------- | ----------------------------------------------
|Item 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS








|         |                                       
|-------- | --------------------------------------
|Item 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES



PART IV







|         |                                            
|-------- | -------------------------------------------
|Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.





| |                                                                                    
| | -----------------------------------------------------------------------------------
| | 1. Financial Statements can be found under Item 8 of
    Part II of this Form 10-K.
|
| | 2. Schedules can be found on Page 89 of this
    Form 10-K.                        
|
| | 3. The Exhibit Index is found on Pages 85 to 87
    of this Form 10-K.             

83



---



##### 



SIGNATURES






| |                                                     
| | ----------------------------------------------------
| | GREENFIELD ONLINE, INC.                             
|
| | /s/ DEAN A. WILTSE                                  
| |                                                     
| | Dean A. Wiltse,                                     
| | Director, President and Chief Executive Officer     
|
| | /s/ ROBERT E. BIES                                  
| |                                                     
| | Robert E. Bies,                                     
| | Executive Vice President and Chief Financial Officer



|                                             |  |                                                 |  | 
|-------------------------------------------- |  | ----------------------------------------------- |  | 
|                                            
|/s/ DEAN A. WILTSEDean
    A. Wiltse         |  | Director, President and Chief Executive Officer
|                                            
|/s/ PETER SOBILOFFPeter
    Sobiloff         |  | Director                                       
|                                            
|/s/ JOEL R. MESZNIKJoel
    R. Mesznik       |  | Director                                       
|                                            
|/s/ LAWRENCE R. HANDENLawrence
    R. Handen |  | Director                                       
|                                            
|/s/ BURTON J. MANNINGBurton
    J. Manning   |  | Director                                       
|                                            
|/s/ LISE J. BUYERLise
    J. Buyer           |  | Director                                       
|                                            
|/s/ VIKAS KAPOORVikas
    Kapoor             |  | Director                                       

84



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##### 



EXHIBIT INDEX


|        |    |                     |  |   |  |                                                                                                                                                                                                                                                         
|------- | -- | ------------------- |  | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |                    
|Number  |    | Exhibit Description
|        |    |                    
|        | 2  | .1                 |  |  |  | Asset Purchase Agreement, dated August 18, 2004, by and
    among The Dohring Company, Doug C. Dohring and Greenfield
    Online, Inc. Filed as exhibit 2.1 to our Current Report on
    Form 8-K on October 22, 2004.                                  
|       
|        | 2  | .2                 |  |  |  | Stock Purchase Agreement, dated January 25, 2005, by and
    among Greenfield Online, Inc., Rapidata.net, Inc. and the
    shareholders of Rapidata.net, Inc. Filed as exhibit 2.1 to
    our Current Report on Form 8-K on January 26, 2005.           
|        | 2  | .3                 |  |  |  | Agreement and Plan of Reorganization, dated February 8,
    2005, by and among Greenfield Online, Inc., Greenfield
    Acquisition Sub, Inc. and Zing Wireless, Inc. Filed as
    exhibit 2.1 to our Current Report on Form 8-K on
    February 9, 2005.
|        | 3  | .1**                |  |  |  | Amended and Restated Certificate of Incorporation.                                                                                                                                                                                                      
|       
|        | 3  | .2**                |  |  |  | Amended and Restated Bylaws.                                                                                                                                                                                                                            
|       
|        | 4  | .1**                |  |  |  | Form of Common Stock Certificate of Greenfield Online, Inc.                                                                                                                                                                                             
|       
|        | 4  | .2**                |  |  |  | Amended and Restated Registration Rights Agreement, dated as of
    December 16, 2002, by and among Greenfield Online, Inc. and
    the stockholders listed therein.                                                                                    
|       
|        | 4  | .3**                |  |  |  | Registration Rights Agreement, dated August 9, 2001, by and
    between Silicon Valley Bank and Greenfield Online, Inc.                                                                                                                                 
|       
|        | 4  | .4**                |  |  |  | Registration Rights Agreement, dated December 13, 1999, by
    and between Greyrock Capital and Greenfield Online, Inc.                                                                                                                                 
|       
|        | 10 | .1**                |  |  |  | Form of Indemnification Agreement.                                                                                                                                                                                                                      
|       
|        | 10 | .2**                |  |  |  | Amended and Restated 1999 Stock Option Plan.                                                                                                                                                                                                            
|       
|        | 10 | .3**                |  |  |  | 2004 Equity Incentive Plan.                                                                                                                                                                                                                             
|       
|        | 10 | .4**                |  |  |  | 2004 Employee Stock Purchase Plan.                                                                                                                                                                                                                      
|       
|        | 10 | .5**                |  |  |  | Form of Stock Option Agreement under Amended and Restated 1999
    Stock Option Plan.                                                                                                                                                                   
|       
|        | 10 | .6**                |  |  |  | Form of Stock Option Agreement under 2004 Equity Incentive Plan.                                                                                                                                                                                        
|       
|        | 10 | .7**                |  |  |  | Restricted Stock Agreement, dated December 16, 2002, by and
    between Dean A. Wiltse and Greenfield Online, Inc. and an
    amendment thereto.                                                                                                        
|       
|        | 10 | .8**                |  |  |  | Restricted Stock Agreement, dated December 16, 2002, by and
    between Robert E. Bies and Greenfield Online, Inc. and an
    amendment thereto.                                                                                                        
|       
|        | 10 | .9**                |  |  |  | Restricted Stock Agreement, dated December 16, 2002, by and
    between Jonathan A. Flatow and Greenfield Online, Inc. and an
    amendment thereto.                                                                                                    
|       
|        | 10 | .10**               |  |  |  | Restricted Stock Agreement, dated December 16, 2002, by and
    between Hugh O. Davis and Greenfield Online, Inc. and an
    amendment thereto.                                                                                                         
|       
|        | 10 | .11**               |  |  |  | Restricted Stock Agreement, dated December 16, 2002, by and
    between Joel R. Mesznik and Greenfield Online, Inc.                                                                                                                                     
|       
|        | 10 | .12**               |  |  |  | License Agreement, dated December 22, 1999, by and between
    Greenfield Consulting Group, Inc. and Greenfield Online, Inc.
    and an amendment and supplement thereto.                                                                               
|       
|        | 10 | .13**               |  |  |  | Note and Warrant Purchase Agreement, dated March 3, 2000,
    by and between Greenfield Holdings, LLC and Greenfield Online,
    Inc. and an amendment thereto.                                                                                         
|       
|        | 10 | .14**               |  |  |  | Form of Warrant to purchase common stock of Greenfield Online,
    Inc.                                                                                                                                                                                 
|       
|        | 10 | .15**               |  |  |  | Non-Recourse Promissory Note, dated May 17, 1999, made by
    Hugh O. Davis in favor of Greenfield Online, Inc.                                                                                                                                         
|       
|        | 10 | .16**               |  |  |  | Full Recourse Promissory Note, dated March 9, 2001, made by
    Hugh O. Davis in favor of Greenfield Online, Inc.                                                                                                                                       
|       
|        | 10 | .17**               |  |  |  | Pledge Agreement, dated May 17, 1999, by and between Hugh
    O. Davis and Greenfield Online, Inc. and an amendment thereto.                                                                                                                            
|       
|        | 10 | .18**               |  |  |  | Warrant for the purchase of shares of Class A Common Stock,
    dated December 3, 1999, issued by Greenfield Online, Inc.
    to Greyrock Capital.                                                                                                      

85



---



##### 



|        |    |                     |  |   |  |                                                                                                                                                                                                                                                                                    
|------- | -- | ------------------- |  | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |                    
|Number  |    | Exhibit Description
|        |    |                    
|        | 10 | .19**               |  |  |  | Warrant for the purchase of shares of Class A Common Stock,
    dated August 9, 2001, issued by Greenfield Online, Inc. to
    Silicon Valley Bank.                                                                                                                                
|       
|        | 10 | .20**               |  |  |  | Accounts Receivable Financing Agreement, dated August 9,
    2001, by and between Silicon Valley Bank and Greenfield Online,
    Inc. and amendments thereto.                                                                                                                      
|       
|        | 10 | .21**               |  |  |  | Lease, dated October 20, 1999, by and between Wilton Campus
    Properties, LLC and Greenfield Online, Inc.                                                                                                                                                                        
|       
|        | 10 | .22**               |  |  |  | Agreement to Lease, dated July 19, 2003, by and between
    Tafsir Ahmad, Tanweer Ahmad, Saeed Ahmad, Salman Ahmad, and
    Shadab Ahmad (lessors) and M/s Agilis Information Technologies
    International Private Limited.                                                      
|       
|        | 10 | .23**               |  |  |  | Agreement to Lease, dated March 3, 2004, by and between M/s
    Unitech Business Parks Limited and M/s Greenfield Online PVT.
    Ltd.                                                                                                                                             
|       
|        | 10 | .24**               |  |  |  | Lease Agreement, dated September 15, 1999, by and between
    Somerset Capital Group Ltd and Greenfield Online, Inc.                                                                                                                                                               
|       
|        | 10 | .25**             |  |  |  | FieldSource Agreement, dated October 31, 2001, by and
    between Custom Research Inc. and Greenfield Online, Inc. and an
    amendment thereto.                                                                                                                                   
|       
|        | 10 | .26**             |  |  |  | Enterprise User License Agreement, dated October 21, 2002,
    by and between Future Information Research Management, Inc. and
    Greenfield Online, Inc. and an addendum thereto.                                                                                                
|       
|        | 10 | .27**             |  |  |  | Commercial Agreement, dated November 28, 2001, by and
    between Microsoft Corporation and Greenfield Online, Inc. and
    amendments thereto.                                                                                                                                    
|       
|        | 10 | .28**             |  |  |  | Alliance, License and Supply Agreement, dated January 31,
    2002, by and between Taylor Nelson Sofres Intersearch
    Corporation and Greenfield Online, Inc. and amendments thereto.                                                                                            
|       
|        | 10 | .29**               |  |  |  | Form of Partnering Agreement of Greenfield Online, Inc.                                                                                                                                                                                                                            
|       
|        | 10 | .30**               |  |  |  | Amended and Restated Employment Agreement, by and between Dean
    A. Wiltse and Greenfield Online, Inc.                                                                                                                                                                           
|       
|        | 10 | .31**               |  |  |  | Amended and Restated Employment Agreement, by and between Robert
    E. Bies and Greenfield Online, Inc.                                                                                                                                                                           
|       
|        | 10 | .32**               |  |  |  | Amended and Restated Employment Agreement, by and between
    Jonathan A. Flatow and Greenfield Online, Inc.                                                                                                                                                                       
|       
|        | 10 | .33**               |  |  |  | Amended and Restated Employment Agreement, by and between Hugh
    Davis and Greenfield Online, Inc.                                                                                                                                                                               
|       
|        | 10 | .34**               |  |  |  | Employment Agreement, by and between Keith Price and Greenfield
    Online, Inc.                                                                                                                                                                                                   
|       
|        | 10 | .35**               |  |  |  | Employment Agreement, dated December 10, 2003, by and
    between Frank Kelly and Greenfield Online, Inc.                                                                                                                                                                          
|       
|        | 10 | .36**               |  |  |  | Employment Agreement, dated February 5, 2004, by and
    between Beth Rounds and Greenfield Online, Inc.                                                                                                                                                                           
|       
|        | 10 | .37                |  |  |  | Sixth Loan Modification Agreement, dated July 15, 2004, by
    and between Silicon Valley Bank and Greenfield Online, Inc.
    Filed as exhibit 10.37 to our Report on Form 10-Q for the
    quarter ended June 30, 2004.                                                          
|       
|        | 10 | .38                |  |  |  | Amendment No. 7 dated October 15, 2004 to Accounts
    Receivable Financing Agreement, dated August 9, 2001, by
    and between Silicon Valley Bank and Greenfield Online, Inc.
    Filed as exhibit 10.38 to our Report on Form 10-Q for the
    quarter ended September 30, 2004.
|       
|        | 10 | .39                 |  |  |  | Eighth Loan Modification Agreement, dated December 31,
    2004, by and between Silicon Valley Bank and Greenfield Online,
    Inc. (filed herewith).                                                                                                                              
|       
|        | 10 | .40               |  |  |  | Partner Agreement by and between GfK-ARBOR, LLC and Greenfield
    Online, Inc., effective November 1, 2004 (filed herewith).                                                                                                                                                      
|       
|        | 10 | .41               |  |  |  | Partner Agreement by and between GfK-Custom Research, Inc. and
    Greenfield Online, Inc., effective January 1, 2005 (filed
    herewith).                                                                                                                                        
|       
|        | 10 | .42                 |  |  |  | Employment Agreement dated February 8, 2005, by and between
    Matthew D. Dusig and Greenfield Online, Inc. (filed herewith).                                                                                                                                                     

86



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##### 



|        |    |                     |  |   |  |                                                                                                                                                                                                                                         
|------- | -- | ------------------- |  | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |                    
|Number  |    | Exhibit Description
|        |    |                    
|        | 10 | .43                 |  |  |  | Employment Agreement dated February 8, 2005, by and between
    Gregg Lavin and Greenfield Online, Inc. (filed herewith).                                                                                                               
|       
|        | 10 | .44                 |  |  |  | Employment Agreement dated February 8, 2005, by and between
    Lance Suder and Greenfield Online, Inc. (filed herewith).                                                                                                               
|       
|        | 10 | .45                 |  |  |  | Common Stock Purchase Subscription Agreement dated
    February 8, 2005 by and between Greenfield Online, Inc. and
    Matthew D. Dusig (filed herewith).                                                                               
|       
|        | 10 | .46                 |  |  |  | Common Stock Purchase Subscription Agreement dated
    February 8, 2005 by and between Greenfield Online, Inc. and
    Gregg Lavin (filed herewith).                                                                                    
|       
|        | 10 | .47                 |  |  |  | Common Stock Purchase Subscription Agreement dated
    February 8, 2005 by and between Greenfield Online, Inc. and
    Lance Suder (filed herewith).                                                                                    
|       
|        | 21 | .1                  |  |  |  | List of Subsidiaries of Greenfield Online, Inc. (filed herewith).                                                                                                                                                                       
|       
|        | 23 | .1                  |  |  |  | Consent of PricewaterhouseCoopers LLP, Independent Registered
    Public Accounting Firm. (filed herewith).                                                                                                                             
|       
|        | 31 | .1                  |  |  |  | Certification of the Chief Executive Officer pursuant to
    Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of
    1934, as amended, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002 (filed herewith).
|       
|        | 31 | .2                  |  |  |  | Certification of the Chief Financial Officer pursuant to
    Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of
    1934, as amended, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002 (filed herewith).
|       
|        | 32 | .1                  |  |  |  | Certification of the Chief Executive Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002,
    18 U.S.C. Section 1350 (filed herewith).                                                                                
|       
|        | 32 | .2                  |  |  |  | Certifications of the Chief Financial Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002,
    18 U.S.C. Section 1350 (filed herewith).                                                                               






|   |                                                                                                                                         
|-- | ----------------------------------------------------------------------------------------------------------------------------------------
|** | Incorporated by reference to the exhibit of same number filed
    with our Registration Statement on Form S-1 (File
    No. 333-114391).



|   |                                                                                                                                                                                                                                            
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  | Previously filed as incorporated herein by reference.                                                                                                                                                                                      
|  
| | Certain information in these exhibits has been omitted and filed
    separately with the Securities and Exchange Commission pursuant
    to a confidential treatment request under 17 C.F.R.
    Sections 200.80(b)(4), 200.83 and 230.406.

87



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


ON


FINANCIAL STATEMENT SCHEDULE














88



---



##### 



SCHEDULE II


GREENFIELD ONLINE, INC


VALUATION AND QUALIFYING ACCOUNTS


|                             |                                                                         |                |   |     |            |  |   |            |     |  |           |  |         |           |   |      |      |  |   |     | 
|---------------------------- | ----------------------------------------------------------------------- | -------------- | - | --- | ---------- |  | - | ---------- | --- |  | --------- |  | ------- | --------- | - | ---- | ---- |  | - | --- | 
|                             |                                                                         | Balance at     |   |     | Charged to |  |   | Charged to |     |  |           |  | Balance |          
|                             |                                                                         | Beginning      |   |     | Costs and  |  |   | Other      |     |  |           |  | at End  |          
|                             |                                                                         | of Period      |   |     | Expenses   |  |   | Accounts   |     |  | Deduction |  |         | of Period |  
|                             |                                                                         |                |   |     |            |  |   |            |     |  |           |  |         |           |  
|                             |                                                                         | (In thousands) |  
|Year ended December 31, 2004 |                                                                         |                |   |     |            |  |   |            |     |  |           |  |         |           |   |      |      |  |   |    
|                             | Allowance for doubtful accounts (deducted from accounts
    receivable) |                | $ | 90  |            |  | $ | 125        |     |  |           |  |         |           | $ | (62  | )(1) |  | $ | 153 | 
|                             | Allowance for customer credits (deducted from accounts
    receivable)  |                | $ | 129 |            |  | $ | 455        | (5) |  |           |  |         |           | $ | (308 | )(2) |  | $ | 276 | 
|                             | Valuation allowance for deferred tax asset                              |                | $ | 23  |            |  | $ |           |     |  |           |  |         |           | $ | (3   | )    |  | $ | 20  | 
|Year ended December 31, 2003 |                                                                         |                |   |     |            |  |   |            |     |  |           |  |         |           |   |      |      |  |   |    
|                             | Allowance for doubtful accounts (deducted from accounts
    receivable) |                | $ | 96  |            |  | $ |            | (6) |  |           |  |         |           | $ |     |      |  | $ | 90  | 
|                             | Allowance for customer credits (deducted from accounts
    receivable)  |                | $ | 128 |            |  | $ | 346        | (6) |  |           |  |         |           | $ | (345 | )(3) |  | $ | 129 | 
|                             | Valuation allowance for deferred tax Asset                              |                | $ | 23  |            |  | $ |           |     |  |           |  |         |           | $ |     |      |  | $ | 23  | 
|Year ended December 31, 2002 |                                                                         |                |   |     |            |  |   |            |     |  |           |  |         |           |   |      |      |  |   |    
|                             | Allowance for doubtful accounts (deducted from accounts
    receivable) |                | $ | 95  |            |  | $ | 6          |     |  |           |  |         |           | $ | (5   | )    |  | $ | 96  | 
|                             | Allowance for customer credits (deducted from accounts
    receivable)  |                | $ |    |            |  | $ | 218        | (7) |  |           |  |         |           |   | (90  | )(4) |  | $ | 128 | 
|                             | Valuation allowance for deferred tax Asset                              |                | $ | 21  |            |  | $ | 2          |     |  |           |  |         |           |   |      |      |  | $ | 23  | 






|    |                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The decrease in the allowance for doubtful accounts for the year
    ended December 31, 2004 resulted from a write-off of
    $62,000 relating to one customer.                                                                                                                                                        
|   
|(2) | The decrease in the allowance for customer credits for the year
    ended December 31, 2004 resulted from customers utilizing
    discounts associated with volume rebates, of approximately
    $118,000, and cash discounts of approximately $190,000.                                                               
|   
|(3) | The decrease in the allowance for customer credits for the year
    ended December 31, 2003 resulted from customers utilizing
    discounts associated with volume rebates of $127,000, including
    one large customer, which accounted for approximately $102,000,
    and cash discounts of approximately $218,000.
|   
|(4) | The decrease in the allowance for customer credits for the year
    ended December 31, 2002 resulted from customers utilizing
    cash discounts.                                                                                                                                                                      
|   
|(5) | The increase in allowance for customer credits for the year
    ended December 31, 2004 resulted from volume rebates of
    $226,000 and cash discounts of $229,000, both of which were
    charged against revenues.                                                                                                  
|   
|(6) | The increase in allowance for customer credits for the year
    ended December 31, 2003 resulted from volume rebates of
    $117,000 and cash discounts of $229,000, both of which were
    charged against revenues.                                                                                                  
|   
|(7) | The increase in allowance for customer credits for the year
    ended December 31, 2002 resulted from volume rebates of
    $127,000 and cash discounts of $91,000, both of which were
    charged against revenues.                                                                                                   

89