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CONSOLIDATED STATEMENT OF OPERATIONS <br /> <br />SOUTHEASTERN PRINTING COMPANY, INC. AND SUBSIDIARY <br /> <br />Year ended December 31, 2018 <br />(See Independent Accountant's Review Report) <br /> <br /> <br />See accompanying notes to consolidated financial statements <br /> <br />- 3 - <br />OPERATING INCOME <br />Net sales 34,373,307$ <br />Other operating income: <br />Freight recovery 1,392,676 <br />Waste recovery 282,400 <br />36,048,383 <br />Cost of goods sold: <br />Materials, outside services and freight 13,576,720 <br />VALUE ADDED 22,471,663 <br />Other fixed and variable cost of goods sold 14,574,201 <br />GROSS PROFIT 7,897,462 <br />OPERATING EXPENSES <br />Selling expenses 4,332,221 <br />Administrative expenses 1,882,826 <br />TOTAL OPERATING EXPENSES 6,215,047 <br />INCOME FROM OPERATIONS 1,682,415 <br />OTHER INCOME (DEDUCTIONS) <br />Gain on disposal of property and equipment 96,885 <br />Miscellaneous (268,529) <br />Interest expense (182,412) <br />(354,056) <br />NET INCOME 1,328,359 <br />OTHER COMPREHENSIVE INCOME <br />Increase in fair value of interest rate swap 34,878 <br />COMPREHENSIVE INCOME 1,363,237$ <br /> <br />