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<br />BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC <br />COMBINED STATEMENTS OF INCOME <br /> <br />Years Ended December 31, <br />2007 2006 <br /> <br />Revenues: <br /> <br />Contract revenues earned <br /> <br />$ 20,778,801 <br /> <br />$ 21,632,183 <br /> <br />Cost of revenues: <br /> <br />Cost of revenues earned <br /> <br />15,224,591 16,197,173 <br />5,554,210 5,435,010 <br />2,822,857 2,613,635 <br />2,731,353 2,821,375 <br />1,649,484 1,363,778 <br />1,081,869 1,457,597 <br /> <br />Gross profit before indirect costs <br /> <br />Indirect costs not allocated to contracts (Note - 12) <br /> <br />Gross profit on contracts <br /> <br />General and administrative expenses <br /> <br />Income from operations <br /> <br />Other income (expenses): <br />Interest income <br />Gain on sale of equipment <br />Bad debt expense, net of recovery of $45,500 <br />Interest expense (Note - 13) <br /> <br /> 30,774 4,825 <br /> 22,116 <br /> (141,500) (170,786) <br /> (299,882) (176,294) <br /> (388,492) (342,255) <br />$ 693,377 $ 1,115,342 <br /> <br />Total other expenses <br /> <br />Net income <br /> <br />The accompanying notes are an integral part <br />of the combined financial statements. <br /> <br />.., <br />;) <br /> <br />Benitez & Company. CPA's <br />