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<br />CONQUEST ENGINEERING GROUP COl'v1PANY <br />STATEMENTS OF INCOME AND RETAINED EARNINGS <br />FOR THE YEARS ENDED DECEMBER 31, <br /> <br /> .2007 2006 <br />Contract revenues earned $ 13,369,789 .$ 10,619,961 <br />Cost of revenues earned 11,215,366 8,781,099 <br />Gross profit 2,154,423 1,838,862 <br />General and administrative expenses 1,346,946 1,144,092 <br />Income from operations 807,477 694,770 <br />Other income and (expenses) <br />Interest income 8,428 12,060 <br />r.r:~~~e_?~_~x p~_~s~_ (71,007) (31,828) <br /> _.. ----------.--. .., <br />Net Income 744,898 675,002 <br />Retained earnings at the beginning of the year 1,150,807 681,503 <br />Di vidend distribution (504,847) (205,698) <br />Retained earnings at the end of the year .$ 1,390,858 .$ 1,150,807 <br /> <br />Read Accountants' Review Report <br />The accompanying notes are an integral part of this statement <br />4 <br />