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<br />I CUBELLIS BUSINESS TRUST
<br />I CONSOLIDATED STATEMENTS OF INCOME
<br />, For the years ended December 31, 2005 2004
<br />Gross fee income $25,589,054 S 17,626,126
<br />I Direct expenses:
<br />Direct consultant 1,927,830 1,248,113
<br />I Direct expenses 2,534,346 2,386,718
<br /> 4,462,176 3,634,831
<br />I Net fee income 21,126,878 100.00;;) 13.991,295 100.0%
<br /> Direct labor 6,735,871 31.9% 4,498,656 32.2%
<br />I Gross margin 14,391,007 68.1% 9,492,639 67.8%
<br />I Indirect expenses:
<br /> Indirect payroll 5,328,227 25.2% 3,580,519 25.6%
<br />I Fringe benefits 1,770,851 8.4% 1,202, 186 8.6%
<br />Facilities 1,156,002 5.5% 847.609 6.1%
<br /> Marketing, net of recoveries 217,545 1.0% 6,242 0.0%
<br />re Overhead 4,043,654 19.1% 2,195.150 15.7%
<br /> 12,516,279 59.2% 7,831,706 56.0%
<br />I Income from operations 1,874,729 8.9% 1,660,933 1 1. 9%
<br />I Other income (expense):
<br />Gain on sale of investment 0.0% 13,500 0.1%
<br /> Interest and other income 7,114 0.0% 7,285 0.1%
<br />I interest expense (179,138) 0.8% (74,746) 0.5%
<br />i"vliscellaneous (59,805) 0.3% (16,714 ) 0.1%
<br />I (231,829) 1.1% (70.675) 0.5%
<br /> Income before income taxes 1,642,900 7.8% 1,590.258 11.4%
<br />I Income taxes:
<br /> Current (27,753) 0.2%
<br />I Deferred (234,000) 1.7% ( 136,000) 1.0%
<br /> (234,000) 1.7% (163,753) 1.2%
<br />I Net income S 1,408,899 6.7% S 1,426.505 10.2%
<br />..
<br /> See accOlllltalllS' review report and notes to tire fillancia! statements
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