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<br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br /> <br />BERMELLO, AJAMIL & PARTNERS, INC. <br />AND SUBSIDIARY <br /> <br />CONSOLIDATED STATEMENTS OF OPERATIONS <br />FOR THE YEARS ENDED DECEMBER 3 t, <br /> <br />2006 <br /> <br />2005 <br /> <br />REVENUES EARNED <br /> <br />$ 39,221,956 <br /> <br />COST OF REVENUES EARNED <br /> <br />23.147.913 <br /> <br />GROSS PROFIT <br /> <br />) 6.074.043 <br /> <br />INDIRECT COSTS <br />Labor <br />General and administrative expenses <br /> <br />4,457,163 <br />8.329.566 <br /> <br />TOTAL INDIRECT COSTS <br /> <br />12.786.729 <br /> <br />INCOME FROM OPERATIONS <br /> <br />3.287.3 14 <br /> <br />OTHER INCOME (EXPENSE) <br />Gain on sale of securities available for sale <br />Other income <br />Interest expense <br /> <br />36,915 <br />105,848 <br />(55.935) <br /> <br />TOTAL OTHER INCOME <br /> <br />86.828 <br /> <br />INCOME FROM OPERATIONS BEFORE BONUS EXPENSE <br /> <br />3,374,142 <br /> <br />BONUS EXPENSE <br /> <br />1.060.477 <br /> <br />INCOME FROM OPERATIONS BEFORE INCOME TAXES <br /> <br />2,3 I 3,665 <br /> <br />PROVISION FOR INCOME TAXES <br /> <br />162,188 <br /> <br />INCOME FROM OPERATIONS BEFORE (GAIN) LOSS <br />A TIRIBUT ABLE TO MINORITY INTEREST <br /> <br />2,151,477 <br /> <br />NET (GAIN) LOSS A TIRIBUT ABLE TO MINORITY INTEREST <br /> <br />(1.140.146) <br /> <br />NET INCOME <br /> <br />$ 1.011.331 <br /> <br />The accompanying notes are an integral part of these consolidated financial statements. <br /> <br />-3- <br /> <br />$ 34,536,458 <br /> <br />22.478.096 <br /> <br />12.058.362 <br /> <br />3,399,834 <br />6.676.078 <br /> <br />10.075.912 <br /> <br />1.982.450 <br /> <br />127,412 <br />(107.970) <br /> <br />19.442 <br /> <br />2,001,892 <br /> <br />838.497 <br /> <br />1,163,395 <br /> <br />1,163,395 <br /> <br />292.793 <br /> <br />$ 1.456.188 <br />