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<br />Ceres Environmental Services, Inc.
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<br />STATEMENTS OF INCOME AND RETAINED EARNINGS
<br />Years Ended December 31,2006 and 2005
<br />
<br />GROSS PROFIT
<br />
<br />2006 2005
<br />$ 200,321,968 $ 216,347,370
<br />165,719,279 165,897,312
<br />34,602,689 50,450,058
<br />918,101 451,611
<br />33,684,588 49,998,447
<br />7,441,752 12,616,574
<br />26,242,836 37,381,873
<br />1,590,607 322,145 0
<br />(645,847) (64,637)
<br />440,260 (30,034)
<br />1,300,957 962,200
<br />440,674 117,859
<br />-0- - (2,807)
<br />3,126,651 1,304,726
<br />29,369,487 38,686,599
<br />
<br />REVENUE
<br />
<br />DIRECT COSTS
<br />
<br />EQUIPMENT DEPRECIATION
<br />
<br />ADJUSTED GROSS PROFIT
<br />
<br />GENERAL AND ADMINISTRATIVE EXPENSES
<br />
<br />OPERATING INCOME
<br />
<br />OTHER INCOME (EXPENSE) (Note 7)
<br />Interest income
<br />Interest expense
<br />Provision for bad debts, net
<br />Rental income
<br />Miscellaneous
<br />Loss on sale of equipment
<br />
<br />NET INCOME
<br />
<br />RETAINED EARNINGS
<br />Beginning of year
<br />
<br />38,031,107 18,151,508
<br />
<br />Dividends declared
<br />
<br />(46,569,895) (18,807,000)
<br />$ 20,830,699 $ 38,031,107
<br />
<br />End of year
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<br />See Notes to Financial Statements.
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<br />...
<br />~.J~
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