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<br />City of Sunny Isles Beach | RFQ No. 18-02-01 | March 22, 2018
<br />Marine And Coastal Professional Engineering Consulting Services (CCNA)
<br />MOFFATT & NICHOL AND SUBSIDIARIES
<br />CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
<br />For the Fiscal Years Ended December 31, 2016 and December 26, 2015
<br />Page 4 The accompanying notes are an integral part of these consolidated financial statements.
<br />2016 2015
<br />
<br />REVENUE $ 140,181,000 $ 135,775,000
<br />
<br />COSTS AND EXPENSES
<br />Direct labor (35,064,000) (34,670,000)
<br />Subconsultants (30,834,000) (25,778,000)
<br />Other direct (3,575,000) (3,133,000)
<br />Selling, general and administrative (71,676,000) (68,987,000)
<br />Equity in net earnings of unconsolidated joint
<br />ventures 106,000 199,000
<br />Total costs and expenses, net (141,043,000) (132,369,000)
<br />OPERATING (LOSS) INCOME (862,000) 3,406,000
<br />OTHER INCOME (EXPENSE)
<br />Interest expense (157,000) (173,000)
<br />Interest income 91,000 90,000
<br />Gain on life insurance (Note 7) 4,701,000 –
<br />INCOME BEFORE INCOME TAXES 3,773,000 3,323,000
<br />INCOME TAX BENEFIT (PROVISION) 1,500,000 (385,000)
<br />NET INCOME $ 5,273,000 $ 2,938,000
<br />Other comprehensive income (loss), net of tax:
<br />Foreign currency translation adjustments $ 86,000 $ (1,515,000)
<br />Unrealized (loss) gain on change in fair value of
<br />investments (44,000) 54,000
<br />Total net other comprehensive income (loss), net
<br /> of tax 42,000 (1,461,000)
<br />Comprehensive income $ 5,315,000 $ 1,477,000
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