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I .
<br /> ICONSOLIDATED STATEMENTS OF OPERATIONS
<br /> ADJUSTERS INTERNATIONAL, INC. AND SUBSIDIARIES
<br /> I
<br /> IYear ended
<br /> December 31,
<br /> 2016 2015
<br /> Revenues:
<br /> Adjusting and consulting fees $15,602,348 $ 19,558,526
<br /> Less: direct expenses 3,238,796 5,044,352
<br /> 1 participants' share 1,739;313 2,974,450
<br /> Net adjusting and consulting fees 10ob6243.9 11,539,724
<br /> I Other income (expense):
<br /> Operating agreements bt 165,117 81,294
<br /> Rental income 196,116 51,040
<br /> I Loss on disposal of equipment �� (24,938) (32,657)
<br /> Other miscellaneous expense, net (303) (820)
<br /> Income from joint venture
<br /> C7
<br /> 1,066,481 -0-
<br /> 1,402,473 98,857
<br /> 1 NET REVENUES 12,026,712 11,638,581
<br /> I Operating expenses
<br /> X:'\I
<br /> 11,550,468 12,424,882
<br /> .
<br /> 476,244 (786,301)
<br /> \p
<br /> 1 Depreciation and amortization* p 517,311 332,710
<br /> Acquisition and organizationsc sts 252,852 -0-
<br /> I O�
<br /> Interest expense, nts, iincluding amortization of deferred
<br /> financing costs of$1,986 in 2016 and 2015 33,892 33,075
<br /> LOSS BEFORE INCOME TAXES
<br /> AND MINORITY INTEREST (327,811) (1,152,086)
<br /> 1 Income tax expense(benefit):
<br /> Current 323,000 (363,000)
<br /> Deferred (269,000) (53,000)
<br /> 154,000 (416,000)
<br /> LOSS BEFORE MINORITY INTEREST (381,811) (736,086)
<br /> INon-controlling interest in net income of subsidiaries _ (10,411) (14,793)
<br /> CONTROLLING INTEREST IN NET LOSS $ (392,222) $ (750,879)
<br /> 1
<br /> See notes to consolidated financial statements.
<br /> II 5-
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