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<br /> Consul- Tech Enterprises, Inc. and Subsidiaries
<br />I Consolidated Statements of Income
<br /> For the years ended December 31, 2006 and 2005
<br />,I 2006 2005
<br />I Revenues $ 26,317,549 $ 31,778,883
<br />I Cost of Sales 16,120,974 22,252,677
<br />Gross Profit 10,196,575 9,526,206
<br />I General and Administrative Expenses 6,927,399 4,769,802
<br />I Operating Income Before Bonuses 3,269,176 4,756,404
<br /> ESOP Contribution 21,703 2,880,808
<br />,I Bonuses 342,892 1,543,210
<br /> Operating Income 2,904,581 332,386
<br />I Other Income and (Expenses)
<br /> Interest and other income 26,181 22,454
<br />,I Gain on disposal of fixed assets 400 51,793
<br />Estimated loss from pending litigation (112,500) (75,000)
<br />I- Interest expense (448,423) (154,838)
<br />Other expense (3,620) (24,218)
<br />Net Other Income and (Expenses) (537,962) (179,809)
<br />I Income Before Income Taxes 2,366,619 152,577
<br /> Income Tax (Provision) Benefit
<br />I Current (380,920) (618,876)
<br />Deferred (545,969) (1,804,239)
<br /> Total Income Tax (Provision) Benefit (926,889) (2,423,115)
<br />I Net Income (Loss) $ 1,439,730 $ (2,270,538)
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<br />II Read the independent accountants' review report and notes to the financial statements.
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