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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 />o <br /> <br />BERMELLO, AJAMIL & PARTNERS, INC. <br />AND SUBSIDIARY <br /> <br />CONSOLlDA TED STATEMENTS OF OPERATIONS <br />FOR THE YEARS ENDED DECEMBER 31, <br /> <br /> 2006 2005 <br />REVENUES EARNED $ 39,22] ,956 $ 34,536,458 <br />COST OF REVENUES EARNED 23.147.913 22.478.096 <br />GROSS PROF]T ] 6.074.043 ] 2.058.362 <br />INDIRECT COSTS <br />Labor 4,457,163 3,399,834 <br />General and administrative expenses 8.329.566 6.676.078 <br />TOTAL INDlRECT COSTS 12.786.729 ]0.075.912 <br />INCOME FROM OPERATIONS 3.287.314 1.982.450 <br />OTHER INCOME (EXPENSE) <br />Gain on sale of securities available for sale 36,9]5 <br />Other income 105,848 127,412 <br />Interest expense (55.935) ( 1 07.970) <br />TOTAL OTHER INCOME 86.828 19.442 <br />INCOME FROM OPERA nONS BEFORE BONUS EXPENSE 3,374,142 2,001,892 <br />BONUS EXPENSE 1.060.477 838.497 <br />INCOME FROM OPERATIONS BEFORE INCOME TAXES 2,3] 3,665 I,] 63,395 <br />PROVISION FOR INCOME TAXES 162,188 <br />INCOME FROM OPERA nONS BEFORE (GAIN) LOSS <br />A TTRIBUT ABLE TO MINORITY INTEREST 2,15 I ,477 1,163,395 <br />NET (GAIN) LOSS A ITRIBUT ABLE TO MINORITY INTEREST (1.140.146) 292.793 <br />NET INCOME $ 1.011.331 $ 1.456.188 <br /> <br />The accompanying notes are an integral part of these consolidated financial slatements. <br /> <br />-3- <br />