Attached files
EXHIBIT 99.1
INCOME STATEMENT CALCULATIONS
($000) PRO
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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Revenue $ 1,899 $ 2,715 $3,676 $ 4,297 $ 4,727 $ 5,199 $ 5,719 $ 6,290 $ 6,921 $ 7,612
Direct Cost of Revenues
(excluding 727 910 1,143 1,231 1,352 1,488 1,638 1,800 1,981 2,178
Gross Profit $ 1,171 $ 1,804 $ 2,534 $ 3,066 $ 3,374 $ 3,711 $ 4,081 $ 4,490 $ 4,940 $ 5,433
Gross Margin 61.7% 66.5% 68.9% 71.4% 71.4% 71.4% 71.4% 71.4% 71.4% 71.4%
G&A 390 417 444 522 547 573 600 629 660 693
Depreciation 164 164 164 164 164 164 164 164 164 164
Operating Income 617 1,223 1,926 2,380 2,663 2,974 3,317 3,697 4,116 4,576
Interest Expense 534 534 510 442 376 308 242 175 109 41
Taxes - 21 224 399 489 602 709 828 956 1,093
Net Income 82 668 1.192 1,539 1,798 2,063 2,365 2,694 3,052 3,442
Net Income as % of Sales 4.3% 24.6% 32.4% 35.8% 38.0% 39.7% 41.4% 42.8% 44.1 % 45.2%
BALANCE SHEET CALCULATIONS
($000) PRO FORMA
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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Cash $ 140 $ 343 $ 401 $ 810 $ 1,399 $ 1,923 $ 1,019 $ 2,240 $ 3,709 $ 5,448
Other Current Assets $ 199 $ 263 $ 341 $ 382 $ 421 $ 462 $ 510 $ 559 $ 617 $ 678
Current Assets $ 339 $ 606 $ 742 $ 1,192 $ 1,821 $ 2,386 $ 1,529 $ 2,799 $ 4,326 $ 6,126
Net Property Plant and Equipment $ 7,160 $ 6,993 $ 6,829 $ 6,664 $ 6,500 $ 6,334 $ 8,068 $ 7,904 $ 7,737 $ 7,573
Land $ 2,887 $ 2,887 $ 2,887 $ 2,887 $ 2,887 $ 2,887 $ 2,887 $ 2,887 $ 2,887 $ 2,887
Total Assets $10,386 $10,487 $10,458 $10,744 $11,208 $11,607 $12,484 $13,590 $14,950 $16,586
Other Current Liabilities $ 53 $ 66 $ 82 $ 86 $ 97 $ 105 $ 115 $ 127 $ 140 $ 154
Short Term Debt $ 109 $ 158 $ 208 $ 236 $ 261 $ - $ - $ - $ - $ -
Current Liabilities $ 162 $ 224 $ 290 $ 323 $ 358 $ 105 $ 115 $ 127 $ 140 $ 154
Long Term Debt $ 4,270 $ 4,270 $ 3,736 $ 3,202 $ 2,669 $ 2,135 $ 1,601 $ 1,067 $ 534 $ -
Common Stock $ 6,403 $ 6,403 $ 6,403 $ 6,403 $ 6,403 $ 6,403 $ 6,403 $ 6,403 $ 6,403 $ 6,403
Retained Earnings $ (452) $ (409) $ 31 $ 814 $ 1,780 $ 2,963 $ 4,363 $ 5,992 $ 7,873 $10,026
Shareholders Eauitv $ 5,951 $ 5,994 $ 6,434 $ 7,217 $ 8,183 $ 9,367 $10,766 $12,396 $14,276 $16,430
Total Liabilities and Share-
holders Equity $10,386 $10,489 $10,460 $10,744 $11,208 $11,609 $12,482 $13,590 $14,950 $16,586
