PDF - Somero Enterprises

Section 4Financial Statements: Somero Enterprises GroupCombined Statements of OperationsFor the years ended 31 December 2003 and 2004, the six months ended 30 June 2005 (unaudited)and the period 1 January 2005 through 10 August 2005Six monthsYear ended Year ended ended 1 January 200531 December 31 December 30 June 2005 through2003 2004 (Unaudited) 10 August 2005US$ 000 US$ 000 US$ 000 US$ 000Revenue 25,429 33,176 22,370 25,769Cost of sales 15,004 17,167 10,805 12,661Gross profit 10,425 16,009 11,565 13,108Operating expenses:Selling expense 4,805 5,205 3,234 3,925Engineering expense 999 986 482 710General and administrative expense 4,191 4,551 3,106 3,734Total operating expenses 9,995 10,742 6,822 8,369Operating income 430 5,267 4,743 4,739Other income (expense)Interest expense (444) (411) (246) (307)Interest income 6 223 290 383Foreign exchange gain (loss) 122 20 (50) (90)Other (46) 73 (19) 37Income before income taxes 68 5,172 4,718 4,762Provision (benefit) for income taxes (56) 1,760 1,657 1,681Net income 124 3,412 3,061 3,081See notes to combined financial statements.47Somero Enterprises, Inc.Annual Report and Accounts 2006