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(1) DistributionList

VISUAL SOUND SERVICE SCORECARD
YTD February, 2014
Distribution List: Karen Bogosian
Mark Procopio
Pat Singkamanand

(2) Definitions & Explain

Definitions of Financial Terms:

(3) Service Scorecard 2013

VISUAL SOUND SERVICE SCORECARD
Full-Year 2013 Actuals
DESCRIPTION JAN FEB MAR QTD MAR APR MAY JUN QTD JUN JULY AUGUST SEPT QTD SEP OCT NOV DEC QTD DEC YTD AVERAGE
2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
NET SALES 98,812.5 79,302.8 88,452.0 266,567.3 88,360.1 92,845.7 84,533.5 265,739.3 90,783.0 85,436.3 92,315.2 268,534.5 96,082.7 107,018.1 107,195.1 310,295.8 1,111,136.8 92,594.7
NET SALES SEASONALITY (% of Total) 8.9% 7.1% 8.0% 24.0% 8.0% 8.4% 7.6% 23.9% 8.2% 7.7% 8.3% 24.2% 8.6% 9.6% 9.6% 27.9% 100.0%
ANNUALIZED NET SALES 1,185,750.4 951,633.1 1,061,423.9 1,066,269.1 1,060,321.6 1,114,148.5 1,014,401.5 1,062,957.2 1,089,396.0 1,025,235.6 1,107,781.8 1,074,137.8 1,152,991.8 1,284,216.7 428,780.3 1,241,183.2 1,111,136.8
GROSS MARGIN 69,569.2 47,804.0 50,153.8 167,527.0 46,417.0 59,200.1 40,705.9 146,322.9 58,257.6 37,655.7 53,199.7 149,113.0 49,829.3 72,471.7 61,015.6 1,240.7 646,279.5 53,856.6
% GROSS MARGIN 70.4% 60.3% 56.7% 62.8% 52.5% 63.8% 48.2% 55.1% 64.2% 44.1% 57.6% 55.5% 51.9% 67.7% 56.9% 0.4% 58.2% 58.2%
OPERATING PROFIT / (LOSS) Pro Forma 36,668.5 18,518.6 15,525.3 70,712.4 15,299.1 25,159.4 7,833.9 48,292.4 25,284.3 8,517.0 22,391.8 56,193.2 16,075.4 40,744.3 29,247.3 86,067.0 261,264.8 21,772.1
% OPERATING PROFIT / (LOSS) Pro Forma 37.1% 23.4% 17.6% 26.5% 17.3% 27.1% 9.3% 18.2% 27.9% 10.0% 24.3% 20.9% 16.7% 38.1% 27.3% 27.7% 23.5% 23.5%
NET PROFIT / (LOSS) Pro Forma 29,438.3 14,011.4 10,373.1 53,822.7 10,514.3 19,042.9 3,001.0 32,558.2 20,419.8 2,985.3 17,493.4 40,898.5 10,967.2 35,932.6 24,235.8 71,135.6 198,414.9 16,534.6
% NET PROFIT / (LOSS) Pro Forma 29.8% 17.7% 11.7% 20.2% 11.9% 20.5% 3.6% 12.3% 22.5% 3.5% 18.9% 15.2% 11.4% 33.6% 22.6% 22.9% 17.9% 17.9%
REVENUE PER HEADCOUNT Per Month 6,175.8 4,956.4 5,528.2 16,660.5 5,522.5 5,461.5 4,972.6 15,956.6 4,778.1 4,496.6 4,858.7 14,133.4 5,057.0 5,945.4 5,641.8 16,644.3 63,394.7 5,266.1
REVENUE PER HEADCOUNT Annualized 74,109.4 59,477.1 66,339.0 66,641.8 66,270.1 65,538.1 59,670.7 63,826.3 57,336.6 53,959.8 58,304.3 56,533.6 60,683.8 71,345.4 67,702.2 66,577.1 63,394.7 63,192.6
TOTAL HEADCOUNT 16 16 16 16 16 17 17 17 19 19 19 19 19 18 19 19 19 18
KPI - NET SALES / TOTAL SALARY 2.69 2.46 2.16 2.42 2.60 2.60 2.14 2.43 2.52 2.45 2.49 2.49 2.45 2.86 2.61 2.63 2.50 2.50
TOTAL SALARIES (Direct & Indirect) 36,693.4 32,237.8 41,032.3 109,963.5 33,953.1 35,766.7 39,515.2 109,235.0 36,034.5 34,845.6 37,091.1 107,971.1 39,282.1 37,457.2 41,067.5 117,806.8 444,976.4 37,081.4
AVERAGE MONTHLY SALARY Per Total Headcount 2,293.3 2,014.9 2,564.5 6,872.7 2,122.1 2,103.9 2,324.4 6,425.6 1,896.6 1,834.0 1,952.2 5,682.7 2,067.5 2,081.0 2,161.4 6,200.4 23,419.8 2,118.0

(4) Profitability Graph 2013

(4) Service Forecast 2014

VISUAL SOUND SERVICE SCORECARD
Full-Year 2014 YTD Actual & Forecast
Profitability Forecast 2014: Using 2013 Avg. as Guide
DESCRIPTION JAN FEB MAR QTD MAR APR MAY JUN QTD JUN JULY AUGUST SEPT QTD SEP OCT NOV DEC QTD DEC FULL-YEAR
Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Act 2014 Fcst 2014
NET SALES 105,636.9 149,530.7 111,611.9 366,779.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,277,807.0
NET SALES SEASONALITY (% of Total) 8.3% 11.7% 8.7% 28.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0%
ANNUALIZED NET SALES 1,267,642.3 1,794,367.8 1,339,343.3 1,467,117.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,277,807.0
GROSS MARGIN 67,894.7 103,775.7 68,030.4 239,700.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 192,949.0
% GROSS MARGIN 64.3% 69.4% 61.0% 65.4% 61.0% 61.0% 61.0% ERROR:#DIV/0! 61.0% 61.0% 61.0% 61.0% 61.0% 61.0% 61.0% ERROR:#DIV/0! 15.1%
OPERATING PROFIT / (LOSS) Pro Forma 28,730.6 75,438.2 32,465.4 136,634.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 300,454.5
% OPERATING PROFIT / (LOSS) Pro Forma 27.2% 50.4% 29.1% 37.3% 29.1% 29.1% 29.1% ERROR:#DIV/0! 29.1% 29.1% 29.1% ERROR:#DIV/0! 29.1% 29.1% 29.1% ERROR:#DIV/0! 23.5%
NET PROFIT / (LOSS) Pro Forma 23,698.2 70,894.2 27,346.0 121,938.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 228,177.1
% NET PROFIT / (LOSS) Pro Forma 22.4% 47.4% 24.5% 33.2% 24.5% 24.5% 24.5% ERROR:#DIV/0! 24.5% 24.5% 24.5% ERROR:#DIV/0! 24.5% 24.5% 24.5% ERROR:#DIV/0! 17.9%
REVENUE PER HEADCOUNT Per Month 5,868.7 8,307.3 6,565.4 20,741.4 ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! 6,263.8
REVENUE PER HEADCOUNT Annualized 70,424.6 99,687.1 78,784.9 82,965.5 ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! 75,165.1
TOTAL HEADCOUNT 18 18 17 17 0 0 0 0 0 0 0 0 0 0 0 0 17
KPI - NET SALES / TOTAL SALARY 2.32 4.38 2.59 2.99 ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! 2.87
TOTAL SALARIES (Direct & Indirect) 45,513.1 34,174.4 43,046.7 122,734.2 0.0 ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! 444,976.4
AVERAGE MONTHLY SALARY Per Total Headcount 2,528.5 1,898.6 2,532.2 7,219.7 ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! 26,175.1

(1) Instructions

Project 1 Instruction:
(1) This is an individual Investment Project
(2) As an investment manager, you have $1,000,000 to invest in the world of global equity market thru U.S. Exchanges in U.S. listed equities and ETFs
(3) You are assigned to build an Investment Portfolio for a client to maximize the return
(4) You are allowed to select quality ETFs or equities listed on Tab (5); bonds and penny stocks not allowed
(5) You must be honest with your operations information as superior performance does not deliver higher grade
(6) You must use your final week's holdings to calculate your "Portfolio Standard Deviation," "Average Excess Return," and "Sharpe Ratio"
(7) A final report (e-copy) completed with "Executive Summary" must be submitted by 8:00 PM the same date of your Final In-Class Exam.
Best of Luck!
You're the Best! Thank you.

(2) Executive Summary

EXECUTIVE SUMMARY
Figure 1.1 Figure 2.1
Car = 1
Technology = 2
Healthcare = 1
Financial = 2
Retail = 1
Figure 3.1
Company Gain/Loss (cumulative)
JPM ERROR:#REF!
AAPL ERROR:#REF!
AMGN ERROR:#REF!
GOOG ERROR:#REF!
AXP ERROR:#REF!
CVX ERROR:#REF!
NKE ERROR:#REF!

Figure 1.1 shows the total gains/losses for the portfolio over the course of the 14 week period.

Industry

Stock Industry

Car = 1

Technology = 2

Healthcare = 1

Financial =,2

Retail = 1

= = = = = Car Technology Healthcare Financial Retail 1 2 1 2 1 1 #REF!

Cumulative Gains/Losses By Company

Cumulative Gains/Losses JPM AAPL AMGN GOOG AXP CVX NKE 0 0 0 0 0 0 0

Figure 2.1. shows the how many of the stocks were chosen from each industry. The data for the graph is to the right of figure 2.1.

Figure 3.1 shows the cumulative gains/losses pertaining to each individual company over the 14 week period.

(3)Portfolio Overview & Summary

Morgan Stanley Private Client Group
Portfolio Summary
Investment Manager: ________________________
Initial Capital = $1,000,000.00
Closing Balance = $0.00
YTD Portfolio Performance = -100.0%
Stock Sector Beta 12M Target Date Bought No. Shares Unit Cost Transaction Cost Total Cost Date Sold No. Shares Unit Price Transaction Cost Total Receipts Gain / (Loss) Gain / (Loss) % % Risk Free Return % Excess Return
JPM Financial 1.81 70.05 2/2/15 1100 55.47 7.95 61,024.95 >>
AAPL >>
>>
>>
>>
>>
>>
>>
>>
>>
>>
CVX >>
61,024.95 Average ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
STDEV ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
STDV Portfolio Return ERROR:#DIV/0!
STDV Risk-Free Return ERROR:#DIV/0!
STDV Excess Return ERROR:#DIV/0!
Sharpe Ratio ERROR:#DIV/0!

(4) Roth Model @ 35.0%

Roth: INVESTMENT 3X MODEL (Alpha LS 2/3-STEP PROCESS)
Quick Thinking The Road Ahead: Plan/ Forecast/ Actual
Investment 5-Year Model (Start @ $5,500)
Annual New Contribution @ $5,500
Portfolio Performance Portfolio Performance
Annual Long-Investment Growth Rate = > 35.0%
Annual Short-Investment Growth Rate = > 5%
Annual 4 Trades 3X ETFs Trading-Range = > 12.4% Annual Long Gain Annual Short Gain
14 $5,500 = > $7,700 Mar 2011 $2,200 $275
15 $13,200 = > $18,480 $5,280 $660
16 $23,980 = > $33,572 $9,592 $1,199
17 $39,072 = > $54,701 $15,629 $1,954
18 $60,201 = > $84,281 $24,080 $3,010
19 $89,781 = > $125,694 $35,912 $4,489
20 $131,194 = > $183,671 $52,477 $6,560
21 $189,171 = > $264,839 $75,668 $9,459
22 $270,339 = > $378,475 $108,136 $13,517
23 $383,975 = > $537,565 $153,590 $19,199
24 $543,065 = > $760,291 $217,226 $27,153
25 $765,791 = > $1,072,108 $306,317 $38,290
26 $1,077,608 = > $1,508,651 $431,043 $53,880
27 $1,514,151 = > $2,119,811 $605,660 $75,708
28 $2,125,311 = > $2,975,436 $850,125 $106,266
29 $2,980,936 = > $4,173,310 $1,192,374 $149,047
30 $4,178,810 = > $5,850,334 $1,671,524 $208,941

(5) Reference ETFs

Designated Investments Management Authorization/Agreement
Tickers Stocks/ETFs/Index Funds/Mutual Funds Manager Category/Rating
AXP DD IBM MCD PFE UTX CSCO GS KO MSFT Dow Jones Industrial 30 Equities Companies Top U.S. Companies
BA XOM INTC MMM PG VZ CVX HD JPM NKE Dow Jones Industrial 30 Equities Companies Top U.S. Companies
BAC CAT GE JNJ MRK TRV T WMT UNH DIS Dow Jones Industrial 30 Equities Companies Top U.S. Companies
AAPL GOOG MSFT INTC AMZN CELG FB PCLN Top Nasdaq Equities Companies Top U.S. Companies
NFLX SBUX CSCO AMGN CMCSA DTV COST Top Nasdaq Equities Companies Top U.S. Companies
EBAY ORCL QCOM TEVA VOD ESRX GILD Top Nasdaq Equities Companies Top U.S. Companies
DIA DDM Dow Index Long ETFs SPDR, ProShares Moderate / Aggressive
SPY SSO SPXL S&P 500 Index Long ETFs SPDR, ProShares, Direxion Moderate / Aggressive
QQQ QLD TQQQ Nasdaq 100 Index Long ETFs PowerShares, ProShares Moderate / Aggressive
IWM UWM TNA Russell 2000 Index Long ETFs iShares, ProShares, Direxion Moderate / Aggressive
EEM VWO EDC BIK BKF FXI YINN XPP BBRC Emerging Market Long ETFs iShares, ProShares, Direxion, SPDR, Vanguard Moderate / Aggressive
EWT EZA INP INDL RSX RUSL EWZ EWY EWS Emerging Market Long ETFs iShares, Direxion, Barclays, Market Vectors Moderate / Aggressive
EWW EWM IDX TUR THD EGPT DGS EWZS Emerging Market Long ETFs iShares, ProShares, WisdomTree, Market Vectors Moderate
VNM EPHE AFK SCHE PIE FEM EEMV ECON Emerging Market Long ETFs iShares, WisdomTree, Market Vectors Moderate
EWG EWQ EWU VGK EWP EWI FEZ European Long ETFs iShares, Vanguard, SPDR Moderate
EWA EWJ EWH Asian Long ETFs iShares Moderate
XRT XLP XLE XLF XLB XLK XLV XLY XLU U.S. Sector Long ETFs SPDR Moderate
URE DRN U.S. Real Estate Long ETFs ProShares, Direxion Moderate / Aggressive
XLE ERX GASL U.S. Energy Sector Long ETFs SPDR, Direxion Moderate / Aggressive
XLF UYG FAS U.S. Financial Sector Long ETFs SPDR, ProShares, Direxion Moderate / Aggressive
TECL U.S. Technology Sector Long ETF Direxion Moderate / Aggressive
SOXL U.S. Semiconductor Long ETF Direxion Moderate / Aggressive
MATL U.S. Basic Material Long ETF Direxion Moderate / Aggressive
NUGT GLD SLV U.S. Gold & Silver Long ETFs SPDR, iShares, Direxion Moderate / Aggressive
CURE U.S. Healthcare Sector Long ETF Direxion Moderate / Aggressive
PIMIX BOND PQIIX U.S. Bond & Dividend Funds PIMCO Conservative
FMAGX FBGRX FTRNX FDSVX FTQGX Fidelity Selected Mutual Funds Fidelity 5-Star Funds
VEVFX VFTSX VCVLX VHCAX VEXAX Vanguard Selected Mutual Funds Vanguard 5-Star Funds
TRBCX PRWCX PRCOX PRDSX PRMSX T.Rowe Price Selected Mutual Funds T.Rowe Price 5-Star Funds

(7) Service Variance Report

SERVICE VARIANCE REPORT
VS Service Business Act Jan-14 Act Feb-14 Act Mar-14 VS Service Business YTD Mar '14 YTD Mar '13
BROOMALL SALES 19,961.50 20,389.09 18,188.85 BROOMALL SALES 58,539.44 59,979.44
BROOMALL SERVICE INCOME 19,961.50 20,389.09 18,188.85 BROOMALL SERVICE INCOME 58,539.44 59,979.44
PHILA WARRANTY CONTRACT 25,323.56 25,292.97 24,722.93 PHILA WARRANTY CONTRACT 75,339.46 93,692.74
PHILA RENEWAL CONTRACT 41,074.85 84,045.54 48,682.09 PHILA RENEWAL CONTRACT 173,802.48 69,770.32
PHILA NEW CONTRACT 2,143.32 2,143.32 2,143.32 PHILA NEW CONTRACT 6,429.96 12,396.24
PHILA SERVICE INCOME 68,541.73 111,481.83 75,548.34 PHILA SERVICE INCOME 255,571.90 175,859.30
MD WARRANTY CONTRACT 16,038.84 16,564.94 16,779.95 MD WARRANTY CONTRACT 49,383.73 27,803.54
MD RENEWAL CONTRACT 975.00 975.00 975.00 MD RENEWAL CONTRACT 2,925.00 2,925.00
MD NEW CONTRACT 119.79 119.79 119.80 MD NEW CONTRACT 359.38 0.00
MARYLAND SERVICE INCOME 17,133.63 17,659.73 17,874.75 MARYLAND SERVICE INCOME 52,668.11 30,728.54
TOTAL NET SALES 105,636.86 149,530.65 111,611.94 TOTAL NET SALES 366,779.45 266,567.28
WAGES COG 19,057.23 17,681.55 19,012.53 WAGES COG 55,751.31 47,032.68
FRINGE BENEFITS-COG 882.41 1,357.84 1,551.32 FRINGE BENEFITS-COG 3,791.57 3,778.15
PAYROLL TAX COG 3,846.59 2,402.86 1,436.30 PAYROLL TAX COG 7,685.75 5,713.11
FREIGHT 399.77 415.79 410.53 FREIGHT 1,226.09 762.91
EQUIPMENT REPAIR 0.00 65.00 0.00 EQUIPMENT REPAIR 65.00 3.65
OUTSIDE SERVICES 0.00 960.00 0.00 OUTSIDE SERVICES 960.00 2,490.00
PURCHASE PARTS 358.12 11,378.74 5,218.87 PURCHASE PARTS 16,955.73 14,204.10
SERVICE CONTRACT EXPENSE 13,073.09 11,472.04 15,952.01 SDP - BID CREDIT 0.00 (129.83)
SUPPLIES COG 0.00 21.16 0.00 SERVICE CONTRACT EXPENSE 40,497.14 27,245.60
INTER-CO SERVICES 125.00 0.00 0.00 SMART REPAIR BILLING 0.00 343.94
COST OF GOODS PER GP REPORT 37,742.21 45,754.98 43,581.56 SUPPLIES COG 21.16 295.94
GROSS PROFIT 67,894.65 103,775.67 68,030.38 SMART REPAIR CREDITS 0.00 (2,700.00)
GROSS PROFIT % 64.27 69.40 60.95 INTER-CO SERVICES 125.00 0.00
WAGES 14,367.61 12,966.72 18,704.84 COST OF GOODS PER GP REPORT 127,078.75 99,040.25
WAGES SALESPERSON 12,088.28 3,526.13 5,329.30 GROSS PROFIT 239,700.70 167,527.03
FRINGE BENEFITS 456.13 701.89 801.90 WAGES 46,039.17 48,111.24
PAYROLL TAXES 4,067.05 2,905.44 1,128.49 WAGES SALESPERSON 20,943.71 14,819.55
TOTAL PERSONNEL 30,979.07 20,100.18 25,964.53 FRINGE BENEFITS 1,959.92 1,952.98
ADVERTISING 294.68 0.00 1,173.85 PAYROLL TAXES 8,100.98 7,764.51
TOTAL MARKETING 294.68 0.00 1,173.85 TOTAL PERSONNEL 77,043.78 72,648.28
CREDIT AND COLLECTION 235.71 111.34 190.04 ADVERTISING 1,468.53 0.00
DEPRECIATION 1,518.19 1,518.25 1,518.25 SALES PROMOTION 0.00 77.61
FREIGHT OUT 0.00 (12.00) 0.00 TOTAL MARKETING 1,468.53 77.61
INSURANCE 989.71 1,263.82 1,621.37 CREDIT AND COLLECTION 537.09 275.00
MEALS & ENTERTAINMENT 105.05 0.00 0.00 DEPRECIATION 4,554.69 4,335.62
OUTSIDE SERVICES 0.00 985.75 1,114.01 FREIGHT OUT (12.00) (689.64)
PERSONNEL 40.00 0.00 0.00 INSURANCE 3,874.90 3,599.37
RENT 969.75 969.75 969.75 MEALS & ENTERTAINMENT 105.05 163.08
REPAIRS & MAINTENANCE 60.88 184.03 400.38 OUTSIDE SERVICES 2,099.76 0.00
SUPPORT SERVICES 82.80 82.80 169.98 PERSONNEL 40.00 1,054.80
SUPPLIES 270.58 440.42 64.50 RENT 2,909.25 2,909.25
TELEPHONE 650.36 635.21 636.59 REPAIRS & MAINTENANCE 645.29 645.20
TRAINING 174.00 99.00 0.00 SUPPORT SERVICES 335.58 334.11
TRAVEL & ENTERTAINMENT 465.83 130.75 0.00 SUPPLIES 775.50 410.81
VEHICLE EXPENSE 2,327.43 1,828.21 1,741.73 TELEPHONE 1,922.16 1,886.91
TOTAL OTHER DIRECT EXPENSES 7,890.29 8,237.33 8,426.60 TRAINING 273.00 549.08
TOTAL DIRECT EXPENSES 39,164.04 28,337.51 35,564.98 TRAVEL & ENTERTAINMENT 596.58 3,206.26
OPERATING INCOME 28,730.61 75,438.16 32,465.40 VEHICLE EXPENSE 5,897.37 5,408.93
INTEREST EXPENSE 100.60 78.42 54.90 TOTAL OTHER DIRECT EXPENSES 24,554.22 24,088.78
INTEREST (INC/EXP) 463.63 460.32 461.36 TOTAL DIRECT EXPENSES 103,066.53 96,814.67
GENERAL OVERHEAD 4,468.17 4,005.21 4,603.15 OPERATING INCOME 136,634.17 70,712.36
TOTAL ALLOCABLE 5,032.40 4,543.95 5,119.41 INTEREST EXPENSE 233.92 784.81
NET INCOME 23,698.21 70,894.21 27,345.99 INTEREST (INC/EXP) 1,385.31 1,231.41
GENERAL OVERHEAD 13,076.53 14,873.48
TOTAL ALLOCABLE 14,695.76 16,889.70
NET INCOME 121,938.41 53,822.66