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Advanced Roofing, Inc. and Affiliates
<br />Consolidated Statements of Income
<br />Years Ended December 31, 2015 and 2014
<br />2015 2014
<br />Revenues (Notes 11 and 13):
<br />Contract $ 70,431,170 $ 64,314,759
<br />Service 5,231,621 4,963,771
<br />Solar panel 10,349 130,118
<br />Total revenues 75,673,140 69,408,648
<br />Cost of revenues (Note 13):
<br />Contract
<br />55,585,573
<br />49,818,149
<br />Service
<br />2,956,801
<br />2,901,709
<br />Solar panel
<br />97,951
<br />220,487
<br />Total cost of revenues
<br />58,640,325
<br />52,940,345
<br />Gross profit
<br />17,032,815
<br />16,468,303
<br />Operating expenses (Notes 13,14 and 17)
<br />12,578,082
<br />11,856,780
<br />Operating income
<br />4,454,733
<br />4,611,523
<br />Nonoperating income (expense) (Note 13):
<br />Interest income (Note 14)
<br />65,020
<br />47,188
<br />Interest expense (Note 10)
<br />(293,237)
<br />(230,789)
<br />Income (loss) from investment in construction joint venture (Note 15)
<br />571,641
<br />(1,147,160)
<br />Other
<br />(390,776)
<br />(466,927)
<br />(47,352)
<br />(1,797,688)
<br />Net income
<br />4,407,381
<br />2,813,835
<br />Less: net (income) loss attributable to the noncontrolling interest
<br />(1,997,386)
<br />423,744
<br />Net income attributable to Advanced Roofing, Inc.
<br />$ 2,409,995
<br />$ 3,237,579 .
<br />See notes to consolidated financial statements.
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