LAKESIDE COMPANY

INCOME STATEMENT

For Nine Months Ended September 30, 1990 and 1991

Increase Percentage

1990 1991 (Decrease) Change

Sales3,859,000 4,376,500 517,50013.41%

Sales Returns and Discounts(271,700)(420,200)148,50054.66%

Net Sales3,587,300 3,956,300 369,00010.29%

Cost of Goods Sold(2,262,800)(2,498,000)235,20011%

Gross Profit1,324,500 1,458,300 133,80010%

Operating Expense (19,800)(25,300)5,500

Salaries, Commissions, Bonuses(397,400)(422,300)24,9006.27%

Advertising and Selling Expenses(142,000)(146,600)4,6003.24%

Rent Expenses(116,900)(123,000)6,1005.22%

Depreciation Expenses(37,900)(38,200)3000.79%

Other General and Admin-

istrative Expenses(464,800)(534,000)69,20014.89%

Interest Expense(81,200)(89,100)7,9009.72%

Income Before Income Taxes64,500 79,800 15,30023.72%

Income Taxes(75,000)(92,000)17,00022.67%

Net Income After Taxes(10,500)(12,200)1,70016.19%

Gain on Disposition of

Fixed Asset0 14,000 14,000-

Net Income(10,500)1,800 12,300117.14%

Retained Earnings, Beginning257,000 312,000 55,00021.40%

Cash Dividends(48,700)(31,400)(17,300)-35.52%

Retained Earnings, Ending197,800 282,400 84,60042.77%