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Farmer's Bagels with Tax Loss Carryforwards

# Farmer's Bagels with Tax Loss Carryforwards - A 36 37 38 39...

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Income statement 1996 1997 1998 1999 2000 2001 Total sales 18,977,564 28,048,500 42,021,000 55,993,500 69,966,000 83,938,500 Operating expenses Cost of products sold (30,000,000) (11,219,400) (16,808,400) (22,397,400) (27,986,400) (33,575,400) Depreciation (1,303,085) (1,892,696) (2,703,101) (3,415,699) (4,030,489) (4,589,389) Selling, general, and administrative expenses (6,045,369) (8,975,520) (13,026,510) (16,798,050) (20,290,140) (23,502,780) Interest expense (84,606) (1,527,471) (2,489,432) (3,026,639) (2,763,792) (1,900,177) Interest income 171,362 259,011 357,386 357,075 377,879 461,714 Profit before tax and carryforward (18,284,134) 4,692,423 7,350,942 10,712,787 15,273,058 20,832,468 Loss carryforward used (4,692,423) (7,350,942) (6,240,769) - - Adjusted PBT (18,284,134) - - 4,472,018 15,273,058 20,832,468 Provision for income taxes - - - (1,855,887) (6,338,319) (8,645,474) Adjusted Net Income (18,284,134) - - 2,616,131 8,934,739 12,186,994 Balance sheet Current Assets Cash and cash equivalents 3,023,989 5,609,700 6,303,150 5,599,350 6,996,600 8,393,850 Accounts receivable 4,194,238 6,170,670 9,244,620 12,318,570

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Farmer's Bagels with Tax Loss Carryforwards - A 36 37 38 39...

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