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GIC AND CCC CONSOLIDATED INCOME STATEMENTS
YEAR ENDING 2016 AND 2017
% Mix
2016 Mix 2017 Mix $ Change
Change change
Revenue
Dock ice revenue 815,992 4.0% 879,171 3.2% 7.7% -0.8% 63,179
Precooling revenue 14,208,869 69.7% 20,449,563 75.4% 43.9% 5.7% 6,240,695
Equipment rent revenue 2,621,034 12.9% 2,835,043 10.5% 8.2% -2.4% 214,009
Office/facility rent revenue 1,836,086 9.0% 1,967,900 7.3% 7.2% -1.8% 131,814
Materials/labor income 903,464 4.4% 993,810 3.7% 10.0% -0.8% 90,346
Ttl Revenue 20,385,444 100.0% 27,125,487 100.0% 33.1% 0.0% 6,740,043

Cost of Goods
Direct Labor 4,475,064 22.0% 6,392,631 23.6% 42.9% 1.6% 1,917,567
Direct Benefits 2,336,604 11.5% 3,337,840 12.3% 42.9% 0.8% 1,001,236
Power 2,336,506 11.5% 2,437,533 9.0% 4.3% -2.5% 101,028
Other Utilities 114,678 0.6% 164,942 0.6% 43.8% 0.0% 50,263
Rent 298,869 1.5% 429,703 1.6% 43.8% 0.1% 130,834
Other Misc cogs 313,473 1.5% 417,116 1.5% 33.1% 0.0% 103,644
Cooling Expense 0.0% 11,349 0.0% 0.0% 11,349
Cost of Goods 9,875,194 48.4% 13,191,115 48.6% 33.6% 0.2% 3,315,921

Gross Margin 10,510,250 51.6% 13,934,372 51.4% 32.6% -0.2% 3,424,122

OPEX
Indirect Labor 1,450,258 7.1% 2,430,786 9.0% 67.6% 1.8% 980,528
Indirect Benefits 552,896 2.7% 822,235 3.0% 48.7% 0.3% 269,339
Utilities 169,555 0.8% 172,393 0.6% 1.7% -0.2% 2,838
R&M 1,450,482 7.1% 1,700,000 6.3% 17.2% -0.8% 249,518
Supplies 1,017,306 5.0% 1,218,675 4.5% 19.8% -0.5% 201,370
Sales/Marketing 10,000 0.0% 150,000 0.6% 1400.0% 0.5% 140,000
Property Taxes 604,974 3.0% 616,752 2.3% 1.9% -0.7% 11,777
Insurance 355,000 1.7% 361,795 1.3% 1.9% -0.4% 6,795
Office 867,533 4.3% 1,087,342 4.0% 25.3% -0.2% 219,810
Ttl OPEX 6,478,003 31.8% 8,559,978 31.6% 32.1% -0.2% 2,081,975
EBITDA 4,032,247 19.8% 5,374,394 19.8% 33.3% 0.0% 1,342,147

Non Operating Income/Expense
Depreciation 2,944,681 14.4% 2,812,622 10.4% -4.5% -4.1% (132,059)
Amortization 27,712 0.1% 26,667 0.1% -3.8% 0.0% (1,045)
Interest (income)/expense, net 686,743 3.4% 661,091 2.4% -3.7% -0.9% (25,652)
(Gain)/Loss on Investments (10,000) 0.0% (139,603) -0.5% 1296.0% -0.5% (129,603)
Merrill Western (40,000) -0.2% (60,000) -0.2% 50.0% 0.0% (20,000)
Growers Street Cooling 30,000 0.1% - 0.0% -100.0% -0.1% (30,000)
Growers Custom Equipment - 0.0% (79,603) -0.3% -0.3% (79,603)
(Gain)/Loss on Assets (462,733) -2.3% (20,092) -0.1% -95.7% 2.2% 442,641
GSA (income)/expense, net (129,784) -0.6% (130,532) -0.5% 0.6% 0.2% (747)
Other (income)/expense, net (157,803) -0.8% (5,201) 0.0% -96.7% 0.8% 152,602
Ttl Non Operating Income/Expense 2,898,815 14.2% 3,204,952 11.8% 10.6% -2.4% 306,137

Income Before Taxes 1,133,431 5.6% 2,169,442 8.0% 91.4% 2.4% 1,036,010
Taxes 11,656 0.1% 18,020 0.1% 54.6% 0.0% 6,364

Net Income 1,121,775 5.5% 2,151,421 7.9% 91.8% 2.4% 1,029,647

Prepared for Growers Ice Company, Inc.
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Jim White, PhD --- JL White International