Income Statement Years 1-3
Prepared By: Company Name:
Sam Miller Aviation Flight Academy
Revenue 43344   43345   43346  
Student                     40,564,800              44,621,280              49,083,408  
Aircraft Rental                   114,238,080            125,661,888            138,228,077  
Training PIC                     10,800,000              11,880,000              13,068,000  
Training SIC                     12,000,000              13,200,000              14,520,000  
ATP                     27,180,000              29,898,000              32,887,800  
VA & Military Training                     34,800,000              38,280,000              42,108,000  
Total Revenue  $           239,582,880 100%  $   263,541,168 100%  $  289,895,285 100%
Cost of Goods Sold            
Student                     36,936,000              40,629,600              44,692,560  
Aircraft Rental                     91,163,016            100,279,318            110,307,249  
Training PIC                       1,152,000                1,267,200                1,393,920  
Training SIC                       1,920,000                2,112,000                2,323,200  
ATP                     13,140,000              14,454,000              15,899,400  
VA & Military Training                     21,900,000              24,090,000              26,499,000  
Total Cost of Goods Sold                166,211,016 69%       182,832,118 69%       201,115,329 69%
Gross Margin                     73,371,864 31%            80,709,050 31%            88,779,955 31%
Payroll                       4,742,858                5,508,475                6,901,389  
Operating Expenses            
Advertising                       6,000,000                6,180,000                6,365,400  
Car and Truck Expenses                          267,500                   275,525                   283,791  
Commissions and Fees                          180,000                   189,000                   198,450  
Contract Labor (Not included in payroll)                            30,000                     30,900                     31,827  
Insurance (other than health)                            66,000                     67,980                     70,019  
Legal and Professional Services                            96,000                     98,880                   101,846  
Licenses                            18,000                     18,900                     19,845  
Office Expense                            60,000                     61,800                     63,654  
Rent or Lease -- Vehicles, Machinery, Equipment                            42,000                     43,260                     44,558  
Rent or Lease -- Other Business Property                          240,000                   247,200                   254,616  
Repairs and Maintenance                            60,000                     63,000                     66,150  
Supplies                            60,000                     61,800                     63,654  
Travel, Meals and Entertainment                          144,000                   148,320                   152,770  
Utilities                          600,000                   618,000                   636,540  
Miscellaneous                                      -                               -                              -  
Other Expense 1            
Other Expense 2            
Total Operating Expenses  $                7,863,500 3%  $        8,104,565 3%  $       8,353,120 3%
Income (Before Other Expenses)[1]  $              60,765,506 25%  $     67,096,010 25%  $     73,525,447 25%
Other Expenses            
Amortized Start-up Expenses                          310,433                   310,433                   310,433  
Depreciation                          770,026                   770,026                   770,026  
Interest            
Commercial Loan                                     -                               -                              -  
Commercial Mortgage                                     -                               -                              -  
Credit Card Debt                                     -                               -                              -  
Vehicle Loans                                     -                               -                              -  
Other Bank Debt                                     -                               -                              -  
Line of Credit                          (91,527)                  (329,497)                 (569,132)  
Bad Debt Expense                       4,791,658                5,270,823                5,797,906  
Total Other Expenses  $                5,780,590 2%  $        6,021,785 2%  $       6,309,233 2%
Net Income Before Income Tax  $              54,984,916    $     61,074,225    $     67,216,214  
Income Tax  $                  4,700,105    $          5,217,696    $         5,739,765  
Net Income/Loss  $              50,284,812 21%  $     55,856,529 21%  $     61,476,449 21%
Income Tax Calculations Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total
Taxable Amount Year 2  $                  3,147,952 ########  $          4,130,422 ########  $         5,112,892  $5,604,127  $5,850,577  $5,852,241  $5,853,905  $ 5,855,569  $ 5,857,233  $ 5,858,897  $   61,384,658
Total  $                  3,147,952 ########  $        10,917,561 ########  $       20,652,110 ######### ######### ######### ######### ######### ######### #########  $ 363,757,993
Income Taxes  $                     267,576  $  309,331  $             351,086  $  392,841  $            434,596  $   476,351  $   497,299  $   497,440  $   497,582  $    497,723  $    497,865  $    498,006  $     5,217,696
Taxable Amount Year 3  $                  3,463,956 ########  $          4,544,340 ########  $         5,624,724  $6,164,916  $6,435,845  $6,437,509  $6,439,173  $ 6,440,837  $ 6,442,501  $ 6,444,165  $   67,526,647
Total  $                  3,463,956 ########  $        12,012,445 ########  $       22,721,702 ######### ######### ######### ######### ######### ######### #########  $ 400,180,491
Income Taxes  $                     294,436  $  340,353  $             386,269  $  432,185  $            478,102  $   524,018  $   547,047  $   547,188  $   547,330  $    547,471  $    547,613  $    547,754  $     5,739,765
[1]

Also known as EBITDA (Earnings Before Interest, Taxes,  Depreciation and Amortization). This metric allows for a comparison across different businesses, which might have different levels of taxes, depreciation, or interest. This number should be used in conjunction with other metrics, as it does not give a full picture of the health of the business.