Income Statement for the year ended December 31, 2003 _ FULL EXPANSION _$12 million from Investor & $4 million from Bank _ \"9.991% [THE-ii _ .__ ___ _ :_ _. i92249r99 Net Sales [Custom Publishing) _ $9,629,760.00 Total Net Sales _ Assumed Expenses: , Constant % of ' \"Direct Materials Cost [Titles] -':317_,_767,_423.08": Direct Materials Cost (Custom Publishing) -58,284,516.92 _ _ _Total Direct Materials Cost ., _ _ -26,051,940.00_ ' Variable Operating Costs " $0,520,000.00- _ __Total Fixed Costs _ _ $5,006,000.00 _ __ Total Operating Cost -511,526,000.00 Earnings Before Interest and Taxes H I ,- $5,412,060.00 Interest Expense Tax Expense $1,584,019.20 _ NET INCOME $3,366,040.30 Minimizing the Amount in vested by Equity investor => Loan of $4 million Partial Expansion Scenario