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GEMS Group, Inc.

Income Statement
For the seven periods ending July 31, 2015

Current Period Year-to-Date


Actual Budget Variance Actual Budget Variance

Revenue
4010 Sales 1,732,660.54 1,896,850.00 (164,189.46) 17,645,630.57 16,999,850.00 645,780.57
4011 Sales·Service/No Profit 238.23 0.00 238.23 1,396.80 0.00 1,396.80
4012 Sales-Misc. (0.10) 0.00 (0.10) (3,271.83) 0.00 (3,271.83)
4013 Sales-Whse Materials 3,715.00 4,146.51 (431.51) 32,345.00 37,161.67 (4,816.67)
4030 Sales Returns-Product Issues (451.80) (3,793.70) 3,341.90 (65,048.70) (33,999.70) (31,049.00)
4031 Sales Returns-Price Discrepanc (106.60) (134.68) 28.08 (2,811.71) (1,207.00) (1,604.71)
4032 Sales Returns-Delivery Issues (1,063.30) (383.16) (680.14) (8,879.08) (3,433.97) (5,445.11)
4033 Contra-Revenue - Customer BDF (288.00) 0.00 (288.00) (2,951.00) 0.00 (2,951.00)
4100 Contra-Revenue - Customer BDF (22,858.34) (17,963.81) (4,894.53) (194,806.15) (171,396.57) (23,409.58)
4150 Sales Clearing (751.80) 0.00 (751.80) (17,332.20) 0.00 (17,332.20)
Total Revenue 1,711,093.83 1,878,721.16 (167,627.33) 17,384,271.70 16,826,974.43 557,297.27

Cost of Sales
5002 COGS-Labor 36,745.96 36,071.45 (674.51) 370,972.76 323,077.90 47,894.86
5004 COGS-Flowers 1,018,517.31 1,113,518.03 95,000.72 10,188,532.47 9,973,347.75 215,184.72
5006 COGS-Hardgoods 129,353.55 172,278.73 42,925.18 1,467,426.36 1,543,033.55 (75,607.19)
5008 COGS-Whse Materials 3,771.21 4,106.88 335.67 32,386.21 36,783.77 (4,397.56)
5012 COGS-Inbound Freight 168,211.28 181,296.59 13,085.31 1,878,127.52 1,623,803.03 254,324.49
5013 COGS-Logistics 21,158.88 23,108.27 1,949.39 225,242.58 206,971.78 18,270.80
5015 COGS-Outbound Freight to Cust 3,703.03 1,427.83 (2,275.20) 59,156.38 12,788.51 46,367.87
5023 Inventory Adjustment Account 17,365.17 0.00 (17,365.17) 135,429.82 0.00 135,429.82
5028 COGS-BDF 9,605.31 8,188.29 (1,417.02) 91,411.30 78,126.17 13,285.13
5029 Contra-COGS-BDF 0.00 0.00 0.00 (108,915.40) 0.00 (108,915.40)
5030 P.O. Variance 11,963.97 0.00 (11,963.97) 38,940.00 0.00 38,940.00
Total Cost of Sales 1,420,395.67 1,539,996.07 119,600.40 14,378,710.00 13,797,932.46 580,777.54

Gross Profit 290,698.16 338,725.09 (48,026.93) 3,005,561.70 3,029,041.97 (23,480.27)


GP % 16.99% 18.03% 17.29% 18.00%

Operating Expenses
6003 Bad Debt Expense 0.00 0.00 0.00 1,989.39 0.00 1,989.39
6005 Promotions 0.00 291.67 291.67 860.68 2,041.69 (1,181.01)
6015 Flower Dump 5,119.26 4,977.13 (142.13) 54,345.25 45,546.17 8,799.08
6020 FARM-LEVEL Cost Mitigation 0.00 0.00 0.00 0.00 0.00 0.00
6035 Reimb. to Empl. for P/Ups 0.00 0.00 0.00 0.00 0.00 0.00
6037 Local Delivery Charges 7,190.00 5,636.16 (1,553.84) 51,895.00 50,480.93 1,414.07
6039 Other Fuel Surcharges 0.00 75.00 75.00 81.53 525.00 (443.47)
6041 GEMS FedEx Charges 175.11 250.00 74.89 5,469.49 1,750.00 3,719.49
6042 Late Fees 60.70 0.00 (60.70) 366.04 0.00 366.04
6048 Fumigation/Destruction 1,956.82 187.87 (1,768.95) 1,780.24 1,682.70 97.54
6052 Samples Products 2,397.16 3,757.44 1,360.28 19,087.11 33,653.95 (14,566.84)
6055 Protocol Compliance Test & Res 1,103.40 469.68 (633.72) 4,049.99 4,206.74 (156.75)
6070 Hurricane Recovery 0.00 843.55 843.55 0.00 7,555.30 (7,555.30)
6080 Lunch Meetings 1,040.20 833.33 (206.87) 4,600.58 5,833.31 (1,232.73)
6082 Meals for Employees 0.00 281.81 281.81 3,498.09 2,524.04 974.05
6087 NON-COGS Outbound Freight 415.00 939.36 524.36 13,002.66 8,413.48 4,589.18
6089 NON-COGS Cust Ship FedEx 413.85 845.42 431.57 15,849.73 7,572.14 8,277.59
6091 Food & Beverage 690.46 583.33 (107.13) 6,285.48 4,083.31 2,202.17
6096 Office:6096 · Food and Beverag 0.00 0.00 0.00 0.00 0.00 0.00
6097 Repairs/Maint/Construction 0.00 583.33 583.33 1,311.88 4,083.31 (2,771.43)
6110 Company Vehicle - Leases 1,586.53 1,625.00 38.47 12,132.25 11,375.00 757.25
6115 Company Vehicle - Fuel 349.77 708.33 358.56 3,098.54 4,958.31 (1,859.77)
6117 Company Vehicle - Maintenance 0.00 250.00 250.00 2,120.99 1,750.00 370.99
6120 Bank Service Charges 137.81 312.50 174.69 1,859.30 2,187.50 (328.20)
6140 Contributions 20.00 2,500.00 2,480.00 13,395.00 17,500.00 (4,105.00)
6145 Prior SeasonObsolete Hardgoods 0.00 0.00 0.00 9,445.68 12,500.00 (3,054.32)
6160 Dues & Subscriptions 866.56 1,437.50 570.94 9,992.21 10,062.50 (70.29)
6170 Equipment Rental 10.00 458.33 448.33 5,123.83 3,208.31 1,915.52
6175 Waste Disposal 777.94 808.33 30.39 4,730.06 5,658.31 (928.25)
6180 Insurance 0.00 0.00 0.00 0.00 0.00 0.00
6181 Insurance - Executive 851.18 1,458.33 607.15 6,125.48 10,208.31 (4,082.83)
6185 Insurance - Liability 1,188.52 1,250.00 61.48 8,339.05 8,750.00 (410.95)
6187 Insurance - Company Vehicles 527.63 650.00 122.37 5,245.19 4,550.00 695.19
6190 Insurance - Health 9,414.24 13,333.33 3,919.09 79,758.80 93,333.31 (13,574.51)
6220 Financial Exp - Interest 2,338.65 7,454.00 5,115.35 16,615.79 32,454.00 (15,838.21)
6221 Financial Exp - Line of Credit 5,000.00 1,250.00 (3,750.00) 7,250.00 8,750.00 (1,500.00)
6230 Licenses & Permits 0.00 104.17 104.17 1,005.00 729.19 275.81
6250 Postage & Delivery 131.65 375.00 243.35 1,293.71 2,625.00 (1,331.29)
6251 Mailbox 0.00 150.00 150.00 0.00 150.00 (150.00)
6254 Product Illustration - GEMS 0.00 1,127.23 1,127.23 0.00 10,096.19 (10,096.19)
6255 Web Based Marketing 0.00 563.62 563.62 0.00 5,048.10 (5,048.10)
6256 Advertising 2,836.43 379.50 (2,456.93) 9,312.03 3,399.05 5,912.98
6257 Product Development - Research 0.00 244.23 244.23 604.28 2,187.50 (1,583.22)
6258 Product Development - Expenses 673.15 939.36 266.21 4,599.91 8,413.48 (3,813.57)
6259 Trade Shows 187.96 9,583.33 9,395.37 48,214.51 67,083.31 (18,868.80)
6260 Customer Specific Mktg 9,740.38 4,718.03 (5,022.35) 44,608.31 45,015.61 (407.30)
6271 Professional Fees 11,970.70 11,217.00 (753.70) 97,762.98 78,519.00 19,243.98
6272 Prof. Fees - IT & Telecom 525.00 2,436.93 1,911.93 17,722.50 21,826.61 (4,104.11)
6275 Independent Sales Rep 794.86 1,929.00 1,134.14 13,865.23 18,405.00 (4,539.77)
6280 Professional Fees · Legal 0.00 1,666.67 1,666.67 20,281.98 11,666.69 8,615.29
6284 Recruitment 5,596.25 1,666.67 (3,929.58) 26,491.25 11,666.69 14,824.56
6285 Franchise Fees 0.00 93.94 93.94 114.83 841.35 (726.52)
6290 Rent 23,524.05 23,925.90 401.85 164,668.32 167,481.30 (2,812.98)
6315 Office Copier Usage Fees 0.00 0.00 0.00 0.00 0.00 0.00
6325 Technology Licenses & Maint 140.21 1,416.67 1,276.46 2,183.39 9,916.69 (7,733.30)
6330 Equipment Maint & Repair 197.95 750.00 552.05 2,251.07 5,250.00 (2,998.93)
6335 Cloud-based Services 2,606.45 1,500.00 (1,106.45) 13,265.93 10,500.00 2,765.93
6343 Wireless Communications 2,076.79 1,666.67 (410.12) 12,252.39 11,666.69 585.70
6350 Voice & Data 1,963.62 2,016.66 53.04 14,813.14 14,116.62 696.52
6351 Long Distance Charges 0.00 29.16 29.16 1.65 204.12 (202.47)
6356 Internet Trading Subscriptions 166.80 1,614.45 1,447.65 10,213.36 11,301.15 (1,087.79)
6357 Domain Fees 58.79 450.00 391.21 2,837.62 3,150.00 (312.38)
6360 Travel & Ent - Entertainment 234.71 1,666.67 1,431.96 15,395.04 11,666.69 3,728.35
6365 Travel & Ent - Business Center 0.00 117.00 117.00 245.71 819.00 (573.29)
6370 Travel & Ent · Meals 457.76 1,250.00 792.24 6,116.54 8,750.00 (2,633.46)
6377 Travel & Ent - Airfare/Train 3,690.10 9,166.67 5,476.57 37,552.68 64,166.69 (26,614.01)
6378 Travel & Ent - Car Rental/Cab 1,362.94 1,489.00 126.06 13,743.11 10,423.00 3,320.11
6379 Travel & Ent - Mileage Reimb 27.70 364.00 336.30 372.18 2,548.00 (2,175.82)
6380 Travel & Ent - Hotel 4,738.51 5,416.67 678.16 37,851.91 37,916.69 (64.78)
6385 Parking & Tolls 196.00 233.33 37.33 1,754.46 1,633.31 121.15
6400 Utilities · Gas & Electric 0.00 37.50 37.50 121.11 262.50 (141.39)
6450 Alarm System & Security 58.85 60.00 1.15 411.95 420.00 (8.05)
6555 TimeClock Services 400.18 208.33 (191.85) 1,806.08 1,458.31 347.77
6560 Payroll Expenses 137,206.71 142,722.00 5,515.29 903,608.61 999,054.00 (95,445.39)
6561 Payroll Admin Charges 1,706.88 1,500.00 (206.88) 11,583.56 10,500.00 1,083.56
6562 Payroll Taxes 14,648.30 18,333.33 3,685.03 107,720.65 128,333.31 (20,612.66)
6563 Temporary Employees 2,956.54 416.67 (2,539.87) 26,501.30 2,916.69 23,584.61
6564 Workers' Compensation 1,896.49 2,026.13 129.64 13,227.22 14,182.91 (955.69)
6570 Employee Bonuses (394.99) 0.00 394.99 80,989.04 0.00 80,989.04
6575 Employee Recognition Awards 0.00 250.00 250.00 0.00 1,750.00 (1,750.00)
6576 Gifts to Employees 0.00 125.00 125.00 1,088.49 875.00 213.49
6577 Company Events 0.00 2,916.67 2,916.67 8,331.58 20,416.69 (12,085.11)
6580 Professional Development 2,240.00 2,916.67 676.67 24,148.00 20,416.69 3,731.31
6650 Professional Fees · Accounting 9,175.00 1,000.00 (8,175.00) 24,175.00 7,000.00 17,175.00
6750 Storage 0.00 668.15 668.15 2,198.85 5,984.37 (3,785.52)
6751 Storage - BackUp Media Offsite 409.00 375.00 (34.00) 3,136.00 2,625.00 511.00
6771 Supplies 4,670.53 5,810.55 1,140.02 41,294.56 50,477.54 (9,182.98)
6775 Supplies - Sanitation 0.00 300.67 300.67 2,629.35 2,692.96 (63.61)
6776 Warehouse Pallets 1,712.50 1,878.72 166.22 13,750.00 16,826.98 (3,076.98)
6780 Company Uniforms 0.00 333.33 333.33 2,681.67 2,333.31 348.36
6825 Filing Fees 0.00 41.67 41.67 288.75 291.69 (2.94)
6850 Taxes · Property 0.00 312.50 312.50 0.00 2,187.50 (2,187.50)
6860 Taxes · State 0.00 458.33 458.33 1,956.19 3,208.31 (1,252.12)
7010 Financing Income (747.62) (1,000.00) (252.38) (8,256.77) (7,000.00) (1,256.77)
7090 Other Income 0.00 0.00 0.00 (7,535.10) 0.00 (7,535.10)
Total Operating Expenses 293,467.92 326,009.48 32,541.56 2,275,056.42 2,396,094.10 (121,037.68)

Other Income & Expenses


9000 Other Income (785.14) 0.00 785.14 11,142.06 0.00 11,142.06
9015 Advance Payment Discount Fee 0.00 0.00 0.00 277.75 0.00 277.75
9310 Gain/Loss - Sale of Assets 0.00 0.00 0.00 (2,607.56) 0.00 (2,607.56)
Total Other Income & Expenses (785.14) 0.00 785.14 8,812.25 0.00 8,812.25

Net Income/(Loss) $ (3,554.90) $ 12,715.61 $ (79,783.35) $ 739,317.53 $ 632,947.87 $ 106,369.66