Avoca LLC (AVOA)

Avoca LLC Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2003	FY 2002	FY 2001	FY 2000	FY 1999
Period Ending	Sep 30, 2004	Dec 31, 2003	Dec 31, 2002	Dec 31, 2001	Dec 31, 2000	Dec 31, 1999
Operating Revenue	5.01	4.15	2.6	5.35	2.2	1.3
Other Revenue	0.01	0.01	0.01	0.19	0.18	0.14
Revenue	5.02	4.16	2.61	5.53	2.38	1.44
Revenue Growth (YoY)	40.13%	59.22%	-52.80%	132.12%	65.02%	96.64%
Cost of Revenue	0.01	0.02	0.02	0.03	0.04	0.03
Gross Profit	5.01	4.14	2.59	5.51	2.34	1.41
Selling, General & Admin	0.33	0.37	0.26	0.23	0.22	0.15
Other Operating Expenses	0.02	0.02	0.02	0.02	0.02	0.02
Operating Expenses	0.35	0.39	0.29	0.25	0.24	0.17
Operating Income	4.66	3.75	2.31	5.25	2.1	1.24
Interest & Investment Income	0.07	0.07	0.1	-	-	-
Other Non Operating Income (Expenses)	0	-	-	-	-	-
Pretax Income	4.73	3.82	2.41	5.25	2.1	1.24
Income Tax Expense	1.48	1.18	0.78	1.7	0.69	0.44
Earnings From Continuing Operations	3.25	2.64	1.63	3.56	1.42	0.8
Net Income	3.25	2.64	1.63	3.56	1.42	0.8
Net Income to Common	3.25	2.64	1.63	3.56	1.42	0.8
Net Income Growth	45.86%	62.13%	-54.17%	151.45%	76.09%	144.80%
Free Cash Flow	3.14	2.46	1.74	3.5	1.34	0.7
Dividend Per Share	285.000	285.000	175.000	400.000	155.000	85.000
Dividend Growth	62.86%	62.86%	-56.25%	158.06%	82.35%	165.63%
Gross Margin	99.80%	99.56%	99.22%	99.52%	98.19%	97.80%
Operating Margin	92.78%	90.21%	88.31%	94.95%	88.18%	85.77%
Profit Margin	64.78%	63.56%	62.42%	64.29%	59.35%	55.62%
Free Cash Flow Margin	62.54%	59.25%	66.77%	63.16%	56.04%	48.61%
EBITDA	4.66	3.76	2.31	5.26	2.11	1.24
EBITDA Margin	92.95%	90.43%	88.53%	95.02%	88.37%	86.03%
D&A For EBITDA	0.01	0.01	0.01	0	0	0
EBIT	4.66	3.75	2.31	5.25	2.1	1.24
EBIT Margin	92.78%	90.21%	88.31%	94.95%	88.18%	85.77%
Effective Tax Rate	31.27%	30.80%	32.22%	32.28%	32.70%	35.15%
Revenue as Reported	0.86	-	-	-	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.