v2.4.0.8

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue:
Rental revenue	$ 1,407	$ 1,566	$ 3,981	$ 4,758
Product revenue	753	44	1,092	97
Total revenue	2,160	1,610	5,073	4,855
Cost of revenue:
Compensation and benefits	254	221	730	666
Material, supplies and support service	378	278	877	789
Facilities and support expenses	48	63	138	197
Depreciation of rental tools	302	278	874	819
Total cost of revenue	982	840	2,619	2,471
Gross profit	1,178	770	2,454	2,384
Operating (Income) expenses:
Compensation and benefits	206	202	581	682
Selling and marketing	333	395	1,095	1,246
General and administrative	311	264	837	644
Depreciation and amortization	85	71	254	208
(Gain) loss on sale of fixed assets	(26)	11	(27)	15
Total operating expenses	909	943	2,740	2,795
Income (loss) from operations	269	(173)	(286)	(411)
Other income (expense):
Other income	0	0	1	6
Interest expense	(13)	(5)	(39)	(13)
Total other income (expense)	(13)	(5)	(38)	(7)
Net income (loss)	$ 256	$ (178)	$ (324)	$ (418)
Net income (loss) per common share:
Basic and diluted income (loss)	$ 0.02	$ (0.01)	$ (0.02)	$ (0.03)
Weighted average common shares outstanding:
Basic and diluted	15,651,827	15,651,827	15,651,827	15,651,827

The expense recognized in the current period that allocates the cost of a tangible asset over the asset's useful life. This element applies only to an asset used in the production of goods sold.

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Payroll costs incurred (including equity-based compensation) that are directly related to goods produced and sold during the reporting period.

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The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.

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The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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The net amount of operating interest income (expense).

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Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.

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The net result for the period of deducting operating expenses from operating revenues.

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The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue.

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Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.

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The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Expenditures for salaries other than officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold.

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Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).

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COIL TUBING TECHNOLOGY, INC. 10-Q