Fort Walton Beach Resolution — 82-22-Ind Revenue Bonds-Gator Distributors — reading text

4p.IK> Sal of property and EqUipment, LeSS Gain of~$,~ 26. 30 Included in Net Income 2 3 , 08 2 . 7 5 Addi tional LOtl9 "Term , Indebtedness 89, 632. 17 Total FUnds. provided 666, 003. 30 Funds Applied To payment of "Long, Term De)tt 1, 066, 088. 88 purchase of PJioper,ty JUlP j,Equipment 241, 533. 49 Increase in Investmeqt~ 861. 81 current Maturities of~~ enants Not to Compete 153, 000. 00 Total Funds Applied 1, 461, 484. 18 Net Increase ( Decrease) inWqrking capital 795, 480. 88) changes in corop'onents of Working capital December 31, Increase 1980 1979 Decrease) current Assets cash on Hand and in Banks 6, 536. 84 87, 686. 00 81, 149. 16) Accounts Receivable - ~~ ade 196, 898. 14 228, 811. 00 31, 912. 86) Accounts Receivable -,~, 1a~ ed parties 1, 000. 00 8, 297. 00 7, 297. 00) Receivable from ~ nte~ aLR~ seryice n~ e and FloridaDepar~ ent of ~ e~ enue 235, 124. 00 50, 176. 00 184, 948: 00 Inventories 633, 659. 99 1, 055, 695. 00 422, 035. 01) prepaid Expenses 26, 953. 37 35, 124. 00 8, 170. 63) 1 Total current Asse~ 1, 100, 172. 34 1, 465, 789. 00 365, 616. 66) current Liabilities Bank OVerdrafts $ 7, 243. 54 $ f> $' 57, 243. 54 Notes . payable - current Maturities < ti - 832, 845. 67 418, 162. 00 414, 683. 67 Accounts payable - Trade 322, 147. 07 417 , 892. 00 95, 744. 93) Covenants Not to Compete - current Maturities 153, 000. 00 153, 000. 00 Accrued Taxes payable 162, 426. 89 26, 182. 00 136, 244. 89 payable to Related Parties 51, 241.00 ( 51, 241.00) other Accrued Expenses 123, 409. 05 154, 731.00 ( 31, 321.95) Total current Liabilities $ 1, 651, 072. 22 $ 1, 221, 208. 00 $ 429, 864. 22 Net Working capital ($ 550, 899. 88) $ 244, 581.00 ($ 795, 480. 88) 1I The accompanying Notes to Consolidated Financial statements are an: integral part of i this statement.  o o Gator Distributors, Inc. Pensacola, Florida Index Page 1 Auditors' Opinio~ 2 Balance sheets at December 31, Exhibit A 1981 and 1980 3 statement of Income and Expenses for the Years Ended Exhibit B December 31, 1981 and 1980 4 Schedule of Cost of Goods Sold for the Years Ended Schedule B- 1 December 31, 1981 and 1980 5 other SUpporting Schedules for the Years Ended Schedule B- 2 December 31, 1981 and 1980 7 Statement of Retained Earnings and Other capital Accounts for the Years Ended Exhibit C December 31, 1981 and 1980 8 statement of Changes in Financial Position for the Years Ended Exhibit D December 31, 1981 and 1980 9 Notes to Financial statements  o 0 71W}# MEMBERS 650 OLIVE STREET AMERICAN INSTITUTE OF POST OFI"CE Box 4278 CERTIFIED PU. LIC ACCOUNTANTS 318- 222- 2222 SOCIETY 01' LOUISIANA C. P. A! S The Board of Directors Gator Distributors, Inc. Pensacola, Florida We have examined the Balance Sheets of Gator Distributors, Inc. at December 31, 1981, and 1980, and the related statements of Income and Expenses, Retained Earnings and Other capital Accounts, and changes in Financial Position for the years then ended. OUr examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of Gator Distributors, Inc. at December 31, 1981, and 1980, and the results of its operations and changes in its financial position for the years then ended, in conformity with generally accepted accounting principles, applied on a consistent basis after restatement for the change, with which we concur, in the method of accounting for capitalized leases as described in Note 6 to the financial statements. ROBERTS, CHERRY AND COMPANY ce~ bli~ t~ ~ It January 29, 1982 r  o o Gator Distributors, Inc. Pensacola, Florida Balance sheets Exhibit Ie at December 31, 1981 and 1980 December 31, Assets 1981 1980 current Assets Cash and cash Items Note 2 117, 244 $ 6, 537 Accounts Receivable - Trade Note 3 231, 721 196, 898 Accounts Receivable - stockholders 1, 000 1, 000 Receivable from Internal Revenue Service and Florida Department of Revenue Note 12 235, 124 Inventories Note 4 575, 648 633, 660 prepaid Expenses 14, 069 26, 953 Total current Assets 939, 682 1, 100, 172 property and Equipment Note 5 742, 358 7 34 , 248 Leased property under Capital Leases Net of Accumulated Amortization Note 6 769, 575 797 , 47 5 rntangible Assets Note 7 Goodwill - Net of Amortization 55, 560 75, 313 Covenants Not to Compete - Net of Amortization 459, 000 612, 000 Excess of cost Over Book Value of Assets purchased - Net of Amortization 1, 095, 398 1, 168, 424 Total Intangible Assets 1, 609, 958 1, 855, 737 other Assets Note 8 13, 544 2, 489 Total Assets 4, 075, 117 $ 4, 490, 121 Liabilities and stockholders' Equity current Liabilities Bank Overdrafts 7, 535 $ . 57, 244 Notes payable - current Maturities Note 9