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

Year Ended December 31, 1981 1980 As Adjusted _ Administrative Expenses Note 6) Auto Lease $ 2, 700 $ Bank Charges 4, 100 Repairs 109 395 COnInissions 231 2, 603 Computer Services 25, 843 5, 479 Computer Supplies 2, 327 1, 679 contributions 1, 494 425 Depreciation 9, 397 18, 536 Insurance - General Insurance - 61, 323 74, 890 Group Insurance - 18, 801 23, 195 Officers' Life ( Miscellaneous 615) 10, 097 Prof es.sional Fees 19, 284 12, 883 Salaries - 32, 349 31, 279 Management Salaries - 110, 000 156, 000 Office 92, 759 88, 188 SUpplies - Office Taxes - Other 14, 428 10, 378 Taxes - 27, 403 32, 098 Payroll 62, 921 56, 021 Telephone Travel 24,~~ 20, 293 Trust 26, 499 16, 225 Saving Fund 1, 131 utilities 1, 358 15, 782 19, 371 . Total Admi~ istrative Expenses $ 550, 921 $ 583, 121 . OtherOperating Expenses Amortization of Intangible Assets $ 154, 752 $ 154, 750 Amortization of Excess Cost OVer Book value 73, 027 Bad Debts 18, 837 80, 656 Consulting Fees " 86, 250 Directors Fees 75, 825 Interest 72, 000 72, 000 Profit 471, 709 551, 824 Sharing contribution 5, 000 20, 000 r Total Other Operating Expenses $ 881, 575 $ 955, 055 The accompanying Notes to Financial Statements are an integral part of this statement. 6  o o a. , Gator Distributors, Inc. pensacola, Florida statement of Retained Earnings and Other capital Accounts Exhibit C for the Years Ended December 31, 1981 and 1980 Conunon Retained stock Earnings Total Balances, December 31, 1979 $ 1, 000 $ 163, 125 $ 164, 125 Net Income for Period. Exhibi t B) As Adjusted ( Note 6) 151, 048 151, 048 Balances, December 31, 1980 As Adjusted ( Note 6) $ 1, 000 $ 314, 173 $ 315, 173 Net Income for PeriQd. Exhibit B) 403, 049 403, 049 Balances, December 31, 1981 $ 1, 000 $ 717, 222 $ 718, 222 Per Share Data 1981 1980 Conunon Stock, $ 1. 00 par value Authorized 10, 000 shares 10, 000 shares Issued and outstanding 1, 000 shares 1, 000 shares Book value Per Share 718 $ 315 Earnings Per Share 403 $ 151 r The accompanying Notes to Financial statements are an integral part of this statement. 7  o Q Gator me. Distributors.,- Pensacola, Florida statement of changes in Financial position Exhibit D__ for the Years Ended December 31, 1981 and 1980 December 31, 1981 1980 As Adjusted - Note 6) Funds Provided By working Capital Provided from Net Income 403, 049 $ 151, 048 Add: Expenses Not Requiring the outlay of Working capital Depreciation and Amortization 422, 047 299, 280 Abandonment of Computer 53, 816 provision for Deferred Taxes 7, 884 9, 672 Amortization of Capitalized Lease 27, 900 27, 900 cumulative Effect of capitalization of Lease 11, 612 Funds Provided from Operations 860, 880 $ 553, 328 proceeds from sale of Assets Less Gain of 89, 867 in 1981 and $ 626 in 1980 Included in Net Income 43, 558 23, 083 Increase in Long Term Debt 89, 632 Total Funds provided 904, 438 $ 666, 043 Funds Applied To Decrease in Long Term Debt 235, 727 $ 1, 066, 089 Decrease in Obligation Under capital Lease 72 54 current Maturities of COvenant Not to Compete 154, 417 153, 000 Purchase of property and Equipment 227, 936 241, 533 Decrease in Deferred Taxes 5, 184 Increase in Investments 862 Increase in cash SUrrender value of Life Insurance 11, 055 Total Funds Applied 634, 391 $ 1, 461, 538 Increase ( Decrease) in Working capital 270, 047 ($ 795, 495) Changes in components of Working capital Increase ( Decrease) in current Assets cash and cash Items 110, 707 81, 149) Accounts Receivable- Trade 34, 823 31, 913) Accounts Receivable - stockholders 7, 297 ) Receivable from Internal Revenue Service and Florida Department of Revenue 235, 124) 184, 948 Inventories 58, 012) 422, 035) prepaid Expenses Of 12, 884) 8, 170)