Fort Walton Beach Council minutes — 03-30-1982 Special — reading text

r~..... n ~"-, r-" ,.- n.-' .-- j -' I:' . METRIC SYSTEMS CORPORATION 736 NORTH BEAl STREET FORT WALTON BEACH · FLORIDA. 32548 PHONE ( 904) 242. 2111 TlX 702-447 CONTACT: Charles B. Johnson Vice President I INFORMATION IN RESPONSE TO CREDIT APPLICATION REQUIREMENTS: 1) Metric 736 North Beal Street Systems Corporation Coy J. Charles B. Scribner, Johnson, President Vice President Fort Walton Beach, FL 32548 Paul L. Harp, Secretary- Treasurer Area 904/ 862- 2111 2) A Florida corporation 3) $ 3, 000, 000 4) For the construction of a 60, 000 sq. ft. administrative and manufacturing building and manufacturing equipment. 5) TECH- SYM CORPORATION ( Parent Company) 1979 1980 1981 Sales 40, 376, 000 35, 803, 000 40, 241, 000 Net Profit 2, 332, 000 759, 000 1, 275, 000 Net Worth 14, 521, 000 15, 363, 000 17, 000, 000 6) ( a) 150 Jobs; Annual Payroll - $ 2, 000~ 000 b) $ 1, 000, 000 local purchases c) $ 3, 000, 000 tax base 7) Ci tibank NA Valparaiso Bank & Trust Company 55 Water Street Valparaiso, FL New York, NY Bryant, Miller & Olive Price Waterhouse Bond Counsel 1200 Milam Street Tallahassee, FL Houston, TX 8) ( a) 60, 000 sq. ft. building: $ 1, 500, 000 b) Furniture, Fixtures & Equipment: $ 1, 500, 000 9) The intentions are to place the bonds privately with a guarantee by our parent company. 10) Tech- Sym Corporation i._ 6430 Richmond Avenue Houston, TX 77057  TECH- SYM CORPORATION T ech- Sym Corporation Selected Financial Data thousands of dollars except for per share amounts) 1981 1980 1979 978 1977 For the Year: Summary of Operations single transportable van, are used to train air crews in Sales... . 40, 241 35, 803 40, 376 30, 416 19, 211 countermeasures and to test countermeasure 37, 975 34, 717 37, 815 28, 798 18, 107 TECH- SYM is a diversified corporation with four whol- Costs and expenses equipment - Iy- owned subsidiaries operating in these fields: Thirteen T3 radar simulators have been delivered Income 2, 266 086 2, 561 618 1 04 the U. S. Air Force and are now deployed in this cou 991 327 762 786 517 Design and manufacture of defense- related elec- Provision for income taxes tronic systems and components. and in England. Six more systems were ordered I Extraordinary item 533 490 491 last year under contracts totalling more than $ 11 322 078 Net income 1 275 759 2, 332 Manufacture of aerial cargo delivery systems and lion. Orders for T3 spare parts and field supp equipment amounted to $ 2. 5 million last year and this source Earnings per common share: revenue is expected to continue for some years. 27 16 38 8 2 Manufacture and distribution of hardwood building Income before extraordinary item addition, Metric received an order of $ 4. 6 million in 12 10 10 materials Extraordinary item November 1981 for updating the AN / MSQ- T 13 threat 27 16 50 28 22 Development of a lakeside residential community radar system. During the year we also designed and Net income in Arizona' s White Mountains area delivered four expendable threat simulators which are used as targets for certain radar homing missiles. Our From headquarters in Houston, Texas, corporate At Year End sets policy, provides advisory and staff product line now includes four nomenclatured threat 17, 378 14, 164 9, 044 management Current assets 22, 044 18, 792 systems and the expendable simulators. Altogether, our services, reviews plans and budgets, and monitors 10, 361 8, 559 8, 146 8, 369 3, 864 orders in 1981 for threat simulation radar systems Current liabilities performance. Day- to- day operations, however, are the totalled about $ 19 million. responsibility of each subsidiary' s management. Metric Systems also is deeply involved in the U. S. 11, 683 10, 233 9, 232 5, 795 5 80 Working capita Electronics Navy' s Vertical Launching System (" VLS") program, under which many ships will be built or modified to 4, 815 4, 684 3, 945 The Company' s electronic operations, which pro- Property, plant and equipment net 6, 276 6, 159 vided morethan fifty percent of last year' s revenues, permit rapid firing of a