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

installments through 1991. 898, 324 1, 053, 735 4% unsecured note, less unamor- The note payable to Chemetron Corporation provides Costs and expenses tized discount of $ 350 based on that, as long as it is outstanding, the Company will not, Cost of sales 30, 802, 128 28, 886, 843 imputed interest at 6% due in semi- annual installments of without consent of the holder, dispose of all or a sub- Selling, general and administrative expenses 6, 120, 106 5, 195, 183 69,868 ...................... 69, 518 stantial part of its assets, consolidate or merge with or Product development costs 175, 280 126, 567 to 8% sales contracts secured 1, 337, 250 991, 906 by real property held in trust, less acquire any other business, declare or pay any cash Interest expense unamortized discount of $ 97, 271 dividends or in any other manner make any distribution Interest and other (income) net 460, 466) 482, 850) and $ 99, 771 based on imputed in- terest at 12% to 14% due over a of property on account of its common stock. 37, 974, 298 34, 717, 649 seven to ten year period from date of contract. . . . . . . . . . . . . . . . 436, 735 , 587, 722 Note 6 - Income Taxes: Income before income taxes and extraordinary item 2, 266, 456 , 085, 582 2, 561, 445 6% note secured by real property due in annual installments of The provision for income taxes comprises the Provision for income taxes 991, 000 327, 000 762, 000 12. 000 beginning May 1, 1978 with the balance due on May 1, following: ncome before extraordinary item 1, 275, 456 758, 582 1, 799, 445 Year Ended December 31 . 1982 .... 43, 161 Extraordinary item 533, 000 1981 1980 1979 2, 335, 059 2, 754, 136 445 Less allowance for doubtful accounts 155, 907) ( 154, 153) U. S. Federal: Net income 1. 275, 456 $ 758, 582 $ 2, 332, Current ............ $ 914,000 $ 50, 000 $ 373, 000 2, 179, 152 $ 2, 599,983 Deferred .. . . . . . . . . . . . 23, 000 225, 000 60, 000 Earnings per common share 937, 000 275, 000 433, 000 27 6 38 Note 5 - Notes Payable: Income before extraordinary tern December 31, State.............. . 54, 000 52, 000 102, 000 Extraordinary item 12 Charge in lieu of income 1981 980 227, 000 taxes. . . . . . . . . .. ..... - - Net income 27 6 50 Notes to banks: 991, 000 $ 327, 000 $ 762, 000 Term loans at 1 % to 1 %% over prime secured by accounts receiv- able, inventory and equipment ... 400,000 1, 131, 000 Components of the difference between taxes on 911.% to 18% and 1 % % over prime income computed at the statutory federal income tax notes, secured by certain accounts receivable, inventories, property rates and the amounts recorded are as follows: and equipment. . . . . . . . . . . . . . . . . . 581 532 348, 388 Year Ended December 31, Demand notes at % % to 1 % over 1981 980 979 prime secured by receivables and inventory. . . . . . . . . . . . . . . . . . . . . .