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

. 412, 000 660, 436 Taxes on income at Note to Chemetron Corporation, un- statutory rates. . . 1, 018, 000 475, 000 $ 1, 131, 000 secured, due in annual installments of Disqualifying 200,000 plus interest at 7%%. . . . . . 200,000 400, 000 disposition of em- Other notes: ployees stock options 45, 000) 46, 000) - 7% to 8% notes payable in install- Investment tax credit 58, 000) 84, 000) ( 251, 000) ments through 1986 secured by New jobs tax credit. 147, 000) deeds of trust on land and buildings Effect of taxes at and certain second liens . . . . . . . . . 77, 528 110, 578 52, 000) ( 77 ,000) capital gains rates Real estate mortgage notes, due in Officers life insurance monthly installments of $ 14, 831 in- premium expense 28,000 - cluding interest at 8% to 12% . . . . . 293, 398 339, 588 6, 000) ( 18, 000) 4, 000 Other. . Real estate mortgage notes due in 937, 000 $ 275, 000 $ 660,000 escalating annual principal pay- ments of $ 15, 000 to $55, 000 plus Effective tax rate 42% 27% 27% interest at escalating rates of 6% to 814 % with final payment due in 564, 750 581, 250 As a result of utilizing net operating and capital loss 1999 .......................... Equipment notes due in monthly in- carryovers from prior periods, an extraordinary credit in stallments with interest at 10% to the amount of $ 533, 000 was recorded in 1979. Of this 18% and generally payable over 4 476 to 7 years . . . . . . . . . . . . . . . . . . . . . . 949, 186 1, 121, amount, $ 306, 000 related to unrecognized timing differ- Other. . . . . . . . . . . . . . . . . . . . . . . . . . . 19, 830 Capitalized lease commitments at 8% ences existing at December 31, 1978. Tax allocations to 16%, payable generally over 4 to 7 on pre- 1979 timing differences were not applicable due ars ( Note 3) . . . . . . . . . . . . . . . . . . . . 467, 691 560, 042 to the existence of net operating and capital loss 5, 946, 085 7, 272, 588 portion due within one year . . . . . 2, 231, 868) 3, 004, 698) carryovers Jss 3, 714, 217 4, 267, 890 Of the foregoing long term debt due after one year from December 31, 1981, $ 576, 532 will be due in 1983, 591, 386 in 1984, $ 547, 094 in 1985, $ 315, 935 in 1986, 198, 889 in 1987 and $ 1, 484, 381 thereafter. Also, the Company had unused lines of credit at December 31 1980 under existing debt 981 and arrangements aggregated which 4, 700,000 and 3, 700,000, respectively. Under the terms of the nes The accompanying notes are an integral part of these consolidated financial statements. 6 11 TECH-SYM CORPORATION TECH- SYM CORPORATION Consolidated Statement of Changes In Financial Position Consolidated Statement of Changes In Shareholders nvestment For the Year Ended December 3.,