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The sales, other income which was principally interest
income, total revenues, and net income before taxes, of BI for
book purposes for its fiscal years 1981 through 1991 were as
follows:
Net income
Sales Other income Revenues before taxes
3/31/81 $39,213,635 $857,938 -- $1,929,356
6/30/81 9,781,114 290,969 $10,072,083 600,972
6/30/82 38,857,285 923,654 39,780,939 599,321
6/30/83 35,347,336 513,695 35,861,031 (1,564,606)
6/30/84 65,700,275 702,776 66,403,051 2,409,636
6/30/85 72,255,521 764,275 73,019,796 (50,720)
6/30/86 81,916,703 829,481 82,746,184 1,752,870
6/30/87 94,305,548 962,317 95,267,865 4,098,466
6/30/88 112,993,217 1,725,585 114,718,802 6,871,287
6/30/89 143,612,396 4,476,187 147,088,583 9,650,154
6/30/90 159,302,147 2,822,959 162,125,106 11,430,723
6/30/91 149,671,091 2,045,944 151,717,035 2,805,387
On April 1, 1974, BI and Mr. Schoenecker entered into a
written employment agreement whereby BI employed Mr. Schoenecker
as its president and chief executive officer (CEO). Mr.
MacDonald signed the agreement on behalf of BI. At the time the
employment agreement was entered into, Mr. MacDonald was the vice
president and a director of BI, as well as a 50-percent
stockholder. The employment agreement provided that Mr.
Schoenecker would act as BI's president and CEO, and that he
would devote his attention and best skills and energies toward
the profit, benefit, and advantage of BI. The employment
agreement provided for BI to pay Mr. Schoenecker a base salary of
$9,000 a month ($108,000 per year) and an annual bonus of 8
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Last modified: May 25, 2011