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percent of the net profits of BI and its subsidiaries before
taxes. Mr. Schoenecker was 46 years old when the employment
agreement was entered into. The employment agreement contained
no provision for long-term incentives or retirement benefits.
The following table shows the book income before taxes for
GSI and its subsidiaries taken from GSI's financial statements.
Also included is the net income before taxes for GSI, which is
income before taxes adjusted for losses or income from
discontinued operations.
Net income before Income before taxes
FY ended taxes of GSI & subsidiaries GSI & subsidiaries
June 30, 1988 $4,302,286 $5,748,557
June 30, 1989 9,725,667 9,759,287
June 30, 1990 11,111,080 11,111,080
June 30, 1991 3,224,665 2,237,628
BI's transition from providing services only to local
merchants, service stations, and banks, to serving some large
companies was gradual. During the years here involved and for
some years prior to those here involved, BI would design and sell
integrated performance improvement programs involving numerous
types of services and products designed to meet the specific
needs of its clients. BI's clients for these services have
included such companies as AT&T, Cadillac, GTE, Quaker Oats, and
IBM. Not all of these clients, after engaging the services of
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