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East Chicago, and Whiting. SOAI's business office was located in
Gary, Indiana.
Mr. Kenneth Krupinski of Swartz, Retson, Kettas & Franko was
SOAI's primary certified public accountant during the years 1979
until the sale of the assets on December 31, 1985. The financial
statements of SOAI were unaudited. SOAI's accountants prepared
annual compilations based on the information presented to them by
officers and employees of SOAI.
In the years 1977 through 1981, SOAI's compound annual
growth in sales volume was 4.75 percent per year, which is
considered average to above average in the outdoor advertising
industry.
The assets of SOAI primarily consisted of outdoor
advertising structures, more commonly known as billboards,
located on leased sites along highways. The SOAI assets other
than billboards were recorded at cost and were generally
depreciated on a straight-line basis over their estimated useful
lives.
SOAI had no long-term debt on December 31, 1981, other than
a life insurance policy loan, and was in stable financial
condition.
SOAI's gross income consisting of its gross rental revenues
totaled $1,578,555 in 1981. This income increased to $1,623,800
in 1982 and to $2,249,486 in 1985.
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