Intergraph Corporation and Subsidiaries - Page 6

                                                 - 6 -                                                    
                  On several occasions, from June of 1985 through November of                             
            1987, operating receipts of Nihon Intergraph in the total                                     
            cumulative amount of �151,657,808 were deposited into Nihon                                   
            Intergraph's checking account at Citibank Tokyo thereby reducing                              
            the balance of Nihon Intergraph's overdraft amount.  In essence,                              
            the overdraft privilege on Nihon Intergraph’s checking account at                             
            Citibank Tokyo operated as a short-term line of credit for Nihon                              
            Intergraph.                                                                                   
                  In 1985, 1986, and 1987, Nihon Intergraph did not perform as                            
            well as expected and incurred net operating losses.  By the end                               
            of 1987, the overdraft amount, including principal and interest,                              
            had increased to �823,943,385 ($4,561,066).                                                   
                  The chart below reflects for 1985, 1986, and 1987 Nihon                                 
            Intergraph’s gross receipts, net losses, and the incremental                                  
            increase that occurred each year in the yen and historical dollar                             
            equivalent balance of the overdraft amount.                                                   

                                                       Increase in Balance of                            
                        Gross                           Overdraft Amount                                  
                  Year     Receipts      Net Loss       Yen              Dollar*                          
                                                                                                         
                  1985   $  823,000      $ 1,535,000  �361,572,000     $1,631,724                         
                  1986    1,194,000       4,354,000     341,884,041      2,094,214                        
                  1987      226,000     2,146,000       120,487,344        835,128                        
                  Total $2,243,000    $8,035,000        �823,943,385     $4,561,066                       
                        *  The dollar equivalent amounts reflected in this                                
                        chart reflect historical dollar-yen exchange rates as                             
                        they existed at the end of each year or at the end of                             
                        each month in which an increase in the overdraft                                  
                        amount occurred, not the dollar equivalent based on                               
                        the Dec. 23, 1987, exchange rate.                                                 
                                                                                                         





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011