- 41 -
whether the purchase of cellular publications referred to above
furthered NITCO's interests and was of direct and substantial
benefit to NITCO or, instead, was primarily of benefit to
individual members of the Mussman family. The Northwestern
Indiana Cellular matter referred to above concerned a corporation
that was originally formed to hold cellular telephone interests,
but which subsequently was abandoned. It is not clear whether
Mr. Mussman planned to have NITCO, rather than the individual
members of the Mussman family, own Northwestern Indiana Cellular,
and whether Mr. Mussman planned to have it hold cellular
telephone interests that NITCO, rather than individual members of
the Mussman family, owned.
K. NITCO's Earnings and Dividend Payment History,
Current Liquid Assets, Working Capital Needs, and Records
Documenting Its Specific Future Business Needs and Plans
NITCO maintained its books and filed its income tax returns
on a calendar year basis, utilizing an accrual method of
accounting. During 1982 through 1993, NITCO's gross receipts and
its accumulated earnings and profits (Accum. E&P) were as
follows:
Yearly Increase
Year Gross Receipts Accum. E&P In Accum. E&P
1982 $3,172,182 $3,176,521 --
1983 3,684,425 3,929,694 $753,173
1984 4,247,606 4,895,862 966,168
1985 4,019,355 5,406,973 511,111
1986 4,575,760 6,240,031 833,058
1987 5,754,822 7,807,835 1,567,804
1988 6,134,837 9,226,900 1,419,065
Page: Previous 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 NextLast modified: May 25, 2011