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Assets 1976 1977 1978
Current $529,225 $527,025 $690,257
Property 97,913 127,645 133,970
Other 8,142 36,542 137,459
Total 635,280 691,212 961,686
Liabilities
Current 287,829 156,947 237,681
Long-term 6,515 21,647 33,935
Stockholder equity
Common 1,000 1,000 108
Preferred n/a n/a 250,000
Contributed capital 200,000 200,000 n/a
Retained earnings 139,936 311,618 439,962
Total 635,280 691,212 961,686
Earnings
Revenues
Property management 1,044,173 1,448,101 --
Cleaning 2,343,512 2,811,034 --
Other 39,411 41,352 --
Total 3,427,096 4,300,487 5,977,383
Costs & expenses
Property management 255,824 266,794 4,064,014
Cleaning 1,986,343 2,483,019
General 864,715 1,095,499 1,078,503
Interest 2,599 4,117 3,037
Total 3,109,481 3,849,429 5,145,555
Pretax earnings 317,615 451,058 831,828
Tax allocation 143,163 155,527 --
Net earnings 174,452 295,531 --
By March 1979, Schnitzer had decided that Schnitzer-PMS
should have received more opportunities for new business from
Kanter and his associates and informed Kanter that he wanted to
repurchase the stock held by IRA. Kanter and Schnitzer decided
that one party would set a price at which that party was willing
to either sell its stock to the other or buy the other's stock.
By letter dated July 17, 1979, Kanter informed Schnitzer that IRA
would sell its stock in Schnitzer-PMS or purchase Century
Development Corp.'s stock in Schnitzer-PMS for $3.1 million.
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