- 87 -
Schnitzer agreed to buy back IRA's stock for $3.1 million. On
November 30, 1979, Century repurchased the 47.5-percent owned by
IRA in July 1979, for $3.1 million, payable over a 10-year period
with interest. At the time of the repurchase, approximately
$700,000 remained outstanding on the loan from the original
purchase of the Fletcher Emerson assets.
Schnitzer-PMS balance sheets and profit/loss statements for
6 months ending June 30, 1978 and June 30, 1979 showed the
following:
6/30/78 6/30/79
Assets
Cash $124,632.16 $284,760.00
Life insurance 41,968.71 96,144.81
Accounts receivable 555,308.63 496,200.83
Supplies 3,450.04 14,614.58
Prepaid expenses 13,877.99 45,007.01
Transportation equipment 14,101.56 17,268.74
Other equipment 116,190.70 130,547.74
Total 869,529.79 1,084,543.71
Liabilities
Accounts payable 6,569.23 --
Accrued payroll expense 97,763.69 134,094.52
Other accrued expenses 109,892.85 121,486.51
Total 214,225.77 255,581.03
Stockholder's equity
Capital stock 250,108.00 250,108.00
Retained earnings 384,885.60 1,198,788.79
Funds to CDC (431,036.94) (955,412.90)
1977 net income 451,347.36 n/a
1978 net income n/a 335,478.79
Total owner's equity 655,304.02 828,962.68
Total liabilities & 869,529.79 1,084,543.71
equity
Page: Previous 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 NextLast modified: May 25, 2011