- 18 -
While J.R. Simplot was on the board of directors, the other
board members usually adhered to his business and policy decisions.
Although J.R. Simplot's four children had independent views
regarding how the family business should be run, there was
unanimity in their philosophy to maintain J.R. Simplot Co. as a
private, family-owned company.
F. Contingent Environmental Liabilities
As of the valuation date, J.R. Simplot Co. had potential
environmental liabilities estimated to be at a maximum of $95
million.
G. Financial History
The consolidated balance sheets for J.R. Simplot Co. and
subsidiaries for their fiscal years ended August 31, 1991, 1992,
and 1993, reveal:
J.R. SIMPLOT COMPANY & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AUG. 31, 1993, 1992 and 1991
(in thousands)
ASSETS 1993 1992 1991
CURRENT ASSETS
Cash and equivalents $20,920 $22,366 $15,457
Notes & accounts receivable,
less allowances 206,398 187,935 164,285
Inventories 197,022 170,449 233,164
Manufacturing supplies 23,244 22,591 23,268
Prepaid expenses & other assets 15,739 15,487 16,086
Total current assets 463,323 418,828 452,260
INVESTMENTS & OTHER ASSETS
Amounts due from affiliates 32,810 36,488 10,000
Investments 128,543 110,718 102,941
Other assets 38,624 27,554 31,712
PROPERTY & EQUIPMENT, net 559,310 523,908 493,988
1,222,610 1,117,496 1,090,901
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