Res 1984-B-02 - Orange County Comptroller

Transcription

APPROVING THE ISSUANCE OF
ORANGE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(QUIKEY MANUFACTURING CO., INC., PROJECT)
IN AN AGGREGATE PRINCIPAL AMOUNT OF $650,000
WHEREAS, the Board of County Commissioners of Orange County
declared a need for the Orange County Industrial Development
Authority (the "Authority"), appointed its members and empowered
it to act under the provisions of Chapter 159 Part 111 of the
Florida Statutes; and,
WHEREAS, the Authority on January 18, 1984, following the
public hearing (the "Public Hearing") held pursuant to the
Notice of Public Hearing published in The Orlando Sentinel and
attached hereto as Exhibit "At' (the "Notice") adopted the resolution attached hereto as Exhibit "B" (the "Resolution") providing
for the issuance of an aggregate principal amount of $650,000 of
Orange County Industrial Development Authority Industrial
Development Revenue Bonds (Quikey Manufacturing Co., Inc.
Project) (the ttBonds")for acquisition, construction and
equipping of the therein described industrial or manufacturing
plant for Quikey Manufacturing Co., Inc. (the "Project") in
Orange County; and,
has jurisdiction over Orange County; and,
has been furnished with a copy of the Notice and of the minutes
or extracts of the minutes of the Meeting and Public Hearing of
the Authority held on January 18, 1984 with respect to the
Authority's approval of the Resolution indicating that the Notice
apprised residents of Orange County of the proposed issuance of
the Bonds not less than 14 days before the Public Hearing and
that the Public Hearing was conducted in a manner which provided
a reasonable opportunity for persons with differing views on both
the issuance of the Bonds and the location and nature of the
Project to be heard; and,
WHEREAS, the Board of County Commissioners has been requested
by the Authority to consider and approve the Authority's issuance
of the Bonds in compliance with the provisions of Section 103(k)
of the Internal Revenue Code of 1954, as amended;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Orange County as follows:
/E/'J?
i
g
i
1.
Issuance of the Bonds by the Authority in an aggregate
incipal amount of $650,000 of Orange County Industrial
velopment Authority Industrial Development Revenue Bonds
(Quikey Manufacturing Co., Inc. Project) as contemplated by the
~esolutionis hereby approved.
2.
This approval is intended to comply with the provisions
of Section 103(k) of the Internal Revenue Code of 1954, as
amended.
3.
Nothing contained in this approval shall be deemed
to create any obligation or obligations of Orange County, Florida
or the Board of County Commissioners of Orange County.
day of
ADOPTED as of this 23''
tive immediately upon its adoption.
znuarq
,
1984 and effec-
J& GL,,
Chairman of the Bo d of
County Commissioners
The Orlando Sentinel
ADVERTISING C H A R G E
---__
i k f o r r the undermgned authontv pemnallv appeared
Nancy
A . _Puglia
-
--
-
who on oath u y a h
t
-_,
.he is the IPg;tl Ad\,c~-tisingRtprc..wntativr o i ttle Orlantio Sr~ltinel,s. Daily newspaper
put:l~shed nt CJrlando. In Orange Countv. Florida; that she attached copy of ad-
.. . . .
wnr.
puhl~shedIn w d newspaper in the i.snues of
January 4,
1984-
-
--
. - i n the
.
---
-
__
._
Court,
__
-
--
--
---
.Affi:~ritf ~ ~ r t h .?a\-.<
er
t h a t tile ?;a:tl Orlondo hentinel is a ne\vsp;rper p u b l i s h 4 a t Orlando. in
:,:lid Orange C.'o~~nry.
E'loiiri:~. mid t h a t thc :-.:!~dnewspaper has heretofore been continut,mly
111ihii\tledin .,:lid Orange (:our~ty, Florida, each Week Day and has been entered a .se<ond(,ins\ i~iailr r ~ a t t e :it
r t hv pt~hto:.fice in 0ri:lndo. i n ..;lid Orange County, Florida for a period of
1.ne v t w nvxt prt~t.rd~ng
the. tint puhlicittior~ TI^ the attached copy of advertisement; and afr r t h a t !w/she h;zq i>rit):c-r paid nor p r o m i s e d a n y person, firm or corporation
fiant t ~ ~ n h.says
sriy di.~c.ounr,rehate, comn1!~40nor r r ~ t r ~ nt do r rhe pllrprhqh! of srruring this advertisement for
puhiiration in the said newsp:iper.
(,
,,~CI-OOr
.
FORM NO AD-262
$ 5 0 . 9 3-
NOTICE OF PUBLIC HEARING
OR*UGC COUNTl
INDIJWRIAC DEVELOPMENT
AUTHORIN
A PUb'lC hear~ngwtll be held try
11=IDA to c ~ Y C I Wand act
on a w r o v a l for purposes o f
SeCIl0t-1I W k ) o f tfm I-,tern*
novent..
Code 01 1954
dqreOl)ed W bon6
tor
fhc (X4errS listed below
1 Maximum ot 51 150 m of
IndUStnal d e v e t o m t ;evenue
bcnds tor Sunbat Platrng c o r n
Piny PraleCt a to construct an
awroxtmately 30
sg n m e
fat lin~shingtacbltry to te located on lots 27 and 28 ct 'he
33rd Streei Induslrfal Park ip
Orlando Oranqa Counb or at
n
,
alternate w e on McClaod
Road ooposlte the Orlando
Waste Water Treatment Facliiw
$0C'llando Orange County
? Max~mumof %SO rn of ,ndustrlal develoOmen1 rrvenue
bonds lor Ouickw Manuiaaur
ing CanDany ITC Prsoect IS to
conarucf a t 3 OM sq
r.anuIdciurlr~yIdclrtty 011 J a c r e ol
land o n Thorpn Road near
Sllney Hayws Road In Sooth
Orange Cobnty
The above bond t w e s wdl be
consldored by Iha A u t r ~ r ~ t y
and 11 pialmlnar~wapwwed.
such approval w ~ l lbo Imrnedt.
dtely followed by a puL41chearInq wherein members of the
publ~cw ~ l be
l gwen a rc,wmb
Me oommunity to e x w e ihmr
Y I ~ W S on the ilsuance of :be
bOM3 and the location and nature of the poOosad prqect
The DUWIC mtrebng precsd~ng
the pubic hearing WI U, naid
on Wednesday January 16.
1984. and w ~ l beqlrr
l
at 2 00
P M rn S u ~ t e890. Hartlord
Bu~ld~nq
200
. Easl Roblnson
Street Orlando F l o r ~ d aand
the public hesnng 11 a 9 wtll
1rnmed8metyIdla at the same
kxn.Jn
It a p3rw1-1ctectdes to anpeal
anv deuwon made by t'qe Ora w e County IrKtuqrtal UNJopmern Authally ~ 6 t hresmct
to any matter coesldered at
lhrs meet~nqor heartnq he ma
a r w w d of the woceadmgs and l
a such p:~rrxne he
may vcmd to insure that a verbartm reccxd of M. poceob
In- r m e , whlch record anCII- the t a s t l r ~arm WIb e w e upon whlch the appeal
alooebnrsd
r_t-155_-
J m 4 1984
RESOLUTION NO. 84
-
001
RESOLUTION
AUTHORIZING A MEMORANDUM OF AGREEMENT WITH
QUIKEY MANUFACTURING CO., INC.
A RESOLUTION AUTHORIZING A MEMORANDUM OF AGREEMENT
WITH QUIKEY MANUFACTURING CO., INC., WITH RESPECT TO
THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A
CAPITAL PROJECT CONSISTING OF AN INDUSTRIAL OR
MANUFACTURING PLANT IN ORANGE COUNTY, FLORIDA; THE
PROPOSED PRIVATE ISSUANCE AND SALE OF $650,000 IN
AGGREGATE PRINCIPAL AMOUNT OF ORANGE COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE BONDS
(QUIKEY MANUFACTURING CO., INC. PROJECT) FOR THE
PURPOSE OF PAYING ALL OR ANY PART OF THE COST OF SAID
PROJECT; AND THE SALE OF SAID PROJECT TO OR FINANCING
THEREOF FOR QUIKEY MANUFACTURING CO. INC., ALL
PURSUANT TO THE FLORIDA INDUSTRIAL DEVELOPMENT
FINANCING ACT.
BE IT RESOLVED, by the members of the Orange County
Industrial Development Authority:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution
is adopted pursuant to the provisions of the Florida Industrial
Development Financing Act, Part 11, Chapter 159, Florida
Statutes, as amended, and Part I11 of Chapter 159, Florida
Statutes, as amended (the "Act") and other applicable laws.
SECTION 2. FINDINGS. It is hereby found, ascertained,
determined and declared that:
(A) The Orange County Industrial Development Authority
(the "Authority") is a public body politic and corporate
and a public instrumentality duly created and existing
under and by virtue of the laws of the State of Florida.
The Authority is authorized and empowered by the Act to
provide for the issuance of and to issue and sell its
Industrial Development Revenue Bonds for the purpose of
paying all or any part of the cost of any "capital project
comprising an industrial or manufacturing plant"; and
(B) In order to promote the economic growth of Orange
County (the "County") and the industrial economy of the
State of Florida, to increase purchasing power and
opportunities for gainful employment, to improve living
conditions and to advance and improve the economic
prosperity and the general welfare of the State and its
people, it is desirable that:
(1) The Authority provide for the issuance and sale
of its Industrial Development Revenue Bonds (Quikey
Manufacturing Co., Inc. Project) Series 1984, in the
aggregate amount of $650,000 (the "Bonds");
(2) That the Authority use the proceeds thereof, to
the extent of such proceeds, as follows:
(i) to pay all or any part of the cost of
issuance of the Bonds,
(ii) to pay all or any part of the cost of
acquiring a parcel of real estate located in the
County and within the jurisdiction of the
Authority (the parcel is expected to consist of
approximately five acres of land),
(iii) to pay all or any part of the cost of
constructing and equipping certain improvements
on the aforementioned parcel of real estate,
including the construction of an approximately
15,000 square foot industrial or manufacturing
plant,
(iv) to pay all or any part of the cost of the
acquisition and installation of certain
machinery, equipment and appurtenances and
facilities incidental thereto, and other
improvements necessary and convenient therefor
(the aforementioned parcel of real estate and
improvements to be constructed thereon, and such
machinery, equipment and appurtenances and
facilities incidental thereto, being referred to
herein, collectively, as the "Project"), and
(v) to pay any other "cost" (as defined in
Act) of the Project;
the
(3) That the Authority either (i) sell the Project
~
Inc., an Ohio
to Quikey ~ a i u f a c t u r i nCo.,
corporation (the "Company"), for or at a purchase
price payable in installments sufficient to pay the
principal of, premium (if any), interest and other
costs due pursuant to the Bonds when and as the same
may become due, or (ii) otherwise finance the
acquisition of the Project in a manner which will pay
all sums and costs due under the Bonds; and
(C) The Company has shown that the Project will increase
employment in the County by creating approximately 15 to
20 new jobs immediately following completion of the
Project and up to an additional 20 new jobs within one
year of completion of the Project; and
(D) The Project shall make a significant contribution to
the economic growth of the County, shall provide gainful
employment and shall serve a public purpose by advancing
the economic prosperity and the general welfare of the
State of Florida and its people; and
(E) The financing of the acquisition, construction and
equipping of the Project by the Company through the
issuance of the Bonds constitutes an appropriate use of
the Authority's bonding powers and will result in a
substantial public benefit; and
(F) The County is able to cope satisfactorily with the
impact of the Project and is able to provide, or cause to
be provided when needed, the public facilities, including
utilities and public services, that will be necessary for
the construction, operation, repair and maintenance for
the Project and on account of any increase in population
or other circumstances resulting therefrom; and
(G) In view of rising construction costs, rising interest
rates and other factors, it is believed essential that the
acquisition, construction and equipping of the Project
commence at the earliest practical date, and the Company
is unwilling to make commitments therefor without
satisfactory assurances from the Authority that, upon
satisfaction of all requirements of law and other
conditions to be met by the Company, Bonds will be issued
and sold and the proceeds thereof will be made available
to finance the cost of the Project, to the extent of such
proceeds; and
(H) It is necessary and desirable and in the best
interest of the Authority and the County that the
Authority and the Company enter into a Memorandum of
Agreement (the "Memorandum of Agreement"), providing for
the performance by the Company of the functions described
therein, including the arranging for the acquisition,
construction and equipping of the Project; and providing
among other things for the issuance and sale by the
Authority of the Bonds; for the use and application of the
proceeds of the issuance and sale of the Bonds to pay all
or any part of the "cost" (as defined in the Act) of the
Project, to the extent of such proceeds; and for the sale
of the Project by the Authority to the Cornpany pursuant to
a sale agreement (or the financing thereof for the Company
pursuant to a loan agreement) requiring the Company to pay
installments sufficient to pay all of the interest,
principal, redemption premiums (if any) and other costs
due under and pursuant to the Bonds when and as the same
become due and payable, to operate, repair and maintain
the Project at the Company's own expense, and to pay all
other costs incurred by the Authority in connection with
the financing, construction and administration of the
Project which are not paid out of the Bond proceeds or
otherwise; and
(I) The Company is financially responsible and fully
capable and willing to fulfill its obligations under the
proposed sale agreement (or loan agreement), including the
obligation to make installment payments in the amount and
at the times to be required by the sale agreement (or loan
agreement), the obligation to operate, repair and maintain
such Project at its own expense, and to serve the purposes
of the Act and other responsibilities to be imposed under
the sale agreement (or loan agreement), due consideration
having been given to the Company's ratio of current assets
to current liabilities, net worth, earning trends,
coverage of all fixed charges, the nature of its business
and the industry in which it is involved, its inherent
stability, the contemplated guaranty of the Bonds and the
Company's obligations under the sale agreement (or loan
agreement) by William B. Stiller, Michael R. Stiller,
Susan L. Barrett and Mary Lou Burns, the principal
shareholders of the Company, and other factors
determinative of the capabilities of Company, financially
and otherwise, to fulfill its obligations consistently
with the purposes of the Act; and
(J) The Bonds shall and will be payable solely from the
revenues and proceeds derived by the Authority from the
sale (or financing), operation, or leasing of the Project,
including, if required, amounts payable under the
aforesaid guaranty, and will not constitute a debt,
liability or obligation of the Authority or the State of
Florida or of any political subdivision thereof, the
Authority shall not be obligated to pay the same nor
interest, premiums (if any) or costs thereon except from
the revenues and proceeds pledged therefor, and neither
the faith and credit nor the taxing power of the Authority
or the State of Florida or of any political subdivision
thereof will be pledged to the Payment of the principal,
premiums (if any), interest, or costs due pursuant to or
under such Bonds.
SECTION 3 . APPROVAL OF MEMORANDUM OF AGREEMENT. In order
to assure the location of and to induce the Company to locate the
Project in the boundaries of the County, with the resulting
public benefits which flow therefrom, and to more effectively
serve the Purposes of the Act, the proposed Memorandum of
Agreement to be made between the Authority and the Company, in
the form and with the contents presented at and filed with the
Minutes of this meeting, be and the same is hereby approved.
SECTION 4 . AUTHORIZATION OF EXECUTION AND DELIVERY
OF MEMORANDUM OF AGREEMENT. The Chairman or Vice Chairman of the
Authority is hereby authorized and directed to execute the
~emorandumof ~greement in the name of and on behalf of the
Authority, and the Secretary or Assistant Secretary of the
Authority is hereby authorized and directed to attest the same
and to affix thereto the Official Seal of the Authority, and the
Chairman or Vice Chairman is hereby authorized to deliver the
Memorandum of Agreement to the Company. Such officers and all
other officers and employees of the Authority are hereby
authorized to execute and deliver such further agreements,
instruments and documents and to take such further action as may
be necessary and desirable to effectuate and carry out the intent
and purposes of the Memorandum of Agreement, when executed and
delivered by the Company.
SECTION 5. EFFECT OF RESOLUTION. This resolution is
intended to and shall constitute "a Bond Resolution or some other
similar official action" of the Authority for purposes of Section
103 (b) of the Internal Revenue Code of 1954, as amended, and the
related regulations, ruling and interpretative court decisions
thereunder.
SECTION 6. REPEALING CLAUSE. All resolutions or orders
and parts thereof in conflict herewith, to the extent of such
conflicts, are hereby superseded and repealed.
SECTION 7. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
The foregoing resolution was offered by Authority Member
M i l l e r
, who moved its adoption. The motion was
, and, upon being
seconded by Board Member M r . A r t h u r
put to a vote, the vote was as follows:
Mr.
Voting in favor of the motion:
Miller,
Messrs.
Lord, J. H a r r i s ,
A r t h u r and D a v i s
Voting against the motion:
Abstain:
Absent:
None
None
None
The Chairman then declared the resolution to be duly
passed and adopted.
PASSED AND APPROVED this 18th day of January, 1984.
(OFFICIAL SEAL)
ATTEST:
Secretary of the Orange
County Industrial Development
Authority, Orange County,
Florida
Chairman of the Orange
Authority, Orange County, Florida
instruments and documents and to take such further action as may
be necessary and desirable to effectuate and carry out the intent
and purposes of the Memorandum of Agreement, when executed and
delivered by the Company.
SECTION 5. EFFECT OF RESOLUTION. This resolution is
intended to and shall constitute "a Bond Resolution or some other
similar official action" of the Authority for purposes of Section
103 (b) of the Internal Revenue Code of 1954, as amended, and the
related regulations, ruling and interpretative court decisions
thereunder.
SECTION 6. REPEALING CLAUSE. All resolutions or orders
and parts thereof in conflict herewith, to the extent of such
conflicts, are hereby superseded and repealed.
SECTION 7. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
The foregoing resolution was offered by Authority Member
Mr. Miller
, who moved its adoption. The motion was
, and, upon being
seconded by Board Member Mr. Arthur
put to a vote, the vote was as follows:
Voting in favor of the motion:
Messrs. Lord, J. ~ a r r i s ,
Miller, Arthur and Davis
Voting against the motion:
None
Abstain:
None
Absent :
None
The Chairman then declared the resolution to be duly
passed and adopted.
PASSED AND APPROVED this 18th day of January, 1984.
(OFFICIAL SEAL)
ATTEST:
Secretary of the Orange
Authority, Orange County,
Florida
Chairman of the Orange
Authority, Orange County, Florida
MEMORANDUM OF AGREEMENT
This MEMORANDUM OF AGREEMENT, dated as of the 18th day of
January, 1984, between ORANGE COUNTY INDUSTRIAL DEVELOPMENT
AUTHORITY, a public body politic and corporate and a public
instrumentality duly created and existing under and by virtue of
the laws of the State of Florida (the "Authority"), and QUIKEY
MANUFACTURING CO., INC., an Ohio corporation (the "Company").
Section 1. The matters of mutual inducement and reliance
which resulted in the execution of this Memorandum of Agreement
are as follows:
(a) The Authority is authorized and empowered by the
Florida Industrial Development Financing Act, Part I1 of Chapter
159, Florida Statutes, as amended, and Part I11 of Chapter 159,
Florida Statutes, as amended (the "Act"), to provide for the
issuance of and to issue and sell its Industrial Development
Revenue Bonds for the purpose of paying all or any part of the
cost of any "capital project comprising an industrial or
manufacturing plant".
(b) In order to improve the economic base of Orange
County, Florida (the "County") and the industrial economy in the
State, to promote the economic growth of the County and the
State, to increase purchasing power and opportunities for gainful
employment, to improve living conditions and to advance and
improve the economic prosperity and the general welfare of the
State and its people, it is desirable that the Authority issue
and sell its Industrial Development Revenue Bonds (Quikey
Manufacturing Co., Inc. Project), Series 1984, in the aggregate
principal amount of $650,000 (the "Bonds")
.
(c) The Authority intends to use the proceeds
thereof, to the extent of such proceeds, as follows: (i) to pay
all or any part of the cost of issuance of the Bonds, (ii) to pay
all or any part of the cost of acquiring a parcel of real estate
located in the County and within the jurisdiction of the
Authority (the parcel is expected to consist of approximately
five acres) , (iii) to pay all or any part of the cost of
constructing and equipping certain improvements on the
aforementioned parcel of real estate, including the construction
of an approximately 15,000 square foot industrial or
manufacturing plant, (iv) to pay all or any part of the cost of
the acquisition and installation of certain machinery, equipment
and appurtenances and facilities incidental thereto, and other
improvements necessary and convenient therefor (the
aforementioned parcel of real estate and improvements to be
constructed thereon, and such machinery, equipment and
appurtenances and facilities incidental thereto, being referred
to herein, collectively, as the "Project"), and (v) to pay any
other "cost" (as defined in the Act) of the Project.
(d) The Authority intends either:
(i) to sell the
Project to the Company at a purchase price payable in
installments sufficient to pay the principal of, premium (if
any), interest and costs due pursuant to and under the Bonds when
and as the same become due, or (ii) to finance the acquisition of
the Project through a loan agreement in a manner which will
provide for the payment of all sums and costs due pursuant to and
under the Bonds when and as the same become due.
(e) The Company has shown that the Project will
increase employment in the County by creating approximately 15 to
20 new jobs immediately following completion of the Project and
up to an additional 20 new jobs within one year of completion of
the Project.
(f) The Company has requested that the Authority
enter into this Memorandum of Agreement for the purpose of
declaring the Authority's intention to provide financing to pay
all or a portion of the cost of the Project.
(g) The Authority by resolution duly passed and
adopted, has made certain findings and determinations and has
approved and authorized the execution and delivery of this
Memorandum of Agreement.
(h) The Company represents that it has not financed
the Project nor commenced construction or the ordering of
equipment.
Section 2. The Authority will cooperate with the Company
and its agents in the Company's efforts to find one or more
purchasers for the Bonds, and if purchase arrangements
satisfactory to the Company can be made by the Company and its
agents, the Authority will authorize the issuance and sale of the
Bonds and will issue and sell the Bonds to such purchaser or
purchasers of the Bonds as may be designated by the Company, all
upon such terms and conditions as shall be approved by the
Company and the Authority and authorized by law. The Bonds shall
be sold only at private sale to an institutional investor, such
as a bank, insurance company or investment firm for its own
portfolio and not for resale, without any requirement for a vote
of electors, validation of the Bonds by any court, or the consent
or approval of any other government or governmental subdivision,
agency or other instrumentality except as specifically required
by law. The Bonds will be payable solely from the revenues and
proceeds derived by the Authority from the sale (or financing),
operation, or leasing of the Project, and will not constitute a
debt, liability or obligation of the Authority or of the State of
Florida or of any political subdivision thereof. The Authority
shall not be obligated to pay the same nor interest, premium (if
any) or costs thereon except from the revenues and proceeds
pledged therefor, and neither the faith and credit nor the taxing
power of the Authority or of the State of Florida or of any
political subdivision thereof will be pledged to the payment of
the principal of premium (if any), interest or costs due pursuant
to or under such Bonds.
From the date hereof until the sale of the Bonds, there
shall be furnished to the Authority in reasonable detail (i) a
financial statement of operations of the Company for and within
thirty (30) days following the end of each quarter of the fiscal
year of the Company, (ii) an audited balance sheet and income
statement of the Company for and within one hundred twenty (120)
days following the end of the fiscal year of the Company and
(iii) current personal financial statements of William B.
Stiller, Michael R. Stiller, Susan L. Barrett and Mary Lou Burns,
the guarantors of the Bonds (the "Guarantors") and updated
personal financial statements within thirty (30) days following
December 31, 1984. In addition to, and notwithstanding, the
obligation of the Company to provide such financial statements,
until the sale of the Bonds, the Company will, within ten (10)
days after its occurrence, notify the Authority of any material
change, whether or not adverse, in the business, operations or
financial condition of the Company. In the event the Authority
shall, at any time prior to sale of the Bonds, determine in its
sole discretion that there has been a material adverse change in
the business, operations or financial condition of the Company,
whether or not such determination is based upon financial
statements or notices provided by any of them in accordance
herewith, the obligation of the Authority to issue and sell the
Bonds shall, at the option of the Authority, be terminated.
Section 3. The Authority will, at the proper time, and
subject in all respects to the prior advice, consent and approval
of the Company, submit applications, adopt such proceedings and
authorize the execution of such documents as may be necessary and
advisable for the authorization, sale and issuance of the Bonds
and the acquisition of the Project, all as shall be authorized by
law and mutually satisfactory to the Authority and the Company.
Section 4. The Bonds issued shall be in such aggregate
principal amount, shall bear interest at such rate or rates,
shall be payable at such times and places, shall be in such forms
and denominations, shall be sold in such manner and in such time
or times, shall have such provisions for redemption, shall be
executed, and shall be secured, all as shall be authorized by the
Act and all on terms mutually satisfactory to the Authority and
the Company.
Section 5. The Authority will use and apply the proceeds
of the issuance and sale of the Bonds, or cause such proceeds to
be used and applied, to the extent of such proceeds, to pay the
cost of the Project, and will sell the Project to the Company
pursuant to a sale agreement requiring the Company to make
payment for the account of the Authority of purchase price
installments sufficient to pay all of the interest, principal,
redemption premiums (if any) and other costs due under and
pursuant to the Bonds when and as the same become due and payable
(in lieu of a sale agreement, the Authority and the Company may
enter into a loan agreement providing for such payment); to
operate, repair and maintain the Project at the Company's own
expense; to pay to the Authority a processing and administrative
fee of one-half of one percent of the principal amount of the
Bonds upon the issuance and sale thereof (provided, however, that
the aggregate amount of such fee shall not exceed $10,000), to
pay all other costs incurred by the Authority in connection with
the financing, construction and administration of the Project
which are not paid out of the Bond proceeds or otherwise for so
long as any of the Bonds remain outstanding, and, in the event
that there is a sale agreement, for the conveyance to the Company
of all right, title and interest of the Authority in and to the
Project when all of the obligations of the Company under the sale
agreement have been performed and satisfied.
Section 6. Having determined that the purposes of the Act
would be more effectively served, the Authority hereby engages
the services of the Company as an independent contractor of the
Authority, and the Company hereby accepts such engagement, for
the acquisition, construction and equipping of the Project, it
being understood and agreed that the Company shall provide all
services incident to the acquisition, construction and equipping
of the Project (including, without limitation, the preparation of
plans, specifications and contract documents, the award of
contracts, the inspection and supervision of work performed, the
employment of engineers, architects, builders and other
contractors) and that the Company shall pay all costs of the
Project, subject to reimbursement by the Authority upon the
issuance and sale of the Bonds and the use and application of the
proceeds thereof as provided above. The Authority shall have no
responsibility for the provision of the aforesaid services. It
is expected that the Project will cost approximately Six Hundred
Fifty Thousand Dollars ($650,000), exclusive of the cost of the
aforesaid parcel of real estate and inclusive of interest during
the period of construction, underwriting discount or commissions,
and legal, accounting, financing and consulting expenses
(estimated not to exceed $40,000.00). The Company agrees that to
the extent that the proceeds derived from the sale of the Bonds
are not sufficient to complete the Project, the Company will
supply all additional funds which are necessary for the
completion of the Project. So long as this Memorandum of
Agreement is in effect, all risk of loss to the Project will be
borne by the Company.
Section 7. At or prior to the time of issuance and sale
of the Bonds, the Authority will enter into an Indenture with a
corporate trustee or bank to secure the Bonds, whereby the
Authority's interest in the Project, the sale agreement (or loan
agreement) with the Company, and all fees, rents, charges,
proceeds from the sale of the Project, and other funds and
revenues in respect of the Project will be pledged and assigned
to such trustee or bank or held by such party in trust, for the
benefit of the holders, from time to time, of the Bonds. The
Bonds and the Company's obligations under the sole agreement (or
loan agreement) will be unconditionally guaranteed by the
Guarantors pursuant to a Guaranty Agreement.
Section 8. At the time of issuance and sale of the Bonds,
the following conditions precedent shall have been satisfied:
(a) The Authority shall have duly passed and adopted
a resolution making all findings required by law and authorizing
the issuance and sale of the Bonds and the execution and delivery
of the sale agreement (or loan agreement), the aforementioned
Indenture and such other agreements, instruments and documents as
may be required to be specifically authorized.
(b) All public hearing and approval requirements
imposed by Section 103(k) of the Internal Revenue Code of 1954,
as amended, shall have been complied with by or for the
Author ity
.
(c) The Board of Directors of the Company shall have
duly passed and adopted a resolution authorizing the execution,
delivery and performance by the Company of the sale agreement (or
loan agreement) and any other documents relating to the issuance
of the Bonds as may be requested by the Authority or Bond
counsel, and approving the aforementioned Indenture and the
issuance and sale of the Bonds, and authorizing or approving such
other agreements, instruments, and documents for which specific
authorization or approval may be required.
(d) The Company shall have provided a satisfactory
opinion of counsel for the Company with respect to the due
organization, existence, qualification to do business in various
jurisdictions (including the State of Florida) and good standing
of the Company, its power and authority to own its properties
(including the Project) and to carry on its business and
activities (including those to be carried on, at or in connection
with the Project), the due authorization and execution, and
delivery of any agreements to which it is a party, the Indenture
and related agreements, instruments and documents, their
legality, validity, binding effect and enforceablitiy in
accordance with their respective terms, and the absence of any
violation of law, rule, regulation, judgment, decree or order of
any court or other agency of government or of the certificate of
incorporation, bylaws, and agreements, indentures or other
instruments to which the Company is a party or by which it or any
of its property is or may be bound.
(e) The Authority shall have been provided, at the
cost of the Company, a satisfactory opinion of its counsel with
respect to the due organization and existence of the Authority
and that all necessary proceedings in connection with the
authorization, issuance and sale of the Bonds and the other
transactions of the Authority contemplated hereby have been
properly conducted in accordance with applicable law.
(f) The Company and the Authority shall have
executed and delivered such non-arbitrage certificates and
representations, and special bond counsel shall have rendered
such opinion relating to arbitrage, as may be required to comply
with Section 103 (c) of the Internal Revenue Code of 1954, as
amended, and the regulations, rulings and interpretative court
decisions thereunder.
(g) Akerman, Senterfitt & Eidson, as special bond
counsel, shall have delivered its opinion with respect to the
validity of the Bonds, and to the effect that the interest on the
Bonds is exempt from Federal Income Taxes under existing statutes
and published regulations, rulings and interpretative court
decisions (except as to Bonds held by a "substantial user" of the
Project or any "related person," as such terms are defined in the
Internal Revenue Code and the regulations thereunder).
(h) The Company shall have furnished satisfactory
plans and specifications for the Project, in reasonable detail,
showing that the Project complies in all respects with the
requirements of law.
(i) The Company shall have provided such other or
additional representations, warranties, covenants, agreements,
certificates, certified financial statements, and other proofs as
may be required by the Authority or by Akerman, Senterfitt &
Eidson, as special bond counsel.
Section 9. In the event that the Bonds are not issued and
sold and the transactions contemplated hereby are not closed
within twelve months after the date hereof, for any reason
whatsoever and whether or not as a result of any failure to find
one or more purchasers for the Bonds, any default or failure of
performance by the Authority, the inability of the Authority to
issue and sell the Bonds or the failure or inability of the
Authority and the Company to agree to the terms and conditions of
the agreements, instruments and other documents provided for
herein or contemplated hereby, the Company agrees that:
(a) The Company will (i) pay all costs and expenses,
including any fees and expenses of its financial agent, (ii) pay
the reasonable fees and expenses of special bond counsel, and
(iii) reimburse the Authority for all reasonable out-of-pocket
costs and expenses, including reasonable fees and expenses of the
Authority's counsel, which the Authority may have incurred in
connection with this Memorandum of Agreement.
(b) The Company will indemnify and hold the
Authority, and the Authority's members, officers, employees and
agents, harmless against any liabilities, allegations or claims
of loss or damage (including attorneys' fees and expenses)
pertaining to the Project, the Bonds, or any transaction
contemplated hereunder, or arising out of or predicated upon this
Memorandum of Agreement, any action or non-action taken or
omitted in reliance upon this Memorandum of Agreement, or any
default or failure of performance hereunder.
Section 10. No covenant or agreement contained in this
Memorandum of Agreement or Bonds, the Indenture, the sale
agreement (or loan agreement), or in any other instrument
relating to the Bonds or the Project, shall be deemed to be a
covenant or agreement of any member, officer, employee or agent
of the Authority in an individual capacity, and neither the
members or any officer of the Authority executing the Bonds or
any such other agreements or instruments shall be liable
personally thereon or be subject to any personal liability or
accountability by reason thereof.
IN WITNESS WHEREOF, the parties have executed this
Memorandum of Agreement and affixed their respective seals, as of
the date first written above.
ORANGE COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY
(OFFICIAL SEAL)
BY
Chairman
Secretary
(CORPORATE SEAL)
BY
President
Attest:
Secretary
January 18, 1984
The regular monthly meeting of the Orange County Industrial
Development Authority was held in the offices of the Industrial
Development Commission of Mid-Florida, Inc., Hartford Building,
200 East Robinson Street, Orlando, Florida, at 2:00 p.m. on
January 18, 1984.
Present at the meeting were Chairman John S.
Lord and members John Miller, Allen E. Arthur, Jr. and H. Edward
Davis.
Mr. J. Harris arrived while the meeting was in progress,
as reflected in these minutes.
Also present at the meeting were
Warren Tedder, member-appointee, Roy L. Harris, Jr., Secretary of
the Authority and Jonathan D. Rich of the firm of Maguire,
Voorhis
&
Wells, P.A., attorneys for the Authority.
Mr. Lord said that the meeting would be both a regular meeting of the Authority and an advertised public hearing and
requested the Secretary to file the Notice of Public Hearing as
published in the January 4, 1984, edition of The Orlando Sentinel
with the minutes of the meeting.
With respect to the published notice, the Chairman announced
that consideration by the Authority of the Sunbelt Plating
Company project which was referred to in the published Notice of
Public Hearing of Orange County Industrial Development Authority
had been deferred at the Applicant's request and asked if there
were any members of the public present who intended to speak for
F
,'
or against the application at the proposed public hearing. There
being none, the Chairman noted that the public hearing on the
Sunbelt Plating Company Project, if rescheduled, would be preceded by a published notice as required.
The first order of business on the agenda was the discussion
of the minutes of the December 14, 1983, meeting.
The Chairman
noted that copies of the proposed minutes had been mailed to the
members of the Authority.
Upon motion made by Mr. Davis and
seconded by Mr. Miller, the minutes of the December 14, 1983,
meeting were approved.
Mr. Lord said the next order of business was the election of
officers of the Authority,
The Chairman noted that, in accor-
dance with Article IV of the Authority's By-Laws, elections were
required for the offices of Chairman and Vice-Chairman for the
current calendar year and until successors to such offices are
elected and qualified.
Mr. Davis then commended Mr. Lord for out-
standing service as Chairman of the Authority.
A motion was made
by Mr. Davis and seconded by Mr. Miller for the nomination and
election of Mr. Lord as Chairman.
on the motion.
The Chairman called for a vote
Voting in favor of the motion were Messrs. Lord,
Davis, Miller and Arthur.
Voting in opposition:
none.
The Vice-
Chairman announced the motion carried and the election of Mr.
Lord as Chairman.
A motion was then made by Mr. Lord and
seconded by Mr. Miller for the nomination of Mr. Davis as ViceChairman.
The Chairman called for a vote on the motion.
Voting
in favor of the motion were Messrs. Lord, Miller, Davis and
Arthur.
none.
The Chairman announced the
motion carried and the election of Mr. Davis as Vice-Chairman.
The Chairman noted that Messrs. Roy L. Harris, Jr. and Richard
Tesch, as Secretary and Assistant Secretary of the Authority,
serve at the pleasure of the Authority and, therefore, do not
require reelection.
Mr. Davis then made a motion which was
seconded by Mr. Miller to request that Messrs. R. Harris and
Tesch continue to serve as Secretary and Assistant Secretary of
the Authority.
Voting in favor of the motion were Messrs. Lord,
Davis, Miller and Arthur.
none.
The
Chairman announced the motion carried and expressed the Authority's appreciation to Messrs. R. Harris and Tesch for their continuing service.
The next order of business was a public hearing and consideration of an Inducement Resolution for a maximum of $650,000 of
industrial development revenue bonds for Quikey Manufacturing
Co., Inc. (the "Company") to consist of construction of a 15,000
square foot manufacturing facility on Thorpe Road in South Orange
County.
The bonds are to be guaranteed by William B. Stiller,
Michael R. Stiller, Susan L. Barrett and Mary Lou Burns, shareholders of the Company.
Present on behalf of the Company and
guarantors were Robert L. Manly and Bruce Booken of the firm of
Akerman, Senterfitt
&
Eidson, bond counsel for the proposed
Project and William B. Stiller, President, Treasurer and Director
of the Company.
Mr. Manly noted that the Company's application to the
Authority had been filed on behalf of Quikey Corp., a corporation
proposed to be formed under Florida law.
Quikey Corp. was to
have been a wholly-owned subsidiary of the Company, an Ohio corporation.
The Company had proposed to guarantee the bonds, and
financial statements of the Company were included in the application.
Mr. Manly explained that the Company recently determined
not to form a Florida subsidiary, and requested that the
Authority consider the application on behalf of the Company.
Mr.
Manly also indicated that no other change in the application or
the Project was proposed by the Company.
In response to a question from Mr. Lord, Mr. Stiller affirmed
that the individual shareholders of the Company would agree to
guarantee bonds issued to finance the Project.
Mr. Manly then reviewed the scope of the Project and stated
that a proposed form of Inducement Resolution had been furnished
to the Authority's counsel.
In response to a question from Mr. Lord, Mr. Stiller replied
that the zoning applicable to the proposed location of the
Project was appropriate for the Project's purpose.
In response
to further questions from Mr. Lord, Mr. Stiller replied that the
Company did not have interim financial statements and did not
expect to have financial statements for the year ended December
31, 1983 for over a month.
Mr. Stiller said that he would ask
the Company's accountants to commence preparing interim statements for presentation to the Authority.
Mr. Manly said that the
Company would subsequently furnish the requested financial statements.
At this time, Mr. J. Harris arrived at the meeting.
Mr. Lord explained that it was a requirement of the Authority
to receive interim financial statements.
Mr. Lord also noted
that should the Project be approved, the Authority would require
personal statements of the guarantors.
Mr. Miller requested that Mr. Stiller elaborate upon mention
in the Company's application of smoke discharges from the
Project.
In response, Mr. Stiller stated that the smoke
discharged from the Project would be slight, nontoxic, and would
not materially affect air quality in the area of the Project.
Mr. R. Harris commented that the Company's obtaining a construction permit for the Project would entail a pollution control
inspection.
There being no further discussion, a motion was made by Mr.
Davis, seconded by Mr. J. Harris and unanimously adopted to
proceed with the public hearing on the proposed Project.
The Chairman announced the opening of the public hearing on
the Quikey Manufacturing Co., Inc. Project bond issue and asked
if there was any member of the public present who would like to
speak for or against the Authority's approval of the Inducement
Resolution.
There being no response from any member of the
public, the Chairman announced the public hearing concluded.
In response to a question from Mr. Lord, Mr. Rich replied
that the documents were in satisfactory form for approval by the
Authority should they choose to do so.
The Chairman asked if there was any further discussion of the
proposed bond issue by any of the members of the Authority.
There being none, a motion was made by Mr. Miller, and seconded
by Mr. Arthur to approve the Inducement Resolution in the form
submitted by the Applicant attached to these minutes and capt ioned :
RESOLUTION NO. 84-001
RESOLUTION
AUTHORIZING A MEMORANDUM OF AGREEMENT WITH
A RESOLUTION AUTHORIZING A MEMORANDUM OF
AGREEMENT WITH QUIKEY MANUFACTURING CO., INC.,
WITH RESPECT TO THE ACQUISITION, CONSTRUCTION
AND EQUIPPING OF A CAPITAL PROJECT CONSISTING
OF AN INDUSTRIAL OR MANUFACTURING PLANT IN
ORANGE COUNTY, FLORIDA; THE PROPOSED PRIVATE
ISSUANCE AND SALE OF $650,000 IN AGGREGATE
PRINCIPAL AMOUNT OF ORANGE COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY REVENUE BONDS (QUIKEY
MANUFACTURING CO., INC. PROJECT) FOR THE PURPOSE OF PAYING ALL OR ANY PART OF THE COST OF
SAID PROJECT; AND THE SALE OF SAID PROJECT TO
OR FINANCING THEREOF FOR QUIKEY MANUFACTURING
CO., INC., ALL PURSUANT TO THE FLORIDA INDUSTRIAL DEVELOPMENT FINANCING ACT.
Voting in favor of the motion were Nessrs. Lord, Davis, J.
Harris, Arthur and Miller.
none.
The
Chairman announced the motion carried and indicated the Authority
would request approval of the bond issue by the Board of County
Commissioners of Orange County under the provisions of Section
103(k) of the Internal Revenue Code of 1954, as amended.
There being no further business to come before the Authority,
a motion was made by Mr. Miller, seconded by Mr. J. Harris and
unanimously adopted adjourning the meeting at 2:15 p.m.
,
,
,
%oy L. ~arris,//Jr., Secretary
orange count$ Industrial
Development Authority
.,
AYFJl<(]'t$Lc);.[
::-.,E LJ~,J * ..'-, p $1;: Li ;,i!
~ ~ ~ d i ~ ~ ~ i; !~ : ,; 5~ : ;~b ; z?E~T ~~~ ~~s ~
Certificate of Specific Matters Approved
I, Roy L. Harris, Jr., being the duly elected and qualified
Secretary of the Orange County Industrial Development Authority
(the "Authority"), hereby certify that attached hereto is
a true, accurate and complete copy of the Minutes of the Regular
Meeting and advertised Public Hearing held by the Authority
commencing at 2:00 p.m. on January 18, 1984 in the offices
of the Industrial Development Commission of Mid-Florida, Inc.,
Hartford Building, 200 East Robinson Street, Orlando, Florida, and
that such Minutes include, among other matters considered at the
meeting, a true and accurate summary of the consideration of the
Authority and the testimony, if any, at the Public Hearing
with respect to the matters indicated below:
Matter Considered
Inducement Resolution for $650,000
of industrial development revenue
bonds for Quikey Manufacturing Co.,
Inc. Project
Pases
I N WITNESS WHEREOF, I have h e r e u n t o s u b s c r i b e d my s i g n a t u r e
and i m p r e s s e d h e r e o n t h e o f f i c i a l s e a l o f s a i d A u t h o r i t y t h i s
,,,, . -
,i'i-y
Secretary
,-
r
/
( SEAL )
STATE OF FLORIDA
COUNTY OF ORANGE
S u b s c r i b e d and sworn t o b e f o r e me by t h e s a i d S e c r e t a r y ,
Roy L.
Harris, Jr., t h i s d ~ ) "
day o f
~ & ~ L L c R ~ ( +, 1984.
-9
I
N o t a r y Public-
,
-
My Conmission E x p i r e s :
( SEAL)
Notary Public, State of R ~ i b
MY Commission Expires Jan. 3, 1987:
@oqdadlhrr
fala :lmunnpe, hyr
-
C H A R L E S W. A B E O T T
T H O M A S R. A L L E N
WILLIAM P. BATTAGLIA
OAVIO R. B E S T
R O B E R T N. B L A C K F O R D
TED R. BROWN
WANDA L. 8 R O W N
J. L I N D S A Y B U I L D E R , J R .
W. M I C H A E L C L I F F O R D
P E T E R J. F I D E S , U
J. JOAQUIN FRAXEDAS
G E N E H. GOOBOLD
S C O T T J. J O H N S O N
R A Y M E R F. MAGUIRE, J R .
CARL 0 . MOTES
A. GUY N E F F
J A M E S E. L . SEAY
J A M E S E. S L A T E R
S T E P H E N W. S N I V E L I
TWO SOUTH ORANGE PLAZA
SUITE 2A. 180 PARK AVENUE, NORTH
ORLANDO, FLORIDA 32801
WINTER PARK, FLORIDA 32789
A R E A C O D E 305
M A I L I N G ADDRESS:
.
TELEPHONE 8 4 3 - 4 4 2 1
P. 0.B O X 633
-
T E L E X : 56 -7451 M V
-
ORLANDO.
6 W
F L O R I D A 32802
ORL
R. F. MAGUIRE ( 1 8 9 0 - I S 6 0 1
H. M. VOORHIS (1889-IS731
M. W. WELLS
((901-ISQO)
J. R. WELLS (1903 -1SBS)
January 20, 1984
S E L B Y W. S U L L I V A N
LARRY
TOWNSEND
C H R I S T O P H E R J. W E l S S
M I C H A E L G. W I L L I A M S O N
WILLIAM 8 . WILSON
L E I G H T O N D. YATES, J R .
J.
-
K I M B E R L Y A. ASHBY
STANTON C. BROWN
MIRANDA FRANKS
R O B E R T D. HENRY
D I A N E L. H O F B A U E R
MARIBETH McOONALD
J O N A T H A N D. R I C H
GEOFFREY D. R I N G E R
M I C H A E L J. S H E A H A N
THOMAS 8. SMITH
SAM C. S T E P H E N S , m
FRANK M . W O L F F
Mr. James L. Harris
Orange County Administrator
Orange County Industrial
Development Authority
55 E. Central Blvd., Room 325
County Courthouse
Orlando, FL 32802
RE:
Board of County Commissioners of Orange County Meeting on
Monday, January 23, 1984
Dear Jim:
Enclosed is a set of documents to be presented to the
Board of County Commissioners of Orange County at their meeting
on Monday, January 23, 1984. Also enclosed are two extra copies
of the Resolution with attachments to be adopted by the Board
of County Commissioners of Orange County which I would like to
have signed and returned to me for my files.
If you have any questions or comments on the enclosed,
please do not hesitate to contact me.
Sincerely yours,
rJ
onathan D. Rich
~~R/rnlp
Enclosures
BY MESSENGER
AGENDA
JANUARY 18, 1983
f.
!I lcxction of O f f i c e r s
; - i i x ~ o ! . ) t i,.);: o : ;i, r J ' ! ' > Ii.4. Quicltey Marlufacturing Company - !Iric-i~!c.ct:.ierlt
,:
! ,, I .
f ~ \ ! f \ ut .jdjO,(J[)\j u f i r i < i i ~ c i t!I
~ t d t : ~ ~\ :i > \ > ~ ~ >r~~\~+-::-~t.)e*-~-it
1-{curin(j.1 /d\c~xi!
, .,.Jii::C.:ey t\8iclri,.!fac:tL~rinn;; (::o:rii):lrly.
i-'rc-!jc.-$c.t;.; to (:&:r~rtrt~r:!
. . f J,i):')fi :,,:.f
T.
-Th::r[>e
:,,.,h j.l ;,;. ;, it: , ,; ! t i V . , '?:,
:, . c..
[ I , ;:::, r , ; r ? : . ) T ; ,
) < j f,.]c:iIi?;{
!j
i t
:::~:.s,!4;
,.-c
,?
L$
<,!,
P. 0.Box 2144, Hartford Building, Suite 890/0riando, FL 32802/(305) 422-7159
q,
ti,.,.\
AGENDA
JANUAtiY 18, 1981)
I:.
Quickey ivlanufuctvring Company - [Ir!c2,I.:).
t t - L ! ' . i , ; ~ ! ) *'3>:1
a~
t
j !:
..
~,
.,
3 , '
1,
i,:6
,'bi~,j'~l,.!,-?.;!
, r >. ; :
+i . . s' l
6
.
(jt
2 b ' ~ , l , ! . ! , ~!.,t
i,,
i : > -: C
4
,
l i , '
;lc!;t! - : ( . h . i ~t ,i ,
~ . , , l : ~ . ; ~~ . r, V .~
$ . I :~ l !
- ~ f ~ 1 ! ~ ~ 1i J
r 1r ~
~>
~ j. ~ *j:,c , fj ; )
. .; ,7 , , . ,
,,r
:
I
'
.%,,is2
i'.
.:,
!:t.:if
,,??
,jg,f
' - > % j , j t<, ,; r L j ,.,v
. .
.
- ~ , \ , r ~ . , , ~, f
.j ; :,;I
%,.>,,;
P 0.Box 2144, Hartford Building. Suite 890/0rtando, FL 32802/(305) 422-7159
,. f
,!t .
,
;>,
',
,
t t
.
,]-
:
, %
.
Q U I K E Y CORP.,
1500 I n d u s t r i a l Parkway,
P o s t O f f i c e Box 3626,
Akron, Ohio 44310
December 2 2 , 1983
I n d u s t r i a l Development Commission
of Mid-Florida, I n c .
P o s t O f f i c e Box 2 1 4 4
Orlando, F l o r i d a 32802
Gentlemen :
We h e r e b y make a p p l i c a t i o n f o r I n d u s t r i a l Development Revenue
Bonds and submit t h e f o l l o w i n g i n f o r m a t i o n f o r your
consideration.
(a)
Company:
Quikey Corp.
1500 I n d u s t r i a l Parkway
P o s t Off i c e Box 3626
Akron, Ohio 44310
Telephone:
(216) 633-8106
P r i n c i p a l Operatinq Officers:
William B. S t i l l e r
P r e s i d e n t , T r e a s u r e r and D i r e c t o r
Michael R. S t i l l e r
S e c r e t a r y , D i r e c t o r and Vice P r e s i d e n t
William M.
Director
Burns
James M. B a r r e t t
Director
Company Counsel:
G e r a l d L . Davis
Davis & Davis
Centron B u i l d i n g
Akron, Ohio 44308
Telephone:
( 2 1 6 ) 434-3171
Page 2 .
Bond Counsel:
Akerman, S e n t e r f i t t & Eidson
1 7 t h & 1 0 t h F l o o r , CNA B u i l d i n g
255 South Orange Avenue
Orlando, F l o r i d a 32802
Telephone:
(305) 843-7860
A f f i l i a t e d Company and G u a r a n t o r :
Quikey Manufacturing Co. , I n c .
1500 I n d u s t r i a l Parkway
P o s t O f f i c e Box 3626
Akron, Ohio 44310
Telephone:
(216) 633-8106
P r i n c i p a l O p e r a t i n g O f f i c e r s o f A f f i l i a t e d Company:
William B. S t i l l e r
P r e s i d e n t , T r e a s u r e r and D i r e c t o r
Michael R. S t i l l e r
S e c r e t a r y , D i r e c t o r and Vice P r e s i d e n t
W i l l i a m M.
Director
Burns
James M. B a r r e t t
Director.
A f f i l i a t e d Company Counsel:
Gerald L. Davis
Davis & Davis
Centron B u i l d i n g
Akron, Ohio 44308
Telephone:
(216) 434-3171
(b) Q u i k e y Corp. i s t o be o r g a n i z e d a s a F l o r i d a c o r p o r a t i o n
i n J a n u a r y , 1984 and w i l l m a n u f a c t u r e a d v e r t i s i n g s p e c i a l t i e s .
Quikey Corp. w i l l m a n u f a c t u r e a new l i n e of a d v e r t i s i n g
s p e c i a l t i e s f o r Q u i k e y Manufacturing Co., I n c . , an Ohio
corporation with nearly 40 years experience i n t h e advertising
specialty industry.
The Quikey Manufacturing Co., I n c .
c a t a l o g and a copy of S u p p l i e r Award i s e n c l o s e d . See E x h i b i t
1.
Q u i k e y Manufacturing Co., I n c . w i l l g u a r a n t y t h e bonds
and r e l a t e d l o a n documents.
Page 3 .
Quikey Manufacturing Co., I n c . p r e s e n t l y employs 150
people and i s i n v o l v e d i n t h e d i s t r i b u t i o n of a d v e r t i s i n g
s p e c i a l t i e s t h r o u g h o u t t h e United S t a t e s and i n A u s t r a l i a ,
Canada, South America and t h e C a r r i b e a n I s l a n d s . Quikey
Corp., and Quikey Manufacturing Co., I n c . have, and e x p e c t
t o c o n t i n u e t o have many c o m p e t i t o r s . See E x h i b i t 2 f o r
company p r o d u c t s .
( c ) We r e q u e s t $650,000 t o be f i n a n c e d by t h e i s s u a n c e
of I n d u s t r i a l Development Revenue Bonds.
( d ) The proposed f a c i l i t y w i l l be l o c a t e d on a p p r o x i m a t e l y
5 a c r e s and t h e b u i l d i n g w i l l c o n s i s t of a p p r o x i m a t e l y
15,000 s q u a r e f e e t . A breakdown of t h e proposed u s e of
funds i s a s f o l l o w s :
B u i l d i n g ( a manufacturing f a c i l i t y )
and Land
Production
Equipment
M i s c e l l a n e o u s and
Contingencies
Discount and Fees
-
-
$ 375,000
$ 180,000
$
$
55,000
40,000
( e ) The f a c i l i t y w i l l be l o c a t e d i n an i n d u s t r i a l a r e a
i n Orlando, w e s t of t h e Orlando I n t e r n a t i o n a l A i r p o r t on
Thorpe Road, n e a r Sidney-Hayes Road. The t a x b a s e f o r t h e
county w i l l be i n c r e a s e d by t r a n s f o r m i n g v a c a n t l a n d t o
h i g h l y improved p r o p e r t y , r e s u l t i n g i n a t a x i n c r e a s e . S a l e s
The proposed f a c i l i t y w i l l employ
t a x e s w i l l a l s o be p a i d .
between 15 and 20 p e r s o n s , w i t h t h e e x p e c t a t i o n of d o u b l i n g
t h a t number d u r i n g t h e second y e a r of o p e r a t i o n .
The manufacturing f a c i l i t y w i l l contribute t o t h e general welfare
of t h e S t a t e of F l o r i d a and i t s p e o p l e .
( f ) The P r o j e c t w i l l be l o c a t e d a t Lot 1 8 , P r o s p e r Colony,
Block H , a s r e c o r d e d i n P l a t Book D , page 102 of t h e P u b l i c
Records of Orange County, F l o r i d a , b e i n g i n S e c t i o n 2 ,
Township 2 4 , Range 29. A s p e c i f i c s t r e e t a d d r e s s h a s n o t
been a s s i g n e d , b u t as i n d i c a t e d above, t h e p r o p e r t y i s
l o c a t e d w e s t of Orlando I n t e r n a t i o n a l A i r p o r t on Thorpe
Road n e a r Sidney-Hayes Road. The l a n d i s zoned I n d u s t r i a l 2 t h u s p e r m i t t i n g t h e i n t e n d e d use.
( g ) S e p t i c t a n k s w i l l be p r o v i d e d and w a t e r i s p r o v i d e d
by Orlando U t i l i t i e s . There a r e no u n u s u a l d i s c h a r g e s t o
w a t e r e x p e c t e d from t h e m a n u f a c t u r i n g p r o c e s s e s e x p e c t e d
t o be employed.
Smoke d i s c h a r g e s a r e c o n s i d e r e d minimal
and Quikey Manufacturing Co., I n c . h a s had no c o m p l a i n t s
o r d i f f i c u l t i e s w i t h i t s o p e r a t i o n s i n Akron, Ohio, and
i n f a c t o p e r a t e s i n an a r e a of r e s i d e n c e s w i t h o u t problems.
(h) A s i n d i c a t e d above, Q u i k e y Manufacturing Co.,
w i l l g u a r a n t e e t h e o b l i g a t i o n s o f t h e company.
Inc.
Page 4 .
( i ) The company a s a new e n t i t y would have o n l y a nominal
v a l u e u n t i l t h e P r o j e c t c o n s t r u c t i o n commenced; however,
a s s t a t e d i n I t e m ( h ) t h e r e w i l l be a g u a r a n t e e by Quikey
Manufacturing Co., I n c . Copies of t h e f i n a n c i a l s t a t e m e n t s
of Quikey Manufacturing Co., I n c . f o r t h e l a s t 5 y e a r s ,
are enclosed.
See E x h i b i t 3 .
(j)
Not a p p l i c a b l e .
(k)
Not a p p l i c a b l e .
(1) Bond c o u n s e l w i l l f u r n i s h c o u n s e l f o r t h e A u t h o r i t y
a proposed form of Inducement Agreement and R e s o l u t i o n .
(m)
Enclosed i s a check i n t h e amount of $ 3 0 0 . 0 0 .
We w i l l s u p p l y you any a d d i t i o n a l i n f o r m a t i o n o r documentation
t h a t you r e q u i r e .
Respectfully submitted,
Vice P r e s i d e n t
EXHIBIT 1
t
5 / ~ ~ 1 ~ - iP~~f~?utisi/y
~ 7 1 f ~ ~ As~o~i~~tior~
C
%
I I L ~ tiol~nl
L'I-~~
21 41258-0404
1404 Walnut HIII Lane
Mr. William B. Stiller
Quikey Manufacturing Co., Inc.
1500 Industrial Parkway
Akron, OH 44310
'
Dear William:
Congratulations on being named one of the 1983 Supplier Stars of SAAInternational!
Quikey Manufacturing obviously exemplifies the best in supplier service
and overall performance.
We are enclosing some materials for your publicity purposes: press
releases, pictures, and a stat of the Supplier Star artwork for your
stationery or advertising. SABusiness, our industry magazine, will
feature your firm in its April issue.
Congratulations again on receiving this prestigious award.
Sincerely,
A
-
Darlene M. Skillestad
~dministrator/SupplierAwards
DMS :j sd
Enclosures
cc:
Mark l'ynes
.%wards Committee Chairman
Las Colinas
*. .. .
~\
, , : ,*, c,,,..:
I .
P-.I
INDEX
Index by Description
#1 Key Fob
Air Balloon Key Fob
Apple Key Fob
Baseball Quikoin
Basketball Quikoin
Bottle Key Fob
Bowling Ball Quikoin
Bowling Pin Key Fob
Box Key Fob
Can Key Fob
Car Shape Key Fob
Coin Purse
Custom Shape Key Fob
Drum Key Fob
Football Quikoin
Gallon Key Fob
Heart Key Fob
House Key Fob
Jug Key Fob
Key ShapeKey Fob
Key-Sac
King of Hearts Key Fob
Kiss Quikoin
Lunch Money Quikoin
Mirror
Motorcycle Key Fob
Mortar & Pestle Key Fob
Muffler Key Fob
Number 1 Key Fob
Oil Derrick Key Fob
Oval Key Fob
Oval Quikoin
Quik-Vu Mirror
Quikoin
Rectangle Key Fob (Large)
Rectangle Key Fob (Small)
Round Key Fob (Large)
Round Key Fob (Small)
Round Quikoin
Soccer Quikoin
Shamrock Key Fob
Standard Key Fob
State Key Fob
Stop Sign Key Fob
Square Key Fob (Large)
Square Key Fob (Small)
Super Saddle Key Fob
Tooth Key Fob
Truck Key Fob (Semi)
USA Key Fob
Van Key Fob
Yack Quikoin
2
Page
5
17
16
22
22
15
22
15
14
10
14
20121, 22123
13
11
21
10
16
6
17
14
23
7
21
23
18,19
14
17
14
5
15
6
20
18,19
20121,22,23
8, 9
7
12
12
22
22
16
4
11
14
17
14
13
15
14
16
l4
23
Index by Item No.
QUlKOlNS
2000
2000FB
2000 K
2000L
2000M
2000R
2000R1
2000R2
2000R3
2000R4
KEY.SAC
Oval
Football
Kiss
Lunch Money
Yack
Round
Basket balI
Baseball
Bowling Ball
Soccer
20
21
21
23
23
22
22
22
22
22
3000
KEY FOBS
6000
6000R
6000S1
6000S2
6000S3
6000S4
6301
6303
6305
6307
6309
6310
6311
6313
6315
6317
6319
6321
6323
6325
6327
6329
6331
6333
6335
6337
6339
6341
6343
6345
6347
6349
6351
6353
6357
MIRROR
7000
23
Standard
Round
Number 1
House
State
Oval
Can
Large Rectangle
Drum
Gallon
Small Rectangle
King of Hearts
Box
Oil Derrick
Shamrock
Small Round
Muffler
Heart
USA
Stop Sign
Bowling Pin
Large Square
Super Saddle
Air Balloon
Small Square
Apple
Mortar & Pestle
Van
Tooth
Bottle
Key
Car
Motorcycle
Truck (Semi)
Jug
18,19
Quikey Products Have A Brilliant Imprint That Will Not Come Off ...We Guarantee It!
SOF-TOUCH KEY FOB INK GUIDE AND COLOR CHART
Gray (also used as non-metallic silver)
Warm Yellow (also used as nonMETALLIC INK COLORS NOT RECOMMENDED
Ink change (i.e. black on yellow &
white on red) same order $5.00
net. No charge for different
color inks front and back (i,e.
one color one side, another color
WHITE INK IS STANDARD IF
NOT SPECIFIED
WHITE INK IS BEST ON ALL
DARK COLORS
BLACK INK IS NOT LEGIBLE
ON RED, BLUE OR GREEN
MULTIPLE COLOR IMPRINT Registration permits some two color imprints
on Quikoins and Mirrors. Write for
split shipment must be in at least
minimum quantities.
MULTIPLE COLOR PRICING - ALL PRODUCTS
500 1000
2nd color each
.09 .06
3rd of more colors
NA .07
3 or more colors on Fobs only.
2500
.055
.065
81 up
.05
.06
*IMPOMANT NOTE! L~ghtcolors show dlrt, stains and
discoloration depend~ngon use. White shows the most.
Cream IS preferable ~f wh~teIS not necessary.
NOTE: Use up to 4 product colors ~n any desired
assortment.
ANY COLOR LISTED ABOVE IS AVAILABLE IN ANY
Quikey Products Have A Brilliant Imprint That Will Not Come Off
...We Guarantee It!
3
SOF-TOUCH" KEY FOB
SofTouch revolutionized the key tag industry with its fresh new approach,
combining good looks, a terrific touch, a super strong clip, and a brilliant
imprint that is guaranteed to stay on. It is smooth, pliable, thick and
seamless, and molded in many shapes and sizes to further enhance
your advertising.
No. 6000 STANDARD SHAPE
Colors and inks refer to chart on page 3. Pay particular attention
to note regarding white and light color pieces. Multiple color imprint
charges and minimums
refer to page 3 or back cover.
Minimum order 250. Prices include i m ~ r i nUD
t to 5 lines usina standard
type styles in straight line setup. Any nationally used trademirk, cut or
emblem may be included at no extra charge. For curved lines, cuts, art,
etc., see back page.
-
3ABCD
No. 6000 Standard
250
500
1000
Shape
.43
.38
.07
.06
10,000
2500
5000
.36
.32
.285
.26
-055
.05
.045
.045
6G
Second side
I
Lend
Lease ,!
II
II
MESSAGE BORDERS
All borders illustrated on pane 5 may be used on either the #6000
(Standard), #6000R (~oukd)-or# 6 0 0 0 ~ 4(Oval) Fob at no additional
charge. Specify border desired by the number next to ring. Custom
borders available for $10.00 net. Postage borders available for small and
large rectangles.
Pricing, colors, minimums, etc., same as for #6000, #6000R and
#6000S4 on Pages 4,6 and 12.
-
4
Quikey Products Have A Brilliant Imprint That Will Not Come Off. ..We Guarantee It!
This illustration
'
ONE-
No. 6000S7 THE "SOFT ONE"
Colors and inks refer to chart on page 3. Pay
particular attention to note regarding white and light
color pieces. Multiple color imprint charges and
minimums - refer to page 3 or back cover.
Copy layout on this product is extremely important. Use
the printed examples as a guide for both size of copy
and position. Note in the following slogans several
different ways to say number one. Be specific.
1
You're # I at
You're Number 1 with
We're The One To Call
We're # I
See Us First
1st and Largest
First in Service
Atlanta's # I Chevy Dealer
One Stop Service
Our Customers Come First
One of a Kind
...Still # I
Numero Uno, That's Us!
1 Million Safe Man Hours
Don't Be The One (Safety)
3ABCD
6G
NO. 6000S1
250
500
Second side
A;
3; .055
1000
-36
::
2500
5000
-285
10,000
-26
.045
.045
1
I
No. 6000S4 OVAL SHAPE
Football schedule disregard extra line charges and add
$5.50 (E) per schedule which includes customer's firm
name, address, etc. as well as game schedule. DO NOT
INCLUDE GAME TIMES IN SCHEDULE. Football art
is available for your use. SPECIFY WITH AD COPY
WHEN TO USE. If this art is used on one side with or
without copy and anything is printed on the reverse side,
the price must include a second side imprint charge.
3ABCD
lmprint one side
6G
S e ~ o n dside
This illustration
is actual size
250 500 1000 2500 5000 10,000
.48 .43 .41 .355 .32
.285
.07 .06 .055
.05
.045
.045
Employee Transfer Corpontlon
MOY~W
S.nw
Call C 0 l l r t
(703) 841-0463
Perfect for Real Estate, Bank Home Loan Departments, Home Services.
No. 6000S2 HOUSE FOB
3ABCD
lmprint one side
6G
Second side
6
250 500 1000 2500 5000 10,000
.46 .41 .39
.34 .305 .275
.07 .06 .055
.05
.045
.045
...We Guarantee It!
I
-SMALL RECTANGLES
Thls r~~ustrat~on
actual slze
IS
a
hW
Are your calling cards thrown away? Give your
customer a reason to keep and use yours. Use the
business card key fob with return postage border on
the back. This will help protect your customer's keys
while keeping your name always at his fingertips.
1
9
M&N1AMO,;R,W
cahm lw
v
(price as No. 6309)
I
I Available
KING OF HEARTS
in 2 or 3 color imprint. No art
LOREN W. SHEFFER
WhaIem 11 J
h
WAlSfR BUIEI; MMOL
W 78th Mlnnsapolls MN 55423
Phone 869-1492
>
A
L
T
"
.
I
N
charge. Available 250 and up. Special
pricing for King of Hearts only. Use end
quantity price for 2nd and 3rd colors from
multi-color pricing on back page (e.g. 250
with 2 color front and 1 color back =
.45 + .05 for 2nd color + .07 for 2nd side
= total of .57 each.)
C
2800 Wart Market St.
Akron, Ohio 44313
I No. 6309 SMALL RECTANGLE KEY FOB
The small rectangle fob has become extremely popular because it is ideally suited for reproduction of credit
cards, business cards, newspaper mastheads, etc. Most banks have added the 24 hour and Anytime machines
for which they issue cards, and the Savings and Loans will be competing with them soon.
I
Colors and inks refer to chart on page 3. Pay particular attention to note regarding white and
light color pieces. Multiple color imprint charges and minimums - refer to page 3 or back cover.
3ABCD
Imprint one side
6G
Second side
-
--
Quikey Products Have A Brilliant Imprint That Will Not Come Off.. .We Guarantee It!
CASH WHEN YOU NEED IT!
AKRON NATIONAL B
RECTANGLE KEY FOBS
24 HR. ANMIME BANK MACHINES
This illustration
is actual size
All $Bills pictured o n this
page are off-white with
$Bill green ink. This is the
best combination.
Green B Blue On Off-White
Brown On Cream
Three Color Imprint
Including Halftone
Blue On White
Red & Black On Off-White
No. 6303 RECTANGLE KEY FOB
Colors and inks refer to chart on page 3. Pay particular
attention to note regarding white and light color pieces. Multiple color imprint charges and minimums - refer to page 3
or back cover.
Please note paragraph on page 9 regarding checks, dollar bills, etc.
White On Blue
Minimum order 250. Prices include imprint up to 5 lines using standard type styles in straight line setup. Any
nationally used trademark, cut or emblem may be included at no extra charge. For cuts, art, etc., see back page.
Postage borders available on this item.
3ABCD
Imprint one side ea.
250
.46
500
.41
1000
.39
2500
.34
5900
.305
10,000
.275
6G
Second side imprint
.07
.06
.055
.05
.045
.045
(
Multiple color imprint charges and minimums
8
- refer to page 3 or back cover.
This shape lends itself perfectly to designs such as dollar bills,
sharedrafts, license plates, checks, etc. The art we show is available
at no charge. If the products are printed with two colors such as
black for the check design and blue copy, this is a two color imprint.
The design and copy can be printed in one color as also illustrated.
Please use our art for general check format, bank and customer
numbers, etc., as these are designed to fit this piece, and the lines
are heavy enough to be legible. If your customer wants his particular
check reproduced we must do art work and photography at a net
cost of $12.00 per design. To modify our check design to include
your customer's identity numbers, please supply a proof or check
with the numbers to photograph and reduce at a net cost of $5.00,
or we can typeset their numbers using only common type at
no charge.
Halftone charges vary depending o n complqxity of art. Maximum charge $25.00.
Two Color lmprint
Including Halftone
Four Color Imprint
One Color lmprint
lncluding Halftone
Three Color lmprinf
-
-
Quikey Products Have A Brilliant lmprint That Will Not Come Off. ..We Guarantee It!
U
No. 6307
CAN KEY FOB
No. 6307
GALLON CAN KEY FOB
Colors and inks refer to chart on page 3. Pay particular attention to note regarding white and light color
pieces. Multiple color imprint charges and minimums
Minimum order 250. Prices include imprint in standard type styles - straight line setup. Any nationally used
trademark, cut or emblem may be included at no extra charge.
-
3ABCD
250
500
Imprint one side
.46
.41
6G second side
.07
.06
Multiple color imprint charges and minimums
10
1000
.39
.055
2500
.34
.05
- refer to page 3 or back cover.
5000
.305
.045
10,000
.275
.045
-/
STATES AVAILABLE:
This illustration
California
Florida
Idaho
Illinois
Michigan
Ohio
Pennsylvania
Texas
Utah
No. 6000S3 STATE KEY FOB
Outlines Will Be Printed On All
States Unless Otherwise S~ecified
This
is ac
No. 6305 DRUM KEY FOB
Please note on Page 10, the paragraph regarding.art
work and the appearance of straight lines versus a
perspective photograph, also apply to this product.
3ABCD
250
lmprint one side .48
6G
Second side
.07
500
.43
1000 2500
.41
.355
5000
.32
10,000
.285
.06
,055
.045
.045
.05
minimums
-
3ABCD
250
lmprint one side .48
6G
Second side
.07
500
.43
1000 2500
.41
.355
5000
.32
10,000
.285
.06
.055
.045
.045
.05
Quikey Products Have A Brilliant lmprint That Will Not Come Off ...We Guarantee It!
illustration
:tual size
No. 6000R ROUND SHAPE and' No. 6317 SMALL ROUND SHAPE (
3ABCD
No. 6000R Imprint one side
No. 6317R imprint one side
6G
Second side imprint
250
.48
.46
500
.43
.41
1000
.41
.39
2500
.335
.34
5000
.32
.305
10,000
.285
.275
.07
.06
.055
.05
.045
.045
Colors and inks refer to chart on page 3.
Multiple color imprint charges and minimums - refer to page 3 or back cover.
SCHEDULES $.50 (E) per game. DO NOT INCLUDE GAME TIMES ON SCHEDULES.
Basketball, Baseball and Soccer art is available for your use. SPECIFY WITH AD COPY WHEN TO USE.
If this art is used on one side with or without copy and anything is printed on the reverse side, the price
must include a second side imprint charge. Small round schedule area is very limited.
Quikey Products Have A Brilliant lmprint That Will Not Come Off
...We Guarantee It!
ALL ITEMS IN THIS CATALOG ARE
STOCK
NO EXTRA DIE CUT OR
RUNNING CHARGES.
-
Colors and inks
refer to chart on
page 3. Pay particular attention to
to page 3 or back
This illustration
\
C U ~ T O MSHAPED KEY FOBS ARE AVAILABLE
'Minimum order 5,000 pcs. (may be split shipped).
*Multiple cavity die $350./$500. depending on size and shape.
'Approx. Price: 5M .33/.35(C) 10M .301.32 (D)
Above prices for 1 color imprint on one side.
*Actual quote and drawing on request.
NOTE: Before deciding on a custom shape, consider that most outlines of products, logos, etc.,
are meaningless to the general public. It's the
graphics that actually make the logo, not the
outline shape of it. Usually, one of our many
standard shapes with Quikey's fabulous graphics
and multi-color imprint will do more to attract
attention, and will be less expensive, than a
custom shaped key fob. We will be happy to
prepare a spec sample for your customer's
approval.
...We Guarantee It!
13
All illustrations
this page
are actual size
SMALL SQUARE
No. 6357 MOTORCYCLE KE
I
BOX/BATTERY
NO. 6349 CAR KEY FOB
No. 6325
STOP SIGN
KEY FOB
I No. 6353 TRUCK KEY FOB (SEMI) I
No.
6347
KEY
KEY FOB
I
No. 6379 MUFFLER
I
I
...We Guarantee It!
b
All items in this catalog are stock-no die charges. Prices below are for all items on pages
14 & 15. Colors available vary for each item. Please refer to page 3 for colors and inks.
I
3ABCD
Imprint one side
250
.46
500
.41
1000
.38
2500
.34
5000
.305
10,000
,275
6G
Second side
.07
.06
.055
.05
.045
.045
Refer to page 3 or back page for multiple color imprint charges and minimums.
I
15
A 11 illustrations
this page
are actual size
Ill
This should be
charged as a 2 color
imprint, plus charge
for second side
ad copy.
any state in its proper
location.
!J
No. 6321
HEART
KEY FOB
No. 6375
SHAMROCK
KEY FOB
The following slogans are available in str, bottom
curve, and if followed by an asterick.
You'll Love Saving At*
You'll Love Our Service*
We Love Our Customers
Our Heartfelt Thanks
You're The Heart Of Our Business*
Kiss Heartaches Goodbye
Let Us Play Cupid
The Bank With A Heart*
Love That Chevrolet, Ford, Spirit, etc.
You'll Never Have Heartaches At*
Be Our Valentine
Other Curved Lines $3.00 net.
16
No. 6337
APPLE
FOB
All illustrations
this page
are actual size
LLOON KEY FOB
The sample illustrated at the
left is available with no art
changes. Curved copy is
$3.00 net per line. This is a
two color imprint. Charge
for two colors. This includes
the pink and gray
halftones.Color can be
changed, i.e., blue in place
of the black, or blue and
green. Area for customer ad
copy can be increased to
twice its size to accommodate additional copy.
Back side of course also
available for ad copy. Refer
to page 3 or back cover
for multiple color imprint
charges and minimums.
request. Refer to page 3 for multiple color
imprint charges and minimums.
All items in this catalog are stock-no die charges. Prices below are for all items on pages 16 and 17. Colors
available vary for each item. Please refer to page 3 for colors and inks.
3ABCD
Imprint one side
250
.48
500
.43
1000
.41
2500
.355
5000
.32
10,000
.285
6G
Second side
.07
.06
.055
.05
.045
.045
Refer to page 3 or back page for multiple color imprint charges and minimums.
II
No. 6339
MORTAR & PESTLE
KEY FOB
I
I
No. 6329
SQUARE KEY FOB
I
17
- QUIK-VW MIRROR The most perfect and useful gift for all women. Most
purse manufacturers no longer supply mirrors, so this
item is a necessity and you will be remembered
several times a day for your thoughtfulness.
Thin - seamless - soft vinyl case protects this high
quality safety edge mirror while it protects the purse.
Translucent colors allow light to reflect through the
case adding brilliance and beauty, emphasizing the
permanent ad copy.
For a more personal touch to your message, use one
of these slogans above your ad copy and logo: Look
inside and see a friend of ours ...Reflecting our
appreciation.. .Inside this case is a friendly face.. .Look
inside and see a favorite customer of ours ...Look to
f o r all your financial needs...Look to
for service.. .
This illus:tration
is actual size
NO. 7000 QUIK-VU MIRROR
With Guaranteed Lifetime lmprint
Colors: Translucent red, blue, green, plum, yellow, orange and
opaque cream. (Choice or assortment up to 4 colors)
WHITE INK standard on all except yellow and cream. BROWN
or BLACK standard on yellow, cream and orange. $5.00 net extra
charge to change ink during production, i.e. half printed with
black ink and half printed with white ink.
Minimum order 250. Prices include up to 6 lines (plus slogan)
or logo using standard type styles in straight line setup. Any
nationally used trademark, cut or emblem may be included at
no extra charge. For extra lines, cuts, art, etc., see back page.
3ABCD
Imprint 1 side ea.
250
.55
500
.51
1000
.49
2500
.44
5000
.40
10,000
.35
6G
Second side
.07
.06
.055
.05
.045
.045
%LON AND BOUTlOUE
125 N. Nat~onal ~ h 548
. 2838
Howell, M~chrgan
Multiple color imprint charges and minimums - refer to
page 3 or back cover.
Stock Slogans Available lnside Heart
In Swash Lettering
I Think You're Beautiful
We Think You're Beautiful
Nurses Are Beautiful
Look Inside And See A Favorite Customer Of Ours
Thank You For Banking With Us
We Love Our Customers
We Love You
You're Looking Great
Service Is The Heart Of Our Business
Hi New Mother You're Looking Great
Happy Mother's Day Mom
<
Custom messages ir,
Hearts using Flaire
Typeasabove,
$8.00 net.
,
Standard messages
in Hearts
I
...We Guarantee It!
19
This j1'i~str?tior,
USED daily by millions
Soft, rubber-like plastic
Saves pockets
Handy - practical
The perfect pocket advertising
your ad in Guaranteed
Lifetime Imprint seen several times a day by each user.
0
-
I
No. 2000 STANDARD OVAL
br
I
L
20
With Guaranteed Lifetime Imprint
Colors: Red, Green, Blue, Black, Orange, Tan, Yellow, Gold*,
Sapphire*
White imprint standard on all colors. Black or white on yellow,
orange and gold. $5.00 net extra charge to change ink during
production, i.e., half printed with black ink and half printed with
white ink. Use up to 4 colors in any desired assortment.
Standard assortment - Red, Blue, ~ i e e n Black.
,
Minimum order 250. Prices include UD to 5 lines usina standard
type styles in straight line setup. Any ;lationally used cademark,
cut or emblem may be included at no extra charge. For extra
lines, curved lines, special cuts, buildings, special color imprint,
key chains, etc., see back page. (Note: This product is silk
screened - metal cuts are not used - only prints are necessary
- see back page.)
250 500 1000 2500 5000 10,000
Imprint
Plain side only ea. (3ABCD) .48 .43 .41
.36 .32 .29
Split side only ea. (3ABCD) .49 .44 .42
.37 .33
.30
*If metallic colors are used add 1@ each (A). Use white ink
white ink). Do n h assort gold with
...We Guarantee It!
I
I
I
I
No.
FOOTBALL QUIKOIN"
Colors: All #2000 standard oval colors available.
White imprint standard on all colors. Black or white on
yellow, orange and gold. Minimum order 250. Prices include football design on split side and 5 lines of copy
on the plain side (or schedule at extra charge). If game
schedule is used, disregard extra line charges and add
$5.50 (E) net per schedule which includes customer's
firm name, address, etc. as well as game schedule. DO
NOT INCLUDE GAME TIMES IN SCHEDULE. Other
ink colors are available at an extra charge of $5.00 per
order. See GENERAL INFORMATION on back page.
3ABCD
Each
250
.56
500
.50
1000
.48
2500
.42
5000
.375
10,000
.34
Advertising copy on the split side with Football Stitches
is available as shown above.
If curved lines are used add $3.00 net per curve and
price like #2000 on Page 20.
Stock Slogans Available:
Kiss Your ( * ) Problems Goodbye
* Carpet Cleaning
* Auto Parts
* Office Equipment
* Air Conditioning
Auto Repair
* Printing
* Insurance
' Trucking
+ Car Rental
* Copying
* Moving
Banking
Roofing
* Brake
Muffler
Appliance
' Heating
* Tire
Automobile
* Lawn Care
* Television
* Complexion
* Hardware
Electric
Plumbing
No. 2000K KISS QUlKOlN
Colors: All #2000 standard oval colors available. Pink
or white Kiss & Slogan - standard white ink for
ad on plain side.
3ABCD
Each
250
.56
500
.50
1000
.48
2500
.42
5000
.375
10,000
.34
If additional ad copy is desired below the Kiss add $3.00
net per curved line and price like #2000 on Page 20.
21
UIKOIN
I
No. 2000R ROUND
No. 2000R3
BOWLING BALL
Colors: Tan, Red, Black with White
lmprint
NOTE: Split side printing is difficult on this product when lines of copy run
parallel with the split. While every effort is made to run the splits and
the lines parallel, it is practically impossible to do so. Therefore, the
customer must understand that the copy may appear to be crooked
on the piece.
Minimum order 250. Prices include up to 5 lines, using standard type styles
in straight line setup. For curved lines, cuts, etc., see back page.
TMS ii~ustration
is actual size
Imprinted
Plain side ea. ( ~ A B C D )
Split side ea. ( ~ A B C D )
For imprinting on both
sides add to split side
imprint ea. (6G)
250
.50
.52
a
Bowling Ball orders
can include any of
the four illustrated
cuts at no extra charge.
@-
.07
500
.45
.47
1000 2500
.43
.38
-45
.40
5000
.34
.36
10,000
.31
.32
.06
.055
.045
.045
.05
@-
No. 2000R1 BASKETBALL
No. 2000R2 BASEBALL AND
No. 2000R4 SOCCER BALL
Colors: Tan, Red, Black with White lmprint
Minimum order 250. Prices include 5 lines of c o ~ v
on plain side and Basketball, Baseball or socc&
design on the split side. Note: If game schedule
is used add 50C (E) per game. (Maximum - 23
games). This allows small space for team name
at top and customer's copy at bottom (5 lines total).
See back page for cuts, curved lines, etc.
3ABCD
250
500
1000
2500
5000
10,000
Ea.
.59
.53
.50
.45
.405
.365
SQUEEZE!
- OUT POP KEYS
With Guaranteed
Lifetime lmprint
Colors: All #2000 standard oval colors available with
white imprint.
Minimum 250. Prices include write-on panels as shown.
Two side imprint pricing includes ad copy on split side,
write-on panels, etc. on plain side. Frequently used
"lines" are - "We'd like to be your banker ...Someday",
"My folks are happy savers at.. .
-
I
3ABCD
Imprint:
Plain side ea.
Both sides ea.
250
500
1000
2500
5000
10,000
.48
.56
.43
.50
.41
.48
.36
.42
.32
.375
.29
.34
No. 2000M YACK QUIKOIN"
With Guaranteed Lifetime Imprint
Colors: Usually red, (any #2000 Oval color available)
with white imprint.
Minimum 250. Prices include teeth design on split side,
advertising copy on plain side up to 5 lines of straight
type setup. For curved lines, cuts, etc., see back page.
Frequently used "lines" are - "Everybody's talking
about", "Just wanted to tell you", "Everybody says",
"Come in and Yack with us about''.
3ABCD
Each
\
1
250
.56
500
.50
1000 2500
.48
.42
5000
.375
10,000
.34
Advertising copy is available on the split side above and
below the teeth. The lips must be removed and curved
lines used. Add $3.00 net for each curved line and price
as #2000 on page 20.
1
1
I
1
Standard Colors: Red, Green, Blue, Black, Orange, Yellow
Use up to 4 colors in any desired assortment. Standard
assortment - Red, Blue, Green, Black. White imprint
standard on all colors. Black or white on yellow and
orange. $5.00 net extra charge to change ink during
production, i.e., half printed with black ink and half
printed with white ink.
Minimum order 250. Prices include white imprint up to
5 lines using standard type styles in straight line setup.
Any nationally used trademark, cut or emblem may be
included at no extra charge.
3ABCD
Imprint:
1 side ea.
(3ABCD)
2nd side ea.
(6G)
250
500
1000
.54
.49
.07
.06
2500
5000
10,000
.47
.42
.38
.34
.055
.05
.045
.045
...We Guarantee It!
23
I
GENERAL INFORMATION
IMPRINTING
PROOFS Paper proofs $2.00 net
Product proofs - $5.00 net for 1 color
Multicolor proofs - $4.00 net per color,
Max. $20.00
PROOF REVISIONS If original instructions were followed,$4.00 net per color
plate to be changed plus cost of additional photography, art and proof if required.
CURVED LINES Quikoins - $3.00 net
extra per curved line. KO00 Sof-Touch
Fobs - curved lines not available except
in reverse borders. See Page 5. #6000R &
#I6317 Small Round Fobs - $3.00 per
curve. NOTE: Tab at the top of the fob interferes with top curve.
HALFTONE REPRODUCTIOhIS If your
-1rt work has a h i l f t o v e 3 r a - c r <
!int to
be reproduced, we must redo ~t s2parateiy
and strip it in, which could cost from $8 to
$20 net, depending on complexity. Quotations will be given before proceeding.
MULTIPLE COLOR IMPRINT Registration permits some two color imprints on
Quikoins and Mirrors. Write for approval.
Note: Cut costs for multiple imprints $6.00
(G) per color. Minibum"for two coloc im;
print 500 pcs. Minimum for 3 or more cot*
ors 1000 pcs. Each split shipment must be
in at least minimum quantities.
4G
500
.09
5000
1000 2500 & Up
.06 ,055 .05
.07 .065 .06
2nd Color Each
3rd or more colors NA
3 or more colors on Fobs only.
EXTRA LINES OF COPY
%
!$
Net Per Extra Line.
SPORT SCHEDULES If sport schedule is
used disregard extra line charges and
add $5.50 (E) per football schedule; $50
(E) per game for other schedules. These include headings and ad copy below the
schedule. DO NOT INCLUDE GAME
TIMES IN SCHEDULE.
USE OF CUTS AND LINE DRAWINGS
This product is printed by silk screen.
Metal cuts are not used. The only art
necessary is a clear proof, letterhead, or
calling card (all line art). Do not send
reproductions from office copy machines.
If the material you send can be photographed, and is the correct size, there is
no charge. A one color use of cut charge
$7.00 (G), is to cover photography to
reduce, enlarge, and touch up your customer's logo or design to the correct size.
For multiple color separations $6.00 (G)
per color. Nationally used one color logo
- n o charge. Multiple color national
logos $6.00 (G) per color. Cuts and logos
are constantly being changed. A rough
pencll sketch on or accompanying the
order will insure the use of the correct cut
or logo.
SPECIAL ART WORK If design supplied
by customer requires art work to complete, same is available at cost. Halftone
pictures must be converted to line drawings for our use. Charges for special line
drawings usually run between $13 and $26
depending upon detail involved. Cars,
trucks, pictures of buildings, etc., come
under this heading. Quotations on request. Designs or special lettering to be
reproduced from letterheads, envelopes,
calling cards or printed merchandise normally require only use of cut charges as in
preceding paragraph.
SPECIAL INK COLORS Ink colors for
Key Fobs are listed on Page 3. For other
products,ink colors are listed in the product section. If ink colors are not listed,
add $5.00 net for common colors. Add
$10.00 net for PMS or special match.
INK CHANGE $5.00 net charge t o
change ink on an order, i.e., half printed
with black ink and half printed with white
ink.
COPY CORRECTION OR CANCELLATION No charge if received before work
is begun; if received after type is set, a net
charge of $2.00; if received after production has been scheduled, a blocking
charge of $4.00.
CHANGE OF COPY $7.00 (G) per
change. Applies to multiple copy orders
- Minimum 150 pcs. per copy.
MISCELLANEOUS
REPEAT ORDERS We maintain extensive records of past orders which can be
located by our past invoice or production
number, distributor's name and order
number, or customer's zip code. Send as
much information as possible, preferences are in the order listed above. Include year guesstimate and a sample of
last order if available.
RUSH ORDERS All orders requiring
shipment in LESS THAN 10 WORKING
DAYS after receipt, add $10.00 net. We will
advise if request is not possible.
SPECIAL COLOR PIECES Available in
quantities of not less than 10,000 pieces..
Call regarding availability and charge if
any. Overruns may be as high as 10%.
CUSTOM SHAPE KEY FOBS See page
"' 'or details.
KEY CHAINS ATTACHED
Nickel Plated.
Heavy Duty
Available on All Coin Holders.
ADD 100 EA. (A)
-
OVERRUNS & UNDERRUNS We reserve
the right t o ship and bill up t o 5 % over and
under. 1 color, 1 side imprint very little
overrun. 2 side and multiple color imprints
necessitate starting with additional
pieces. Quantities will be produced as
close as possible to request. Exact quantity add $5.00.
LESS THAN MINIMUM MINIMUM ORDER 250 - Add $15.00 (A) for one side irnprint - $20.00 (A) for two side imprint for
orders less than 250. ABSOLUTE
MINIMUMS: 1 color 150; 2 color 500; 3 or
more colors 1000 PER ORDER OR PER
EACH CHANGE OF COPY.
MULTIPLE PRODUCT ORDERS Use
overall quantity product price plus setup
of $7.00 (G) for each extra item. You $ave.
Minimum quantities must be ordered on
each item, e.g. 2 color imprinted items
must be 500 each item.
SHIPPING
DROP SHIPMENTS If order calls for
shipment to more than one address, add
$1.50 for each additional shipment.
C.O.D. SHIPMENTS Add $3.00 per shipment for clerical handling.
SPLIT SHIPPING DATES If order calls
for more than one shipping date, add
$5.00 for each additional date. Each split
shipment must be in at least minimum
quantities, e.g. 1 color 250, 2 color 500, 3
or more colors 1000. Entire order must be
completed in 6 months.
SHIPPING TIME Generally 4 weeks.
PRICES ARE F.O.B. AKRON, OHIO
I n id. Cartons
Quikoins
Key-Sacs
Mlrrors
Sof-Touch Key Fobs
15
28
16
30
25
8.10 15-19
-
OUR GUARANTEE
LIFETIME EMBOSSED ENAMEL IMPRINT
The only everlasting imprint ever achieved on soft plastic, beautifully embossed by our exclusive
process. Reproduces cuts and fine lines in clear, sharp detail. Your imprint stands out and stands up.
I
pyright 1984 W.B. Stiller
GUARANTEED TO LAST AS LONG AS THE PIECE ITSELF.
I
Litho in U.S.A.
-
-
QUTKEY MANITFACTURING COMP 4 X r , TNC .
INDEX
ACCOUNTANTS' REVIEW REPORT
EXHIBITS
Statements of Financial Position
Statements of Operations
Statement of Shareholders' Equity
Statements of Changes in Financial Position
EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
"A"
"B"
"C"
"D"
NOTES TO FINANCIAL STATEMENTS
SCHEDULES
Property, Plant & Equipment
Mortgage & Note Payable
Accrued Expenses
Accrued Taxes
Sales
Factory Overhead
Selling Expenses
Administrative Expenses
Other Incomtx & Expenses
Five Year Statements of Operations
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCI-IEDULE
Quikey Manufacturing Company, Inc.
Akron, Ohio 44310
We have reviewed the accompanying statements of financial position of
Quikey Manufacturing Company, Inc. as of December 31, 1982 and 1981, and
the related statements of operations, shareholders' equity, and changes in
financial position for the years then ended, and the supplemental
schedules, in accordance with standards established by the American
Institute of Certified Public Accountants. All information included in
these financial statements is the representation of the management of
-
A review consists principally of inquiries of company personnel and
analytical procedures applied to financial data. It is substantially less
in scope than an examination in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion regarding
the financial statements taken as a whole. Accordingly, we do not express
such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements in order for them
to be in conformity with generally accepted accounting principles.
March 2 8 , i Y 3 3
-
-
.
-
-
-- - -- .--
QUIKEV MANUFACTURING COMPANY, INC.
STATEMENTS OF FINANCIAL POSITION
EXHIBIT " A "
ASSETS
DECEMBER 31,
1982
1981
CURRENT ASSETS
Cash
Accounts Receivable
Advances t o Employees
Inventories
Prepaid Expenses
TOTAL CURRENT ASSETS
PROPERTY, PLANT & EQUIPMENT
-
SCHEDULE 1
TOTAL ASSETS
LIABILITIES & SHAREHOLDERS~QUITY
CURRENT L I A B I L I T I E S
M o r t g a g e & N o t e P a y a b l e - SCHEDULE 2
Accounts Payable
Customer D e p o s i t s
A c c r u e d E x p e n s e s - SCHEDULE 3
A c c r u e d T a x e s - SCHEDULE 4
Dividends Payable
TOTAL CURRENT L I A B I L I T I E S
LONG-TERM L I A B I L I T I E S
-
605,983
SCHEDULE 2
TOTAL LTABILITIES
SHAREHOLDERS' EQUITY
605,983
-
EXHIBIT "C"
T h e Rcc:ornpanylng N o t e s Arc A n I n t e g r a l P a r t O f T h e s e S f , 3 t e m e r > t s
Ser Accountants' Review R e p o r t
QU L i l l Y t~1IZNUFACTUKiNG COMI'ANY, L N C .
EXII I K I'T
STA'i'F:>lfllL"T:.; 01: Ol'fSlii\f IONS
FOR THE YEAKS ENDED
DECEMBER 3 1 ,
1982
1981
% TO
AMOUNT
NET SALES
-
SCHEDULE 5
$5,426,291
COST OF GOODS SOLD
B e g i n n i n g Xa t e r i a l I r ~ v e r ~ t o r y
Purchases
Freight-In
Less:
Ending M a t e r i a l
Inventory
NET SALES
100.0%
AMOUNT
% TO
NET SALES
$5,288,691
100.0%
69,546
870,654
16,579
1.3
16.0
.3
89,725
937,205
15,821
1.7
17.7
.3
956,779
17.6
1,042,751
19.7
-
61,065
1.1
69,546
-
1.3
--
29,710
-.. 6
Material C o s t
D i r e c t Labor
F a c t o r y O v e r h e a d - SCHEDULE 6
B e g i n n i n g Work i n P r o c e s s
Inventory
Less:
E n d i n g Work i n
Process Inventory
COST OF GOODS XANUFACTURED
B e g i n n i n g F i n i s h e d Goods
Inventory
Less:
Ending Finished
Goods I n v e n t o r y
TOTAL COST OF GOODS SOLD
GROSS PROFIT
SELLING & ADMINISTRATIVE EXPENSES
S e l l i n g E x p e n s e s - SCHEDULE 7
Administrative Expenses SCHEDULE 8
TOTAL SELLING &
ADMINISTRATIVE EXPENSES
OPERATING PROFIT
NET OTHER LXCOPIE - SCHE1)UL.E 9
NET INCOME
-
EXWIi3I'rS T C "& " D '
EARNINGS PER SHARE
$1,105,334
--
- 20.4%
A
$
-.
4-- 5 , 7 1 5
-9
--
64:{,649
12.3%
--- - --- -
$ 1,700.51
The A c c ~ r n p ~ i n y i n N
g o t e s Arc An I n t e g r a l P a r t Of T h e s e S t a t ~ ? m e n t s
See A c c o u n t a n t s ' R e v i e w R e p o r t
"
U
"
- .l)l:T'<EY
' l A N l ~ F l ~ 7 ' l ' ~ ! K r \ J C COklI'iZNY,
INC.
EXHIHIT "C"
FOR THE YEARS ENDED
DECEMBER 31, 1981 AND 1982
COMMON STOCK
TOTAL
SHARES
RETAINED
SHAREHOLDERS'
ISSUED
AMOUNT
EARNINGS
EQUITY
BALANCE - JANUARY 1 , 1 9 5 1
6 50
$
130,000
$
894,840
$1,024,840
ADD :
NET INCOME - EXHISIT " 8 "
DEDIlCT :
Distributions to Sharel~olders
BALANCE - DECEMBER 3 1 ,
E X H I B I T "A"
-
ADD :
NE'I' lN(:O!lE
-
EXlIl Y IT
L981 -
'B''
DEDUCT :
D i s t r i b u t i o n s to Shareholders
BALANCE - DECEMBER 31, 1982 E X H I B I T "A"
C o m m o n s t o c k i s w l t h o u t p a r v a l u e and 1 , 0 0 0 shares h a v e b e e n a u t h o r i z e d
T'nt. ; \ c c o i n p < i ~ l y i n gN o t e s Are Arr i n t e g r d l P a r t Of These S t a t e m e n t s
See A c c o u n t a n t s ' R e v i e w R e p o r t
-
-
Oi' I < I Y '.ltlNUFL\(;TURING
COMI'ANY,
INC.
EXHIBIT " D "
STA'TE?IENTS OF CHANGES I N FINANCIAL POSITION
SOURCES & APPLICATIONS OF WORKING CAPITAL
FOR THE YEARS ENDED
DECEMBER 3 1 ,
1982
1981
SOURCES OF WORKING CAPITAL
NET INCOME - EXHIBIT " B "
Add:
I t e m Not R e q u i r i n g a n O u t l a y o f
Working C a p i t a l :
Depreciation
Less:
I t e m Not Kesrll t i n g i n W o r k i n g
Capital :
G a i n o n D i s p o s a l o f Assets
TOTAL PROVIDED FROM OPERATIONS
P r o c e e d s f r o m D i s p o s a l of A s s e t s
TOTAL SOURCES OF WORKING CAPITAL
APPLICATIONS OF WORKING CAPITAL
Distributions t o Shareholders
P u r c h a s e o f P r o p e r t y , P l a n t & Equipment
R e d u c t i o n of Long-Term D e b t
TOTAL APPLICATIONS OF WORKING CAPITAL
INCREASE (DECREASE) I N WORKING CAPITAL
The A c c o m p a n y i n g N o t e s Are An I n t e g r a l P a r t Of T h e s e S t a t e m e n t s
S e e A c c o u n t a n t s ' Revfew R e p o r t
QUIKEY MANUFACTURING COMPANY, INC.
STATEMENTS OF CHANGES I N FINANCIAL POSITION
ANALYSIS OF WORKING CAPITAL
DECEMBER 3 1 ,
1981
INCREASE (DECREASE)
1980
CURRENT ASSETS
Cash
Accounts R e c e i v a b l e
Inventcries
Prepaid Expenses
r(7TAL CURRENT ASSETS
CCRKENT LIABILITIES
9 n r t g a g e & Note P a y a b l e
Accounts Payable
Accrued Expenses
4ccrued Taxes
Dividends Payable
WORKING CAPITAL
INCKEASE ('DECREASE)
C U R R E N T RATIO
T h e A c c o m p a n y i n g N o t e s A r e An I n t e g r a l P a r t O f T h e s e S t a t e m e n t s
See Accountants' Review Report
1982
198 1
DECEMBER 31, 1982
NOTE 1:
SLMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the Company's significant accounting policies,
consistently applied in the preparation of the accompanying financial
statements follows:
a.
Manufacturing Inventory
The Company values its raw materials inventory at the lower of
cost or market and work in process and finished goods inventories
at standards which fairly represent cost. Cost is determined on
the first-in, first-out basis. A summary of inventories by major
classification is as follows:
DECEMBER 31,
1982
1981
Raw Materials
Work in Process
Finished Goods
Manufacturing Supplies
TOTAL
b.
Property, plant, and equipment consists of the following:
DECEMBER 31,
1982
1981
COST
Land
Building
Building Improvements
Machinery h Equipment
Molds
Dipping Forms & Racks
Wood Blocks
Furniture h Fixtures
Delivery Equipment
Less:
Accumulated Deprec Lat.ion
S e e Accountants
683,645
---
' Xeview Report
--
612,484
3O'l'l:S
NOTE 1:
:'O I:ZNr\!.JC I IZI. S T,\'TE.hlE:NTS
bE(:F"f!t:!<
3 1 , 1952
(Corlt i n u e d )
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ( C o n t . )
P r o p e r t y , P l a n t & E q u i p m e n t ( c o n t .)
D e p r e c i a t i o n h a s been p r o v i d e d u s i n g t h e s t r a i g h t - l i n e and
a c c e l e r a t e d m e t h o d s o f a c c o u n t i n g i n o r d e r t o r e l a t e t h e c o s t of
depreciable a s s e t s t o operations over t h e i r estimated s e r v i c e
l i v e s . D e p r e c i a t i o n f o r t h e y e a r s e n d e d December 3 1 , 1 9 8 2 a n d
1981, t o t a l l e d $78,244 and $75,933, r e s p e c t i v e l y .
c.
Bad Debt P r o c e d u r e
Bad d e b t s , I r e a c c o u n t e d f o r on t h e s p e c i f i c w r i t e - o f f m e t h o d .
T h e r e f o r e , bad d e b t s a r e c h a r g e d a g a i n s t o p e r a t i o n s when t h e y a r e
d e t e r m i n e d t o be u n c o 1 l e c t i b l e .
NOTE 2 :
PROY KSIONS OF LONG-TERY
BORROIJI NG ACREEMBNTS
The Company i s L i a b l e qn a m o r t g a g e l o a n from F i r s t N a t i o n a l Bank f o r
$ 4 , 3 7 7 a t December 31, 1 9 8 2 . M o n t h l y p a y m e n t s o f $600 i n c l u d i n g
i n t e r e s t a t 7 . 7 5 % a r e r e q u i r e d . T h i s l o a n m.atur?s i n 1 9 8 3 a n d I s
s e c u r e d 5 y t h e p r e m i s c ~ s on lforne A v p n ~ t e i n Akron, O h i o .
The Company i s a l s o l i a b l e t o F i r s t N a t i o n a l Bank f o r a n u n s e c u r e d
f i v e - y e a r t e r n l o a n w i t h a n a n n u a l i n t e r e s t r a t e a t 9 % . The b a l a n c e
a t December 3 1 , 1 9 8 2 , i s $ 6 , 4 8 2 . M o n t h l y p a y m e n t s of $ 7 2 7 i n c l u d i n g
i n t e r e s t a r e r e q u i r e d , and t h e l o a n m a t u r e s i n 1 9 8 3 .
NOTE 3 :
EARNINGS PER SHARE
N e t income p e r s h a r e i s b a s e d on t h e w e i g h t e d a v e r a g e number o f s h a r e s
of common s t o c k o u t s t a n d i n g d u r i n g e a c h y e a r .
NOTE 4:
SUBCHAPTER S ELECTION
By u n a n i m o u s c o n s e n t , t h e s h a r e h o l d e r s o f t h e Company h a v e e l e c t e d
tax-optlion c o r p o r a t i o n t r e a t m e n t f o r t h e c u r r e n t y e a r and a l l
r e q u j r e m e n t s u n d e r t h e I n t e r n a l Revenue Code f o r t h i s t r e a t m e n t h a v e
been f u l f i l l e d .
A c c o r d i n g l y , t h e Company i s n o t r e q u i r e d t o pay
f e d e r a l income t a x e s on t h e c u r r e n t y e a r "
profits.
Instead,
a p p l i c a b l e t a x * s w i l l be p a i d by t h e s h a r e h o l d e r s a s i n d i v i d u a l s , e v e n
t h o u g h t h e y may n o t have b e e n d i s t r i b u t ~ d .
NOTE 5 :
RECLASS I F I C A T T O N
C e r t a i n r e c l a c s i f i c a t i o n s h a v e been a a d e I n t h e 1981
q t a t e m e ~ l t . ; t r , -c>l~Forrnt o I ~ I P1 9 8 2 , , t - r c e n t . ~ i - i o n s .
S e e A c c o u n t a n t s ' Review R e p o r t
fins-)cia1
-
--
(>lJIYk:\i '111NI:i. ,2('l'llK I U(: ('OMI'AXY,
PROPERTY, PLANT
&
LNC.
EQUIPMENT
DECEMBER 31,
DECEMBER 31,
1981
.-
ADDITIONS
DISPOSALS
COST
Land
Building
Machinery & Equipment
No ld s
Wood Blocks
Furniture & Fixtures
Delivery Equipment
TOTAL COST
ACCUMULATED DEPRECIATION
Building
Molds
Wood Blocks
Delivery Equipment
TOTAL ACCUMULATED
DEPRECIATION
TOTAL PROPERTY, PLANT &
EQUIPMENT - EXHIBIT "A"
The Acc:ompanying
N o t e s Are An I n t e a r a l Part Of These Statements
See Accountants' K c v i r w Report
1982
QUTKEY MANUFACTURING COMPANY,
INC.
MORTGAGE & NOTE PAYABLE
DECEMBER 31.
...-
CURRENT
PORTION
1982
LONG-TERM
PORTION
--
--
TOTAL -
MORTGAGE PAYABLE
First N a t i o n a l Bank
1981
CURRENT
PORTION
LONG-TERM
PORTION
TOTAL -
NOTE PAYABLE
F i r s t N a t i o n a l Bank
TOTAL 9ORTGAGE & NOTE
PAYABLE - E X H I B I T "AA"
$
10,859
5
-
,C
10,859
-
$
14,350
$
T h e A c c o m p a n y i n g N o t e s A r e An I n t e g r a l P a r t OF T h e s e S t a t e m e n t s
10,677
$
25,027
ACCKLIEU EXPENSES
SCHEDULE 3
DECEMBER 31,
1982
1981
Commissions
Interest
O f f i c e r s ' Bonuses
Off ice Bonuses
TOTAL ACCRUED EXPENSES
-
EXHIBIT "A"
SCHEDULE 4
ACCRUED TAXES
DECEMBER 31,
1982
1981
P a y r o l l Taxes Withheld & Accrued
Personal Property
Franchise
Real E s t a t e
TOTAL ACCRUED TAXES
-
EXHIBIT "A"
N o t e s Are An Integral I ' a ~ c d f r h e s e S t a t e m e n t s
See A c c o u n t a n t s ' Keview 2 e p o r t
Thix A r c o r n ~ , i r l y i n g
-----
--
Q U I K E Y IHANUFACTURIXC: COMPANY, I N C
.
FOR T H E YEAKS E N D E D
-
.-
DECEMBER 3 1 ,
- .--- -
--
1981
1982
% TO
NET SALES
AMOUNT
% TO
NET SALES
AMOUNT
Quikoins
Q u i k e y Key-Sacs
octopus
Quik-Vu W a l l e t s
Key Fobs
Nirrors
Samples
Other
Less:
Sales Discount
NET SALES
-
EXHIBIT " B "
FACTORY OVERHEAD
SCHEDULE 6
FOR THE YEARS ENDED
------- - - -1982
-
DECEMBER 3 1 ,
--
% TO
NET SALES
---AMOUNT
-
1981
---
AMOUNT
% TO
NET SALES
$ 982,489
-
-1 8 . 6 %
---
Production Preparation
Factory Supervision
FICA
Unemployment Tax
I n d u s t r i a l Insurance
Employee H o s p i t a l i z a t i o n
Utilities
Insurance
P e r s o n a l P r o p e r t y Tax
R e a l E s t a t e Tax
Laundry & Cleaning
R e p a i r s & Maintenance
Depreciation
Contract Services
P r i n t & Photo S u p p l i e s
Packaging Supplies
S h i p p i n g Suppl i e s
F r e i g h t Out 6 Allowance
TOTAL FACTORY O V E K t I E A D - E X H J B 1 r " B "
$ 1 , 0 8 5 ,LO3
-- - - .
.
20.0%
-
The Acconiparlving Notes Are An I n t e g r a l P a r t O f rhescb S t a t c ~ n e r l t - s
See Accountants ' Review Report
Q l J I YKY 'l.4':IJI:,iCTITK
I ?I(; CO>ll'ANY,
IN(:
.
S E L L I N G EXPENSES
SCHEDULE 7
FOR THE YEARS ENDED
DECEMBER 31,
1982
AMOUNT
% TO
NET SALES
1981
AMOUNT
Sales Salaries
FICA
Unemployment Tax
S a l e s Commissions
Sales Supplies
Advertising
Automobile
Sales Travel
Entertainment
J o b b e r s ' Bonuses
TOTAL SELLING EXPENSES -
EXHIBIT "B"
The Accornpdrlying N o t e s Are An I n t e g r a l P a r t O f T h e s e S t a t e r n e n t s
% TO
NET SALES
-- ---
?lil:<i*:\c' 'l,i!;li~~'.i!'
['"I;
~
-
TV(;
-
~
p
~
--
"
P
-
::i)?li'.\NY,
.---
4
-
IN(;.
A D M I N I S T R A T I V E EXPENSES
FOR THE YEARS ENDED
DECEMBER 3 1 ,
-
- AMOUNT
1982
% TO
NET SALES
1981
AMOUNT
Officers' Salaries
Off i c e S a l a r i e s
FICA
Unemployment Tax
I n d u s t r i a l Insurance
Office Supplies
Dues & S u b s c r i p t i o n s
Employee H o s p i t a l i z a t i o n
Employee W e l f a r e
Depreciation
S a l e s Tax
Telephone
Legal & C o l l e c t i o n
Accounting
Donat i o n s
Equipment M a i n t e n a n c e
F r a n c h i s e Tax
R e t i r e m e n t Payment
Rent
Bad D e b t s
Akron C i t y Income Tax
TOTAL ADMINISTRATIVE EXPENSES
EXHIBIT "B"
-
T h e Acrompanying Notes Are An l i l t e g r a l P a r t Of These S t a t e m e n t s
% TO
NET SALES
-
1211 T KF'Y Nt\ULJI'AC 1'UR I N : (:OFII'ANY,
INC
----
-- --
---- ----
.
OTHER I N C O N E h EXPENSES
SCHEDULE 9
FOR THE YEARS ENDED
DECEMBER 31,
1981
1982
AMOUNT
NET S A L E S
AMOUNT
OTHER INCOME
Interest
Bad Debts Recovered
Gain on S a l e of A s s e t s
I n s u r a n c e Claims
TOTAL OTHER INCOME
OTHER E X P E N S E S
Interest
Miscellaneous
TOTAL OTHER E X P E N S E S
NET OTHER INCOME
-
E X H I B I T "B"
The Accompanying Notes Are An I n t e g r a l P a r t Of T h e s e S t a t e m e n t s
S e e A c c o u n t a n t s ' Revlew R e p o r t
NET S A L E S
QUIKEY MANUFAC*
LNG COMPANY, INC.
FIVE YEAR STATEMENTS OF OPERATIONS
% TO
1982
NET SALES
FOR THE YEARS ENDED DECEMBER 31,
% TO
NET S U E S
1980
NET SALES
1979
% TO
1981
1 TO
NET SALES
SALES
COST OF GOODS SOLD
Beginning Material Inventory
?urchases
Freight-In
Lesa:
Ending Marerial Inventory
Material Cost
Direct Labor
Factory Overhead
Beginning Work in Process
Inventory
Less:
Ending Work in Process
Inventory
COST OF GOODS MANUFACTURZD
Beginning Finished
Goods Inventory
Less:
Ending Finished
Goods Inventol-~
COST OF GOODS SOLD
GROSS PROFIT
SELLING 8 ADMINISTRATIVE EXPENSES
Selling
Adminietrative
TOTAL SELLING 8
MMINISTIUTIVE EXPENSES
OPERATING PROFIT
NET OTHER INCOME
NET INCOME
EARNINGS PER S W E
The Accompanying Notes Are An Integral Part Of These Statements
--
1
.- TO
1978
NET SALES
"-
.-
--
-
Q U I K E Y ~?b'iNUb'AL'i'l~l?I?u(,
(
OMl'tlNY
.
.
, INC.
EXHIBITS
EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
"A"
"8"
"C"
"D"
SCHEDULES
Accrued Expenses
Accrued Taxes
Sales
Factory Overhead
Selling Expenses
Other Income & Expenses
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
1
2
3
4
5
6
7
8
9
10
Akron, Ohio 44310
financial position for the years then ended, and the supplemental
schedules, in accordance with standards established by the American
Institute of Certified Public Accountants. A11 information included in
these financial statements is the representation of the management of
such an opinion.
April 12, 1982
Q U I K E Y ?!.,fr!<llE
i'\C'I'lIi?, I Pic; COMI'ANY,
Srl'A'I'E,Fli,i~SS OF
INC.
OI'EKATIONS
EXtIIHIT "H"
FOR THE YEARS ENDED
DECEMBER 3 1 ,
1981
AMOUNT
1980
% TO
NET SALES
AMOUNT
% TO
NET SALES
NET SALES - SCHEDULE 5
COST OF GOODS SOLD
Purchases
Freight In
Less:
Ending Material
Inventory
Material Cost
Direct Labor
Factory Overhead - SCHEDULE 6
Inventory
Less:
Ending Work in
Process Inventory
COST OF GOODS MANUFACTURED
Beginning Finished Goods
Inventory
Less:
Ending Finished
Goods Inventory
GROSS PROFIT
Selling Expenses - SCHEDULE 7
Administrative Expenses SCHEDULX 8
TOTAL SELLING &
OPERATING PROFIT
NET OTHER INCOME - SCHEDULE 9
NET INCOME
- EXHIBITS
"C" 6 "D"
--- 4 5 , 7 1 5
-9
$ 648,649
--
12.3%
-
16,756
$1,002,461
EARNlNGS PER SHARE
The A c c o m p a n y i n g Notes Are An lntegral Part Of These Statements
See Accountants' R e v i e w Report
.4
22.6%
- ----
--- ---
QUIKEY MANUE IZC'I'UKINC;
A
k
l
- --
--A
COMPANY, I N C .
S i l i l l l l l S
' CQbLTY
1,XtIIHIT " C "
FOR THE YEARS ENDED
DECEMBER 31, 1980 AND 1981
COMMON STOCK TOTAL
SHAKES
RETAINED
SHAKEHOLDEKS'
ISSUED
AMOUNT
EARNINGS
EQUITY
BALANCE
-
JANUARY 1, 1980
ADD :
NET INCOME
-
E X H I B I T "B"
DEDUCT :
BALANCE - DECEMBEK 31, 1980 E X H I B I T "A"
ADD :
NET INCOME - E X H I B I T "13"
-
DEDUCT :
D i s t r i b u t i o n s t o Shareholders
BALANCE - DECEMBER 31, 1981
E X H I B I T "A"
-
Common s t o c k i s w i t h o u t p a r v a l u e a n d 1,000 shares have been a u t h o r i z e d
T h e A c c o m p a n y i n g N o t e s A r e An I n t e g r a l P a r t Of T h e s e S t a t e m e n t s
I j U l K E Y MANUk'ACTUKI KG
COMPANY, INC.
STATEPlENTS OF ClMNGES IN FINANCLAL POSITION
SOUKCES
&
EXHIBIT
FOR THE YEARS ENDED
DECEMBER 31,
1981
1980
NET INCOME - EXHIBIT "B"
Add: Items Not Requiring an Outlay of
Working Capital:
Depreciation
Loss on Disposal of Assets
Less: Item Not Resulting in Working
Capital :
Gain on Disposal of Assets
Proceeds from Disposal of Assets
Distributions to Shareholders
Purchase of Property, Plant 6 Equipment
Reduction of Long-Term Debt
'The Accomparlying Notes Are An Integral Pzrt Of These Statements
"I)"
QUIKEY MCLNUFACTURING COMPANY, INC.
DECEMBER 3 1 ,
1980
1979
CURRENT ASSETS
Cash
Accounts Receivable
Account R e c e i v a b l e - O t h e r
Inventories
P r e p a i d Expenses
Patent
-
/
-
-2
I=E
>
4
TOTAL, CURRENT ASSETS
TJ
CURRENT LIABlLITIES
A
. \J
M o r t g a g e & Note P a y a b l e
Accouncs P a y a b l e
Accrued Expenses
Accrued Taxes
Dividends Payable
TOTAL CURRENT LIABILITIES
VORKING CAPITAL
(DECEASE)
CURRENT RATIO
The Accompanying N o t e s A r e An I n t e g r a l P a r t O f T h e s e S t a t e m e n t s
See A c c o u n t a n t s ' Review Report
QUIKEY MANUFAC'TUKING COFIPANY , LNC
.
NOTES TO F I N A N C L A L STATEMENTS
DECEMBER 31, 1981
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
statements follows:
a.
DECEMBER 31,
198 1
1980
Raw Materials
Work in Process
Finished Goods
TOTAL
b.
DECEMBER 31,
1981
1980
COST
Land
Building
Molds
Wood Blocks
Delivery Equipment
Less:
Accumulated Depreciation
See Accountants ' Kevi.ew Report
Q U I K E Y MANUFACTUKING COMPANY, I N C .
NOTES TO FlNkNC LAL STATEElENTS
DECEMSEK 31, 1981
(Continued)
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
b.
P r o p e r t y , P l a n t & Equipment ( c o n t . )
a c c e l e r a t e d methods of a c c o u n t i n g i n o r d e r t o r e l a t e t h e c o s t of
d e p r e c i a b l e a s s e t s t o o p e r a t i o n s over t h e i r estimated s e r v i c e
l i v e s . D e p r e c i a t i o n f o r t h e y e a r s ended December 3 1 , 1981 and
c.
Bad d e b t s a r e a c c o u n t e d f o r on t h e s p e c i f i c w r i t e - o f f method.
T h e r e f o r e , bad d e b t s a r e charged a g a i n s t o p e r a t i o n s when t h e y a r e
d e t e r m i n e d t o be u n c o l l e c t i b l e .
NOTE 2:
PROVISIONS OF LONG-TERM BORROWING AGREEMENTS
The Company i s l i a b l e on a mortgage l o a n from F i r s t N a t i o n a l Bank f o r
$10,959 a t December 31, 1981, blonthly payments o f $600 i n c l u d i n g
i n t e r e s t a t 7.75% a r e r e q u i r e d . T h i s l o a n m a t u r e s i n 1983 and i s
s e c u r e d by t h e p r e m i s e s on Home Avenue i n Akron, Ohio.
f i v e - y e a r t e r m l o a n w i t h a n a n n u a l i n t e r e s t r a t e a t 9%. The b a l a n c e
a t December 3 1 , 1981, i s $14,068. Monthly payments of $727 i n c l u d i n g
i n t e r e s t a r e r e q u i r e d , and t h e l o a n m a t u r e s i n 1983.
NOTE 3:
EARNINGS PER SHARE
Net income p e r s h a r e i s based on t h e weighted a v e r a g e number of s h a r e s
NOTE 4:
By unanimous c o n s e n t , t h e s h a r e h o l d e r s of t h e Company have e l e c t e d
t a x - o p t i o n c o r p o r a t i o n t r e a t m e n t f o r t h e c u r r e n t y e a r and a l l
r e q u i r e m e n t s under t h e I n t e r n a l Revenue Code f o r t h i s t r e a t m e n t have
been fu1.f i l l e d . A c c o r d i n g l y , t h e Company i s n o t r e q u i r e d t o pay
f e d e r a l income t a x e s on t h e c u r r e n t y e a r ' s p r o f i t s .
Instead,
a p p l i c a b l e t a x e s w i l l be p a i d by t h e s h a r e h o l d e r s a s i n d i v i d u a l s , even
though t h e y may n o t have been d i s t r i b u t e d .
See A c c o u n t a n t s ' R e v i e w Report
-
.
-
-
QU I K L Y MANUFACTURING COMPANY, INC.
INDEX
EXHIBITS
EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
"A"
"B"
"C"
"D"
SCHEDULES
Mortgage ti Note Payable
Accrued Expenses
Accrued Taxes
Sales
Factory Overhead
Selling Expenses
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
SCHEDULE
jO[intrl rnflufR a (0
C e r l ~ f ~ ePdu h l ~ cAccounlanls
,"t?*.,
+,
Cerlifit,d i'ublir: i \ c c o i ~ ~ t l a r i l s
Akron. Ohio
March 23, 1981
Akron, Ohio 44310
Gentlemen:
financial position for the years then ended, in accordance with standards
established by the American Institute of Certified Public Accountants. All
information included in these financial statements is the representation of
the management of Quikey Manufacturing Company, Inc.
such an opinion.
We will be pleased to discuss the financial statements with you at your
convenience.
Very truly yours,
QUI K E Y blANUFACTURLNG COMPANY, INC.
STATEMENTS OF FINANClAL POSITION
EXHIBIT "A"
ASSETS
DECEMBER 31,
1980
1979
CURRENT ASSETS
Cash
Accounts Receivable
Inventories
Pa t e n t
PROPER'TY, PLANT & EQUIPMENT
-
SCHEDULE 1
TOTAL ASSETS
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
SCHEDULE 2
Accounts Payable
SCHEDULE 3
Accrued Expenses
Accrued Taxes
SCHEDULE 4
-
-
-
LONG-TERM LIABILITIES
M o r t g a g e & Note P a y a b l e
-
SCHEDULE 2
TOTAL LIABILITTES
SHAREHOLDERS' EQUITY
-
EXHIBIT "C"
TOTAL LIABILTTlES & SHAREHOLDERS ' EQUITY
The Accompanying N o t e s Are An I n t e g r a l P a r t O f T h e s e S t a t e m e n t s
INDUSTRIAL REVENUE BOND WORKSHEET
Name of Appl i c a n t
f r ~ ,5-f, ~v o r
Project Description
?,-I
-hop.
j,;.c.
c.
jcrt
s,7qt,,,*
n q + ? /(*.,,
'
9.b 5 r., 1 .
Size o f Issue
? .
Revenue Pledge
Five Year F i n a n c i a l Ratios
RATIO TYPE:
Standard Ratios:
(1) Prentice-Hall
,
( 2 ) Robert M o r r i s
Year 1 (19
%a- )
Source o f Data:
LIQUIDITY
QR
CR
9 , 07
/,
2
,93-
Year 3 ( 1 9 s 0 )
2 ($5
3.1d
Year 4 (19q9' )
9{s3
>,3k7
a , ! r - ]/ 1/68
Year 5 (19 q
9)
Environmental Impacts
Other Facts
iL
T)UC
'
(,j , 7 , k L l ~
< p+-c1 (c
Y
r - .
f/
''1
+
"1
-0 p
-
8
,
;
.i
i,,",,
,
'
I f
, ,Cg,'(
4,".
-
r-8,
, 1''
~
A
,,,,,
a
'
;
i
p
~
I
r ' j ' a l ' n '
a
/5w - A~ ~ \ pI Y ~ s . l~e I f
~
I
-e
1
i9
L~,
Gi
_.a__l_
,
r
P I * ( -
.
L
@
-
!:
,
i r i i i c
,,,,
,
'I
-
.
LEVERAGE
TL/NW
+
8.73
/)6 . I I
6,0~7
j,
Year 2 (19 S 1 )
0
PROFITABILITY
NPBT
NS/WC
/
c
11-<> * ,
4'+c>f)c
rj.I
,.+
C
,
r Y A l c . i n
d-e
pr , G I ,
i i
oJ1
I
J
,
.
:
.+.,
j
<*%,,
,
-i
-
Concl u s i ons
FOOTNOTES :
DEFINITIONS:
CR = Current R a t i o ( c u r r e n t assets d i v i d e d by c u r r e n t l i a b i l i t i i e s )
measures a b i l i t y o f
the f i r m t o meet c u r r e n t o b l i g a t i o n s
QR = Quick R a t i o (cash & e q u i v a l e n t s + t r a d e receivables d i v i d e d by c u r r e n t l i a b i l i t i e s ) -A more s t r i n g e n t t e s t of the f i r m ' s a b i l i t y t o meet c u r r e n t o b l i g a t i o n s ; a value o f l e s s
than 1:l i m p l i e s a r e c i p r o c a l "dependency" on i n v e n t o r y o r o t h e r c u r r e n t assets t o
l i q u i d a t e short-term debt.
NS/WC = Net Sales d i v i d e d by Working C a p i t a l ( c u r r e n t assets minus c u r r e n t l i a b i l i t i e s ) -measures t h e margin o f p r o t e c t i o n f o r c u r r e n t c r e d i t o r s and t h e e f f i c i e n c y t o which
working c a p i t a l i s p u t i n f i n a n c i n g c u r r e n t operations. A low r a t i o i n d i c a t e s an
i n e f f i c i e n t use o f working c a p i t a l ; a h i g h r a t i o i n d i c a t e s v u l n e r a b i l i t y o f c r e d i t o r s .
NBPT = Earnings before i n t e r e s t and taxes d i v i d e d by sales; a measure o f t h e f i r m ' s
p r o f i t a b i 1it y
TL/NW = Total 1i a b i lit i e s d i v i d e d by n e t worth (stockholders' e q u i t y ) ; expresses t h e r e l a t i o n s h i between c a p i t a l c o n t r i b u t e d by c r e d i t o r s and t h a t c o n t r i b u t e d by owners.
The higEer t h e r a t i o , t h e g r e a t e r t h e r i s k being assumed by c r e d i t o r s .
--
.
Q I J I K E Y PIANUFAC'IUKING
COMl-'ANY,
LNC.
STA'TEMEPJTS OF OPEKATZOIJS
E X H I B I T "B"
FOR THE YEARS ENDED
DECEMBER 31,
1980
AMOUNT
NET SALES
-
1979
% TO
NET SALES
AMOUNT
% TO
NET SALES
SCHEDULE 5
COST OF GOODS SOLD
Beginning M a t e r i a l I n v e n t o r y
Purchases
F r e i g h t T.n
Less:
Inventory
M a t e r i a l Cost
D i r e c t Labor
F a c t o r y Overhead - SCHEDULE 6
Beginning Work i n P r o c e s s
Inventory
Less:
Ending Work i n
Process Inventory
Beginning F i n i s h e d Goods
Inventory
Less:
Ending F i n i s h e d
GROSS PROFIT
S e l l i n g Expenses - SCHEDULE 7
A d m i n i s t r a t i v e Expenses SCHEDULE 8
TOTAL SELLING &
OPERATING PROFIT
NET INCOME
-
EXHIBITS "C" & "D"
EARNINGS PER SHARE
16,756
$1,002,461
--$-- 1,542.25
-.4
22.6%
7,532
$
963,409
$ 1,482.17
-
The Accompanying Notes Are An I n t e g r a l P a r t O f These Stat.ements
-- .1
22.0%
()[ITKEY
FtANUE'ACTURING COMPANY,
TNC.
STA'TEMENT OF SHAKEHOLIIEKS ' EQUITY
EXHIBIT " C "
FOR THE YEARS ENDED
DECEMBER 3 1 , 1 9 7 9 AND 1 9 8 0
COMMON STOCK
TOTAL
SHARES
RETAINED
SHAREHOLDERS'
ISSUED
AMOUNT
EARNINGS
EQUITY
BALANCE
-
JANUARY 1 , 1979
ADD :
NET INCOME
-
EXHIBIT "B"
DEDUCT :
RALANCE - DECEMBER 3 1 , 1 9 7 9
EXHIBIT "A"
-
ADD :
DEDUCT :
RALANCE - DECEMBER 3 1 , 1 9 8 0
EXHIBIT "A"
-
Com~non s t o c k i s w i t h o u t p a r v a l u e a n d 1 , 0 0 0 s h a r e s h a v e been a u t h o r i z e d
' r h c Accompanying N o t e s Are An I n t e g r a l P a r t O f T h e s e S t a t e m e n t s
Q U T K E Y PIANUYACTUKINC; CObll'ANY,
INC.
EXHIBIT " D "
FOR THE YEARS ENDED
DECEMBER 31,
1980
Items Not R e q u i r i n g a n O u t l a y of
Add:
Depreciation
Loss on Disposal of Assets
L e s s : Item Not R e s u l t i n g i n W o r k i n g
Capital:
G a i n on D i s p o s a l o f A s s e t s
Proceeds from Disposal of Assets
R e d u c t i o n of Long-Term Debt
T h e Accompanying N o t e s Are An I n t e g r a l P a r t Of T h e s e S t a t e m e n t s
S e e A c c o u n t a n t s ' Review Keport
C e r t ~ f ~ ePuhlfc
d
Accountants
4x1,
b,
tIl0
1979
STATEMENTS OF CHANGES IN FINANCIAL POSITION
INCREASE (DECREASE)
DECEMBER 31,
1980
gv;
E
c
g
*
: 2 5
:$
-d
: 0? ;C3
Z
s ck
$8
rl
1979
1978
CURRENT ASSETS
Cash
Accounts Receivable
Account Receivable - Other
Advances to Employees
Inventories
Prepaid Expenses
Patent
CURRENT LIABILITIES
Accounts Payable
Customer Deposics
Accrued Expenses
Accrued Taxes
WORKING CAPITAL
CURRENT RATIO
1980
1979
---
--
.-
QUIKEY MANUFACrI'UI<I NC COklPANY, I t i C .
NOTES TO F I N A N C I A L STATEMENTS
DECEMBER 31, 1980
NOTE 1:
SUMMARY OF SIGNIFlCANT ACCOUNTING POLICIES
statements follows:
a.
DECEMBER 31,
1980
1979
Raw Materials
Work in Process
Finished Goods
b.
DECEMBER 31,
1980
COST
Land
Building
Molds
Wood Blocks
Llelivery Equipment
Less:
1979
()(I IKEY MANIJPACTIJKINC COMPANY,
IEIC.
DECEMBER 31, 1980
(Continued)
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ( C o n t . )
b.
P r o p e r t y , P l a n t 6 Equipment ( c o n t . )
D e p r e c i a t i o n h a s been p r o v i d e d u s i n g t h e s t r a i g h t - l i n e a n d
a c c e l e r a t e d methods of a c c o u n t i n g i n o r d e r t o r e l a t e t h e c o s t of
lives.
D e p r e c i a t i o n f o r t h e y e a r s ended December 3 1 , 1980 and
c.
Bad d e b t s a r e a c c o u n t e d f o r on t h e s p e c i f i c w r i t e - o f f method.
NOTE 2:
PROVISIONS OF LONG-TERM
BORROWING AGREEMENTS
The Company i s l i a b l e on a mortgage l o a n from F i r s t N a t i o n a l Bank f o r
$17,051 a t December 31, 1980. Monthly payments of $600 i n c l u d i n g
i n t e r e s t a t 7.75% a r e r e q u i r e d .
T h i s l o a n m a t u r e s i n 1983 and i s
s e c u r e d by t h e p r e m i s e s on Home Avenue i n Akron, Ohio.
f i v e y e a r t e r m l o a n w i t h a n a n n u a l i n t e r e s t r a t e a t 9%. The b a l a n c e
a t December 31, 1980, i s $21,294.
Monthly payments of $727 i n c l u d i n g
NOTE 3:
EARNINGS PER SHARE
Net income p e r s h a r e i s based on t h e w e i g h t e d a v e r a g e number o f s h a r e s
NOTE 4:
By unanimous c o n s e n t , t h e s h a r e h o l d e r s of t h e Company have e l e c t e d
r e q u i r e m e n t s u n d e r t h e I n t e r n a l Revenue Code f o r t h i s t r e a t m e n t have
been f u l f i l l e d .
A c c o r d i n g l y , t h e Company i s n o t r e q u i r e d t o pay
Instead,
a p p l i c a b l e t a x e s w i l l be p a i d by t h e s h a r e h o l d e r s a s i n d i v i d u a l s , even
\ClPKll1HflYtR d (0
Cerl~fledPubl~cAccountants
11.
+?Or" { > k t 1 0
-
--
-
Q I I I K L Y F.lANlJF'ACTlJKIN(~ COMPANY,
INC.
EXHIBITS
S t a t e m e n t s of F i n a n c i a l P o s i t i o n
Statement of S h a r e h o l d e r s ' E q u i t y
S t a t e m e n t s o f Changes i n F i n a n c i a l P o s i t i o n
EXHIBIT "A"
EXHIBIT "B"
EXHIBIT "C"
EXHIBIT 'ID"
.,HEDULES
P r o p e r t y , P l a n t & Equipment
Mortgages & Note P a y a b l e
Accrued Expenses
Accrued Taxes
Sales
F a c t o r y Overhead
S e l l i n g Expenses
A d m i n i s t r a t i v e Expenses
O t h e r Income & E x p e n s e s
F i v e Year S t a t e m e n t s of O p e r a t i o n s
SCHEDULE 1
SCHEDULE 2
SCHEDULE 3
SCHEDULE 4
SCHEDULE 5
SCHEDULE 6
SCHEDULE 7
SCHEDULE 8
SCHEDULE 9
SCHEDULE 10
Cerlif~edPubltc Accounlants
Akron. O h l o
-
March 27, 1980
Akron, Ohio 44310
Gent lemen:
We have reviewed the accompanying statement of financial position of Quikey
Manufacturing Company, Inc. as of December 31, 1979, and the related
statements of operations, shareholders' equity, and changes in financial
position for the year then ended, in accordance with standards established
by the American Institute of Certified Public Accountants. All information
included in these financial statements is the representation of the
management of Quikey Manufacturing Company, Inc.
such an opinion.
The financial statements of Quikey Manufacturing Company, Inc. for the year
ended December 31, 1978, which are presented for comparative purposes only,
were reported upon by us in accordance with standards then in effect and
our report dated May 22, 1979, stated that we had not audited those
financial statements and, accordingly, did not express an opinion on them.
convenience.
Very truly yours,
James 0 Parker
.
(;ail R M c C ~ i r ~ e Sflorge R iielr:ck
.
-
John C Blickle
.
W~lliamt V~elhaber
.
Llondld A ~ c s k o Charles E Wolle Princ~pai
-
Charlps K Sorh~nR e l ~ r e d
James E Thayer Rntlred
Q I J I K E Y MAN1JE'tZC'TUIII NC; C O M P A N Y ,
INC
.
EXHIBIT "A"
ASSETS
DECEMBER 31,
1979
1978
CURRENT ASSETS
Cash
Accounts R e c e i v a b l e
Advances t o E m p l o y e e s
Inventories
Patent
-
SCHEDULE 1
TOTAL ASSETS
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
M o r t g a g e s & Note P a y a b l e - SCHEDULE %
Accounts P a y a b l e
M o r t g a g e s & Note P a y a b l e
398,724
-
SCHEDULE 2
TOTAL LIABILITIES
4'36,536
SHAREHOLDERS ' EQUITY - EXHIBIT "C"
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
The Accompanying N o t e s Are An I n t e g r a l P a r t O f T h e s e S t a t e m e n t s
S e e Accounr a n t s ' Review R e p o r t
)L)QkIiI 1 nlrr t r: d ((;i
Certrfied Publrc Accountnnls
1"
.,
>
>
-
-
()L21KLY ILlhNUFtlC'I'UKING COMPANY, I N C .
STA'I'EMENTS OF OPERATIONS
FOR THE YEARS ENDED
DECEMBER 3 1 ,
1979
AMOUNT
1078
NET SALES
AMOUNT
NET SALES
NET SALES - SCHEDULE 5
COST OF GOODS SOLD
Beginning M a t e r i a l Inventory
Purchases
Freight I n
Less:
Inventory
77,892
762,233
10,254
1.8
17.5
.2
63,029
682,669
8,760
1.7
18.0
.2
850,379
19.5
754,458
19.9
124,360
2.9
77,892
2.1
862,143
19.7
734,515
19.4
955,877
21.9
839,028
22.1
963,409
22.0%
842,832
22.2%
M a t e r i a l Cost
D i r e c t Labor
F a c t o r y O v e r h e a d - SCHEDULE 6
B e g i n n i n g Work i n P r o c e s s
Inventory
Less:
E n d i n g Work i n
Process Inventory
COST OF GOODS I"IA~VFACTURED
B e g i n n i n g F i n i s h e d Goods
Inventory
Less:
Ending Finished
GROSS PROFIT
S e l l i n g E x p e n s e s - SCHEDULE 7
Administrative Expenses SCHEDlJLE 8
TOTAL SLL.LZNG &
ADMINISTRATIVF EXPENSES
OPEFATING PROFIT
NET OTHER INCOPE
-
SCHEDULE 9
NET INCOME - EXHIBITS "C"
h
"Dl1
$
$
EARNINGS PER SHARE
T h e z l c t o r n p a n y i n g N o t e s A r e An I n t e g r a l P a r t O f T h e s e S t a t e m e n t s
See A c c o u n t a n t s ' R e v i e w K e p o r t
-
--
-
-
-
-
-
QIJI K E Y MANIJFACTUKING COMPANY, I N C .
STATEMENT O F S H A R E H O L D E R S ' E Q U I T Y
E X H I B I T "C"
F O R THE Y E A R S ENDED
DECEMBER 31, 1 9 7 8 AND 1 9 7 9
COM31ON STOCK
TOTAL
SHARES
RETAINED
SHAREHOLDERS '
ISSUED
AMOUNT
EARNINGS
EQUITY
BALANCE
-
JANUARY 1 , 1 9 78
ADD :
N E T I N C O P E - E X H I B I T "B"
DEDUCT :
BALANCE - DECEMBER 3 1 , 1 9 7 8 E X H I B I T "A"
ADD :
NET INCOME
-
-
E X H I B I T "B"
EDUCT :
D i s t r i b u t i o n s to S h a r e h o l d e r s
BALANCE - DECEMBER 3 1 , 1 9 7 9 E X H I B I T "A"
C o m m o n s t o c k i s w i t l - r o u t p a r v a l u e and 1,000 s h a r e s have b e e n a u t h o r i z e d
'The A c c o m p a n y i n g N o t e s A r e A n I n t e g r a l P a r t O f r h e s e S t a t e m e n t s
See A c t aunt a n t s ' R e v i e w R e p o r t
- -
--
QUIKEY MANUFAC'I'IJRING COMPANY, INC.
STATEMENTS OF CHANGES I N F I N A N C I A L POSITION
EXHIBIT "D"
FOR THE YEARS ENDED
DECEMBER 3 1 ,
1 979
1978
Add:
I t e m Not R e q u i r i n g a n O u t l a y o f
Depreciation
L e s s : I t e m Not R e s u l t i n g i n W o r k i n g
Capital:
G a i n on D i s p o s a l o f Equipment
P r o c e e d s from S a l e of Equipment
P r o c e e d s o f Long-Term L i a b i l i t i e s
I'OTAL SOURCES OF WORKING CAPITAL
I
1
APPLICATIONS OF WOKKING CAPITAL
R e t i r e m e n t o f Long-Term L i a b i l i t i e s
INCREASE (DECREASE) I N WORKING CAPITAL
T h e A c c o m p a n y i n g N o t e s A r e An I n t e g r a l P a r t O f 'These S t a t e m e n t s
See A c c o u n t a n t s f Review Report
I
-
_l__
QUIKEY MANUFACTI'
YG COMPANY, INC
1
.
1979
DECEMBER 3 1 ,
1978
1977
CIJKRENT ASSETS
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Patenr
TOTAL CURKENT ASSETS
CURRENT LIABILITIES
Mortgages & Note Payable
Accounts Payable
Accrued Expenses
Accrued Taxes
WORKING CAPITAL
INCREASE (DECREASE)
CURRENT RATIO
T h e A c c o m p a n y i n g Notes A r e An I n t e g r a l P a r t Of T h e s e S t a t e m e n t s
INCREASE (DECREASE)
1 97 9
1978
QUTKEY INNUFACTUKING COMPANY, ZNC
NOTES TO FINANCTAI, STA'TEYENTS
I)ECEMt~k:II 31 , 1 9 7 9
.-,
NOTE 1:
statements follows:
a.
DECEMBER 31,
1979
1978
Raw Materials
Work in Process
Finished Goods
TOTAL
b.
Plant
-Property,
-
&
Equipment
Property, plant, and equipment consists of the £01 lowing:
DECEMBER 31,
1979
1978
COST
Land
Building
~achinery & Equipment
Molds
Dipping Forms 6 Racks
Wood Blocks
Delivery Equipment
Less:
Accumulated Depreciat ion
\ ~ l k V ll f l f l ~ ' [ L l ( ~ ( , Cerlilieo Public Accounla~ir,
\":<Oh1 0 1 1
0
544,624
508,382
()U IKEY ~ 1 A N U E " I C r I ' L ~ K I NCOMPANY,
~~
ZNC.
NOTES TO FINANCIAL STATEFIENTS
DECEMBER 3 1 , 1 9 7 9
(Continued)
-.
NOTE 1 :
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ( ~ o n t . )
b.
a c c e l e r a t e d m e t h o d s of a c c o u n t i n g i n o r d e r t o r e l a t e t h e c o s t of
l i v e s . D e p r e c i a t i o n f o r t h e y e a r s ended December 3 1 , 1 9 7 9 a n d
1 9 7 8 , t o t a l l e d $ 7 4 , 5 0 6 and $ 6 5 , 6 2 9 , r e s p e c t i v e l y .
c.
Bad d e b t s a r e a c c o u n t e d f o r on t h e s p e c i f i c w r i t e - o f f m e t h o d .
NOTE 2 :
The Company i s l i a b l e on a m o r t g a g e l o a n from F i r s t N a t i o n a l Bank f o r
$ 2 2 , 6 9 1 a t December 3 1 , 1 9 7 9 . M o n t h l y payments o f $ 6 0 0 i n c l u d i n g
i n t e r e s t a t 7 . 7 5 % a r e r ~ q u i r e d . T h i s l o a n m a t u r e s i n 1983 and is
s e c u r e d by t h e p r e m i s e s o n Home Avenue i n A k r o n , O h i o .
f i v e y e a r t e r m l o a n w i t h a n a n n u a l i n t e r e s t r a t e a t 9 % . The b a l a n c e
a t December 3 1 , L979. i s $ 2 7 , 7 4 3 . M o n t h l y payments o f $ 7 2 7 i n c l u d i n g
I
I
i
I
I
I
NOTE 3 :
EARNINGS PER SHARE
I
Net income p e r s h a r e i s b a s e d on t h e w e i g h t e d a v e r a g e number o f s h a r e s
o f common s t o c k o u t s t a n d i n g d u r i n g e a c h y e a r .
1
NOTE 4 :
1
By unanimous c o n s e n t , t h e s h a r e h o l d e r s of t h e Company h a v e e l e c t e d
t a x - o p t i o n c o r p o r a t i o r i t r e a t m e n t f o r t h e c u r r e n t y e a r and a l l
r e q u i r e m e n t s u n d e r t h e I n t e r n a l Revenue Code f o r t h i s t r e a t m e n t h a v e
b e e n f u l f i l l e d . A c c o r d i n g l y , t h e Company i s n o t r e q u i r e d t o p a y
Instead,
a p p l i c a b l e t a x e s w i l l b e p a i d by t h e s h a r e h o l d e r s a s i n d i v i d u a l s , e v e n
1
t h o u g h t h e y may n o t h a v e b e e n d i s t r i b u t e d .
C%il 1 tltl I ;k u" 2 3
CerOlird Puhlrc Accounlanis
*-
.
--
INDEX
LETTER OF TRANSMITTAL
EXHIBITS
Statements of Financial position
Statement of Shareholders1 Equity
EXHIBIT
EXHIBIT
EXHIBIT
EXHIBIT
"A"
"B"
"C"
"D"
EDULES
Inventories
Accrued Expenses
Accrued Taxes
Sales
Factory Overhead
Selling Expenses
SCHEDULE 1
SCHEDULE 2
SCHEDULE 3
SCHEDULE 4
SCHEDULE 5
SCHEDULE 6
SCHEDULE 7
SCHEDULE 8
SCHEDULE 9
SCHEDULE 10
SCHEDULE 11
Cerl~lierlP~lblicA r ~ o ~ ! r ~ t i l r ) l s
Akron.
Ohlo
May 22, 1979
44310
Akron, Ohio
Gentlemen:
The accompanying statements of financial position of Quikey Manufacturing
Company, Inc. as of December 31, 1978 and 1977, and the related statements
of operations, shareholders' equity, and changes in financial position for
the years then ended were not audited by us and accordingly we do not
express an opinion on them.
convenience.
Very truly yours,
J~~~~
D parker
.
Carl A McGune
.
George H Helrtck
.
John C Bl~ckle W~lllarrE Vlelhaber
Charles K Sorktn Rrl~red
Donald A Jesko
James E Thayer Ael~red
Charles E Wdfe. Pr~nc~pal
--
-
---
---
EXHIBIT "A"
ASSETS
DECEMBER 3.1,
1978
1977
CURRENT ASSETS
Cash
Accounts Receivable
Account R e c e i v a b l e - I n t e r n a l Revenue S e r v i c e
I n v e n t o r i e s - SCHEDULE 1
Prepaid Expenses
-
SCHEDULE 2
TOTAL ASSETS
LlABILITIES & SHAREHOLDERS EQUITY
CURRENT L.IABILIT1ES
M o r t g a g e s & N o t e P a y a b l e - SCHEDULE 3
Accounts Payable
-
SCHEDULE 3
TOTAL LIABILITIES
SHAREIIOLDERS1 EQUITY - EXHIBIT "C"
TOTAL LIABIL,ZTIES & SHAREHOLDERS' EQUITY
The A c c o m p a n y i n g N o t e s A r e An I n t e g r a l P a r t Of T h e s e S t a t e m e n t s
Prepared Without Audit
STATEMENTS OF OPERATIONS
EXHIBIT "B"
FOR THE YEARS ENDED
DECEMBER 3 1,
1978
1977
% TO
NET SALES -
SCHF~DULE6
AMOUNT
NET SALES
$3,795,243
100.0%
AMOUNT
$3,238,875
% TO
NET SALES
100.0%
COST OF GOODS SOLD
Purchases
Freight In
Less:
Ending Material
Inventory
Material Cost
Direct Labor
Factory Overhead - SCHEDULE 7
Inventory
Less:
Ending Work in
Process Inventory
Beginning Finished Goods
Inventory
Less:
Ending Finished
Goods Inventory
GROSS PROFIT
Selling Expenses - SCHEDULE 8
Administrative Expenses SCHEDULE 9
TOTAL SELLING &
OPERATING PROFIT
NET INCOME
-
EXHIBITS "C"
EARNINGS PER SHARE
& "D"
734,515
19.4
654,923
20.2
839,028
22.1
751,792
23.2
3,804
$
842,832
--
$ 1,296.67
.1
-22.2%
-
$
2,131
-.1
753,923
--
23.3%
$ 1,159.88
soRnrnTtimR~r (O
Certriled Pohl~cAccounlnnls
# A W S , ~ * l 0 1 1 fl
--
--
Q U I K E Y MANUFACTIJKLNG COMPANY, INC.
STATEMENT OF SHAKEMOLDEKS'EQUITY
EXHIBIT "C"
FOR THE YEARS ENDED
DECEMBER 31, 1 9 7 7 AND 1 9 7 8
COMMON STOCK
TOTAL
SHARES
RETAINED
SHAREHOLDERS'
ISSUED
AMOUNT
EARNINGS
EQUITY
BALANCE - JANUARY 1 , 1 9 7 7
Deduct :
P r i o r Period Adjustment t o
Reflect Accrual of Personal
Property, Real E s t a t e &
F r a n c h i s e Taxes
BALANCE AS RESTATED
Add :
Deduct :
BALANCE - DECEMBER 3 1 , 1 9 7 7 EXHIBIT "A"
Add :
NET INCOME
-
EXHIBIT "B"
Deduct :
~ i s t r i b u t i o n st o S h a r e h o l d e r s
BALANCE - DECEMBER. 3 1 , 1 9 7 8
EXHIBIT "A"
-
The A c c o m p a n y i n g N o t e s Are An I n t e g r a l P a r t O f T h e s e S t a t e m e n t s
--
-
-
--
-
-
-
QUlKEY MANUFACTUKINC COMPANY, LNC.
EXHIBIT "D"
FOR THE YEARS ENDED
DECEMBER 31,
1978
1977
Add: Expenses Not Requiring an
Outlay of Working Capital:
Depreciation
Loss on Sale of Equipment
Less: Gain on Sale of Equipment
Proceeds from Sale of Equipment
Proceeds of Long-Term Liabilities
Decrease in Working Capital
--
AL SOURCES OF WORKING CAPITAL
Purchase of Plant & Equipment
Distributions to Shareholders
Prior Period Adjustment
Retirement of Long-Term Liabilities
Increase in Working Capital
Certified Public Accountants
AKflON 01110
-
---
QUIKEY MANUFA,'
RING COMPANY, INC.
DECEMBER 31,
1977
1976
CURRENT ASSETS
Cash
Accounts Receivable
Account Receivable - Internal
Zevenue Service
Advances to Employees
Inventories
Prepaid Expenses
$$
C
CURRENT LIABILITIES
Accounts Payable
Customer Deposits
Accrued Expenses
Accrued Taxes
WORKING CAPITAL
CURRENT RATIO
INCREASE (DECREASE)
1977
1978
----
-
(IUJKEY MANUFACTURING COMPANY,
INC.
NOTES T O F I N A N C I A L STATEMENTS
DECEMBER 31, 1978
NOTE 1:
A summary of the company's significant accounting policies,
statements follows:
a.
DECEMBER 31,
1978
1977
Raw Materials
Work in Process
Finished Goods
TOTAL
b.
DECEMBER 31,
1978
1977
COST
Land
Building
Molds
Wood Blocks
Delivery Equipment
Less:
SORKI1,TtlAYf R B (0
Cerlflted Pubhc Accountanfs
AKfl'iN
01410
855,560
508,382
766,154
446,553
--
-- - - - --
----
-
-
-
---- - --
Q U T K k : Y MANUFACTURING COMPANY, INC.
NOTES TO FINANCIAL STATEEfENTS
DECEMBER 3 1 , 1978
(Continued)
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ( ~ o n t . )
b.
D e p r e c i a t i o n h a s b e e n p r o v i d e d u s i n g t h e s t r a i g h t - l i n e and
a c c e l e r a t e d methods of a c c o u n t i n g i n o r d e r t o r e l a t e t h e c o s t o f
depreciable a s s e t s t o opera+ions over t h e i r estimated s e r v i c e
lives.
D e p r e c i a t i o n f o r t h e y e a r s ended December 31, 1978 and
1 9 7 7 , t o t a l l e d $65,629 and $57,648, r e s p e c t i v e l y .
NOTE 2:
EARNINGS PER SHARE
Net income p e r s h a r e i s based on t h e w e i g h t e d a v e r a g e number o f s h a r e s
o f common s t o c k o u t s t a n d i n g d u r i n g e a c h y e a r .
NOTE 3:
The Company i s l i a b l e t o F i r s t N a t i o n a l Bank on a mortgage l o a n f o r
t h e amount o f $10,166 on December 3 1 , 1978. The Company i s r e q u i r e d
t o make monthly payments of $960 i n c l u d i n g i n t e r e s t a t 7.75%.
I n a d d i t i o n , t h e Company i s l i a b l e on a mortgage l o a n from F i r s t
N a t i o n a l Bank f o r $27,912 on December 3 1 , 1978. Monthly payments o f
$600 i n c l u d i n g i n t e r e s t a t 7.75% a r e r e q u i r e d .
f i v e y e a r term l o a n w i t h an a n n u a l i n t e r e s t r a t e a t 9%. The b a l a n c e
a t December 3 1 , 1978, i s $33,641.
NOTE 4:
By unanimous c o n s e n t , t h e s h a r e h o l d e r s o f t h e Company have e l e c t e d
r e q u i r e m e n t s u n d e r t h e I n t e r n a l Revenue Code f o r t h i s t r e a t m e n t have
been f u l f i l l e d . A c c o r d i n g l y , t h e Company i s n o t r e q u i r e d t o pay
Instead,
a p p l i c a b l e t a x e s w i l l be p a i d by t h e s h a r e h o l d e r s a s i n d i v i d u a l s , e v e n
\ORKIU.ltlflT€RCf (0
Cerlified Public Accounlanls
AK1tON O k i 1 0
DECEMBER 3 1 , 1 9 7 8
(Continued)
NOTE 5 :
PRIOR PERIOD ADJUSTMENT
The p r e v i o u s p o l i c y o f t h e Company had been t o expense r e a l e s t a t e ,
p e r s o n a l p r o p e r t y , and s t a t e f r a n c h i s e t a x e s i n r e l a t i o n t o t h e
c a l e n d a r y e a r s f o r which t h e t a x a s s e s s m e n t s a p p l i e d . However,
e f f e c t i v e r e t r o a c t i v e l y t o J a n u a r y 1 , 1977, t h e p o l i c y was changed t o
r e l a t e t h e s e e x p e n s e s t o t h e f i s c a l y e a r upon which t h e y a r e based.
A s s u c h , a n a d j u s t m e n t was made a t t h a t d a t e t o i n c r e a s e a c c r u e d r e a l
e s t a t e t a x by $ 3 , 5 2 8 , a c c r u e d p e r s o n a l p r o p e r t y t a x by $ 9 , 7 8 9 , and
A c o r r e s p o n d i n g c h a r g e was made t o
a c c r u e d f r a n c h i s e t a x by $26,721.
r e t a i n e d e a r n i n g s o f $40,038.
The f i n a n c i a l s t a t e m e n t s f o r t h e y e a r ended 1977 were r e s t a t e d t o
r e f l e c t t h i s change and t h e e f f e c t was t o r e d u c e income by $17,273.
NOTE 6 :
RECLASSIFICATION
C e r t a i n r e c l a s s i f i c a t i o n s have been made i n t h e 1977 f i n a n c i a l
s t a t e m e n t s t o conform t o t h e 1978 p r e s e n t a t i o n s .
Cerlified Public Accountanls
AKRON 0t110

Res 1984-B-02 - Orange County Comptroller

Transcription

Similar documents

Recipe Glühwein

kik-step®

kik-step®

Kiosks And photo Labs. With The METAZA

Step 1. How to generate authorization code for your Supra EKEY

5 - Roses Discount Store

Welcome to the RCCAQ`s 39th Annual Convention

Suretech Solutions - Enterprise Ireland

Untitled - Carpe Diem Marketing