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BUTLER LUMBER COMPANY EXHIBIT 1 Operating Expenses for Years Ending December 31, 1988-1990, and for First Quarter 1991 (thousands of dollars) 1988 Net sales Cost of goods sold: Beginning inventory Purchases Ending inventory Total cost of goods sold Gross Profit Operating expenses Interest expense Net income before income taxes Provision for income taxes Net income $1,697 $183 $1,278 $1,461 $239 $1,222 $475 $425 $13 $37 $6 $31 1989 $2,013 $239 $1,524 $1,763 $326 $1,437 $576 $515 $20 $41 $7 $34 1990 $2,694 $326 $2,042 $2,368 $418 $1,950 $744 $658 $33 $53 $9 $44 1st Qtr 1991 $718 $418 $660 $1,078 $556 $522 $196 $175 $10 $11 $2 $9
a. In the first quarter of 1990 sales were $698,000 and net income was $7,000. b. Operating expenses include a cash salary for Mr. Butler of $75,000 in 1988, $85,000 in 1989, $95,000 in 1990, and $22,000 in the first quarter of 1991. Mr. Butler also received some of the perquisites commonly taken by owners of privately held businesses.
BUTLER LUMBER COMPANY EXHIBIT 2 Balance Sheets at December 31, 1988-1990, and March 31, 1991 (thousands of dollars) 1st Qrtr 1988 1989 1990 1991 Cash Accounts receivable, net Inventory Current assets Property, net Total assets Notes payable, bank Notes payable, Mr. Stark Notes payable, trade Accounts payable Accrued expenses Long-term debt, current portion Current liabilities Long-term debt Total liabilities Net worth Total liabilities & net worth $58 $171 $239 $468 $126 $594 $0 $105 $0 $124 $24 $7 $260 $64 $324 $270 $594 $49 $222 $325 $596 $140 $736 $146 $0 $0 $192 $30 $7 $375 $57 $432 $304 $736 $41 $317 $418 $776 $157 $933 $233 $0 $0 $256 $39 $7 $535 $50 $585 $348 $933 $31 $345 $556 $932 $162 $1,094 $247 $0 $157 $243 $36 $7 $690 $47 $737 $357 $1,094
1.83% 2.86
Projected income statement for 1991 (thousands of dollars) 1991 Net sales Cost of goods sold: Beginning inventory Purchases Ending inventory Total cost of goods sold Gross Profit Operating expenses Operating Profit Purchase Discounts* Interest expense** Net income before income taxes Provision for income taxes Net income $ 3,600 $418 $2,736 $3,154 $562 $2,592 $1,008 $900 $108 $42 $53 $97 $21 $76
76%
Projected balance sheet for December 31, 1991 (thousands of dollars) 1991 Assets: Cash $54 Accounts recievable, net (12% of sales) $432 Inventory $562 Current Assets $1,048 Property, net $216 Total Assets $1,264 Liabilities: Accounts payable Accrued expenses Long-term debt, current portion Bank note payable (plug) Current Liabilities Long-term debt Total Liabilities Net worth Total Liabilities plus net worth
1.50% 12%
6%
Projected income statement for 1991 (thousands of dollars) 1991 Net sales Cost of goods sold: Beginning inventory Purchases Ending inventory Total cost of goods sold Gross Profit Operating expenses Operating Profit Purchase Discounts* Interest expense** Net income before income taxes Provision for income taxes Net income $ 3,084 $418 $2,344 $2,762 $541 $2,220 $864 $771 $93 $34 $48 $78 $15 $63
76%
Projected balance sheet for December 31, 1991 (thousands of dollars) 1991 Assets: Cash $46 Accounts recievable, net (12% of sales) $370 Inventory $541 Current Assets $958 Property, net $185 Total Assets $1,143 Liabilities: Accounts payable Accrued expenses Long-term debt, current portion Bank note payable (plug) Current Liabilities Long-term debt Total Liabilities Net worth Total Liabilities plus net worth
1.50% 12%
6%
Projected income statement for 1991 (thousands of dollars) 1991 Net sales Cost of goods sold: Beginning inventory Purchases Ending inventory Total cost of goods sold Gross Profit Operating expenses Operating Profit Purchase Discounts* Interest expense** Net income before income taxes Provision for income taxes Net income $ 4,000 $418 $3,040 $3,458 $578 $2,880 $1,120 $1,000 $120 $48 $56 $111 $26 $85
76%
Projected balance sheet for December 31, 1991 (thousands of dollars) 1991 Assets: Cash $60 Accounts recievable, net (12% of sales) $480 Inventory $578 Current Assets $1,118 Property, net $240 Total Assets $1,358 Liabilities: Accounts payable Accrued expenses Long-term debt, current portion Bank note payable (plug) Current Liabilities Long-term debt Total Liabilities Net worth Total Liabilities plus net worth
1.50% 12%
6%
Projected income statement for 1991 (thousands of dollars) 1991 Net sales Cost of goods sold: Beginning inventory Purchases Ending inventory Total cost of goods sold Gross Profit Operating expenses Operating Profit Purchase Discounts* Interest expense** Net income before income taxes Provision for income taxes Net income $ 2,694 $418 $2,047 $2,465 $526 $1,940 $754 $674 $81 $28 $44 $64 $11 $53
76%
Projected balance sheet for December 31, 1991 (thousands of dollars) 1991 Assets: Cash $40 Accounts recievable, net (12% of sales) $323 Inventory $526 Current Assets $889 Property, net $162 Total Assets $1,051 Liabilities: Accounts payable Accrued expenses Long-term debt, current portion Bank note payable (plug) Current Liabilities Long-term debt Total Liabilities Net worth Total Liabilities plus net worth
1.50% 12%
6%