Document GmMORaL7D3V3mrVXdNXpzYmxV

PLAINTIFF'S EXHIBIT ylnnual Report Riley Stoker Corporation December 31, 1944 Officers Fred H. Daniels............................................................President Louis E. Griffith . Vice-president and General Manager David K. Beach Vice-president and Treasurer Aldus C. Higgins..................................................... Vice-president James W. Armour.................................................. Vice-president Chapin Riley ............................................................Secretary Directors Aldus C. Higgins, Chairman Chapin Riley Fred H. Daniels Frank C. Smith, Jr. David K. Beach George N. Jeppson Louis E. Griffith Philip R. Mather RS-001792 1/17/02 NUECES TO THE STOCKHOLDERS OF RILEY STOKER CORPORATION: There is submitted, herewith, for your consideration the Audited Consolidated Financial Statement of your Company for the year 1944 including the Consolidated Balance Sheet as of the end of the year. The net income was $356,173.93 after provision for Federal taxes but before deducting $150,000.00 for Provision for Contingencies. This is equivalent to $.95 per share on the Common Stock after deduction of the dividend of $6.00 per share on the Preferred Stock. This compares with $1.56 per share of Common Stock for 1943. All of the above figures are before completion of renegotiation. During the year dividends of $6.00 per share amounting to $21,600.00 were paid on the Preferred Stock and 40 cents per share, $138,171.30, on the Common Stock. After depreciation and amortization of $219,683.30 the net investment in land, buildings and equipment decreased by $176,703.99. Due chiefly to lack of manpower and difficulties in getting materials, the volume of business transacted during the year was about two-thirds of that done in 1943. Bank indebtedness was reduced by $230,000.00 and the net current position improved by $359,359.54. Your Company has entered the year 1945 with a large volume of unfilled orders. The prospects for future business are very favorable. April 30, 1945 Yours very truly, F. H. Daniels, President NUECES Statement of Consolidated Surplus For the Year Ended December 31, 1944 Capital Surplus Balance, December 31, 1943 ............................................................................. Add: Excess of proceeds of sales of 6109 shares of Common stock over par . Deduct: Amount Applicable to Preferred Stock of Minority Interest in Subsidiary Company.......................................................................................................... Balance, December 31, 1944 Per Consolidated Balance Sheet.............................. Earned Surplus Balance, December 31, 1943 Deduct: Renegotiation Refund to U.S. Government for years 1942 and 1943, adjustment of Taxes and other transactions affecting prior years--net........................ Adjusted Balance, December 31, 1943 Add: Net Income for the year after providing reserve for contingencies of $150,000.00 ............................................................................ Deduct: Dividends on Preferred Stock ................................................................. Common Stock....................................................................... $21,600.00 138,171.30 Balance December 31, 1944 Per Consolidated Balance Sheet............................. $103,152.89 19,842.75 $122,995.64 12,105.08 $110,890.56 $2,459,042.20 74,872.47 $2,384,169.73 206,173.93 $2,590,343.66 159,771.30 $2,430,572.36 Consolidated Statement of Profit and Loss For the Year Ended December 31, 1944 Profit on Operations after Selling and Administrative Expenses and Provision for Doubtful Accounts, but before Depreciation andAmortization......................... Depreciation and Amortization................................................................................... Operating Profit.......................................................................................................... Other Income................................................................................................................ Gross Income................................................................................................................ Other Deductions . . ......................................................................................... Net income before Federal Income and Excess Profits Taxes............................. Provision for Federal Income and ExcessProfits Taxes........................................... Balance............................................................................................................................ Dividends on Preferred Stock to Minority Interestof Subsidiary Company Net Income...................................................................................................................... Provision for Contingencies........................................................................................ Balance to Surplus .................................................................................................... $1,456,536.09 219,683.30 $1,236,852.79 33,334.03 $1,270,186.82 37,762.89 $1,232,423.93 867,500.00 $364,923.93 8,750.00 $356,173.93 150,000.00 $206,173.93 Note: Operating results for the year are subject to renegotiaion by the United States Government. RS-001707 1/17/02 NUECES O -- VO S8 trg?Mmo<0 ^3 SCcoO o ^r-- $<^--- oVLo/"|, t^T r-T CO w zI--( < o< 0W--H3H S O sJc uo 8 >< Oao 04 < H ao O b .r>t 6 jg H *aj CO PQ HH D CO W DcCn W Q U Z3 <Z <-J s <s 05 o; Qa zo1--4 wM < QSuW HQ < O zooC2O3 o Pi *o CD te! 42 C-U* a 3CD Ch o dO D"2 -B4 cfl <: < a. OJ.w250uS 'g a. [S g & u3 1r5t adDsu Ms & O,..2SJS232 c1C--'nUuoD *t0r-t 3 M ?1 wowu>0a9. 1--HcUsUuo1 CTwuooDJ goS s *> i* UEo Cw0u>o(uohDAJi. 2$ WN pp; VO o 8 $5 NOs >oA OoO u ^ _r Hr 8 8 1. M <,,j s I nu-Oi 3 l t2*Csrsjt w8n_xi2i 'SO4CssJ* uM CgD H< ua3 BvO? T3* `oSV C->BVoaOQ3r0Dt, 0ad *0 d Joc3 sde a -s 4 64 u5 uu *Nr--o ^v\pr 88 Or-O. rs oNhr*OoT p4 W W O cHo >< H--I H(cd % c fe o4 b < C u 3 o *rt E- u Z hS < ou < Q z o fit < & 1 t0o u Sw o 0. d *T3 c wVS <3 4-1 TVD '3cr <0 < u2 < wti ffi Ph i H w .*42-< oo3c CD 6 0 .2 4_i o c h2 11 g. wb s | <Ho M 4 0 W H *0rdt Si a b a b 0 2 1u3 ISy 's CD i s je S *< U I 12 & SM<o s|S Statement of Consolidated Surplus For the Year Ended December 31, 1944 Capital Surplus Balance, December 31, 1943 ............................................................................. Add: Excess of proceeds of sales of 6109 shares of Common stock over par . . . Deduct: Amount Applicable to Preferred Stock of Minority Interest in Subsidiary Company........................................................................................................... Balance, December 31, 1944 Per Consolidated Balance Sheet.............................. Earned Surplus Balance, December 31,1943 Deduct: Renegotiation Refund to U.S. Government for years 1942 and 1943, adjustment of Taxes and other transactions affecting prior years--net....................... Adjusted Balance, December 31, 1943 Add: Net Income for the year after providing reserve for contingencies of $150,000.00 .......................................................................................................... Deduct: Dividends on Preferred Stock ................................................................. Common Stock....................................................................... $21,600.00 138,171.30 Balance December 31, 1944 Per Consolidated Balance Sheet............................. $103,152.89 19,842.75 $122,995.64 12,105.08 $110,890.56 $2,459,042.20 74,872.47 $2,384,169.73 206,173.93 $2,590,343.66 159,771.30 $2,430,572.36 Consolidated Statement of Profit and Loss For the Year Ended December 31, 1944 Profit on Operations after Selling and Administrative Expenses and Provision for Doubtful Accounts, but before Depreciation and Amortization....................... Depreciation and Amortization.................................................................................. Operating Profit.......................................................................................................... Other Income................................................................................................................ Gross Income................................................................................................................ Other Deductions . . ......................................................................................... Net Income before Federal Income and Excess Profits Taxes.............................. Provision for Federal Income and ExcessProfits Taxes........................................... Balance............................................................................................................................ Dividends on Preferred Stock to Minority Interest ofSubsidiary Company Net Income...................................................................................................................... Provision for Contingencies........................................................................................ Balance to Surplus .................................................................................................... $1,456,536.09 219,683.30 $1,236,852.79 33,334.03 $1,270,186.82 37,762.89 $1,232,423.93 867,500.00 $364,923.93 8,750.00 $356,173.93 150,000.00 $206,173.93 Note: Operating results for the year are subject to renegotiaion by the United States Government. RS-001797 1/17/02 NUECES