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PLAINTIFF'S EXHIBIT CFB-13
CHICAGO FIRE BRICK COMPANY Accountants1 Report
Financial Statements - September 30, 1967
PEAT, MARWICK, MITCHELL & CO.
CERTIFIED PUBLIC ACCOUNTANTS
Chicago Fire Brick Annual Reports and T-------- rvnrvni i
Peat, Marwick, Mitchell & Co.
CERTIFIED PUBLIC ACCOUNTANTS m WEST MONROE STREET
CHICAGO, ILLINOIS 60603
The Board of Directors Chicago Fire Brick Company:
We have examined the balance sheet of Chicago Fire Brick Company as of September 30, 1967 and the related statements of earnings and retained earn ings for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the accompanying balance sheet and statements of earnings and retained earnings present fairly the financial position of Chicago Fire Brick Company at September 30, 19,67 and the results of its operations for the year then ended, in conformity with generally accepted accounting princi ples applied on a basis consistent with that of the preceding year.
November 21, 1967
Chicago Fire Brick Annual Reports and
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Chicago Fire Brick Annual Reports and
CHICAGO FIRE BRICK COMPANY
Statement of Earnings
Year ended September 30, 1967 with comparative figures for 1966
Net sales
Cost of sales
Gross profit
Engineering, warehousing, and delivery; selling; and administrative and general expenses
Operating profit
Other income, less other deductions
Earnings before federal income tax and extraordinary gain
Federal income tax
Net earnings before equity in earnings of wholly-owned subsidiaries and extraordinary gain
Equity in earnings (loss) of wholly-owned subsidiaries: The Wellsville Fire Brick Company New Florence Fire Brick Company C & W Refractories Limited Decrease (increase) in reserve for unrealized profit in inventory
Net earnings before extraordinary gain
Extraordinary gain on sale of property, less $71,000 applicable federal income tax
Net earnings
Net earnings per share of common stock
1967
1966
$ 3,626,226 3,422,345
2,355,253 2,260,138
1,270,973 1,162,207
895,910 375,063
16,301
809,301 352,906
1,864
391,364 185,000
354,770 154,000
206,364
200,770
32,404 3,948 (5,008)
(8,767)
22,577
228,941
49,799 1,852 -
29,856
81,507
282,277
$ 228.941
$ 24.88
209,003 491.280 53.39
Depreciation and amortization of plant and equipment included in costs and expenses amounted to $82,752 for the year ended September 30, 1967 and $68,308 for the year ended September 30, 1966.
See accompanying notes to financial statements.
Chicago Fire Brick
Annual Reports and
. r*AArv i a
CHICAGO FIRE ERICK COMPANY ' ,
Statement of Retained Earnings
Year ended September 30, 1967 with comparative figures for 1966
Balance at beginning of year Net earnings for year
Less cash dividends paid - $6.00 a share in 1967; $4.00 a share in 1966
Balance at end of year
1967
, r^r-
: ,, ' 1966
$ 2,628,535 2,1*7^063
228,941 49 %280
2,857,476 2,665.,*343
55,212
36,808
$ 2,802,264 2,628,535
See accompanying notes to financial statements.
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Chicago Fire Brick Annual Reports and
CHICAGO FIRE BRICK COMPANY
Notes to Financial Statements
September 30, 1967
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(1) Under the terms of theK 5-1/2% long-term note agreement, the company has agreed, among other things*; to maintain an excess of current assets over current liabilities of at least $250,000. At September 30, 1967, current assets exceeded current liabilities by approximately $680,000. 'i
(2) Contributions under a;pension plan totalled $16,165 for the year ended Septem ber 30, 1967. The.unfunded past service liability as of September 30, 1967 is estimated by independent actuaries at approximately $60,000.
Chicago Fire Brick
Annual Reports and
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