8.3 Issue IRB Wheels Unlimited Inc
CITY OF SALINA
REQUEST FOR COMMISSION ACTION
DATE
9/22/1980
TIME
4:00 P.M.
AGENDA SECTION:
NO. 8
Administration
ORIGINATING DEPARTMENT:
City Clerk
APPROVED FOR
AGENDA:
ITEM
NO.
3
D. L. Harrison
,
W~
BY:
BY:
Request from Wheels Unlimited, Inc. for the issuance of Industrial Revenue Bonds.
Information has been provided, based on the Commission's establ ished pol icy. The
required $500 fee has been paid. It has been the City's policy to put the request
on the agenda and then convene in Executive Session.
COMMISSION ACTION
MOTtON BY
SECOND BY
TO:
CLARK, MIZE & LINVILLE, CHARTERED
C. L. CLARK
....AMI!:S P. MIZE
AU"''''I!:Y O. LINVILLl!!:
PET!!:R L. PETERSON
..JOHN W. MIZI!:
L..A.MeNAL..I-!!:Y
OF' COUNSI!:L.
LAW O......'CI!:S
129 SOUTH E1QHTH- BOX 1343
SAl.INA, KANSAS 67401
AREA. CODe:: ~U3
823-<5325
September 18, 1980
Rufus Nye, City Manager
City-County Building
300 West Ash
Salina, Kansas 67401
Re: Proposed issuance by the City of Salina of $400,000 in Industrial
Revenue Bonds to pay the cost of construction of facilities for use by
Wheels Unlimited, Inc., in its truck sales and service business
Dear Mr. Nye:
Wheels Unlimited, Inc. ("the Company") is in critical need of space for use
in the sale and distribution of its products and for office use. The
Company has experienced remarkable growth during the past six years, and it
expects this trend to continue.
As a consequence of its need for the space, on behalf of the Company, we
respectfully request that the City of Salina adopt a Resolution of Intent
to issue $400,000, more or less, in serial Industrial Revenue Bonds, payable
over a period of twenty years, in order to provide funds to pay the cost of
developing the proposed project.
In consideration of the affirmative act of the Commission in so agreeing,
the Company agrees: (i) to provide a purchaser for the bonds; (ii) to
execute an appropriate lease to fund the timely payment of the bonds in
form and substance satisfactory to the Commission and the bond purchaser;
(iii) to provide for the availability of a site to be owned by the City;
and (iv) to perform such other acts as may be necessary to provide for the
completion and use of the facility.
It is understood that upon retirement of the bonds the Company is to have
an option to purchase the fee simple title to the facility for a nominal
sum.
We are forwarding copies of this letter to D. L. Harrison and L. O. Bengtson,
and we are enclosing five copies for use by the Commissioners. We also
attach the City's standard revenue bond application form, together with a
copy of the Company's own letter to the Commissioners.
Rufus Nye, City Manager
Re: Wheels Unlimited, Inc.
Industrial Revenue Bonds
September 18, 1980
Page Two
We hereby respectfully request that this matter be placed on the Commission's
agenda for an executive session at its next scheduled meeting on Monday,
September 22, 1980.
Very truly yours,
LINv~D
I -r;'
B :-/
, uL, ~----
, :-/
I
Peter L. Peterson
Attorneys for Wheels Unlimited, Inc.
WHEELS U"UMITED, 1"(.
TRUCK SALES. SERVICE & PARTS
(913) 825-2291
or call toll free in Kansas
(800) 432-2843
September 15, 1980
The Commissioners of the
City of Salina, Kansas
Re: Industrial Revenue Bond Issue
for Construction of Facilities
to be Leased to Wheels Unlimited, Inc.
Commissioners:
The following is submitted in support of, and constitutes
a reques t for the is suance of an amount not to exceed $q.QO, 000 in
Industrial Revenue Bonds of the City of Salina, Kansas, in
accordance with the authorization of K.S.A. 12-1740 through
12-1749. The proceeds of such bonds will provide for the con-
struction of a new multi-purpose facility for lease to Wheels
Unlimited, Inc.
History of Wheels Unlimited, Inc.
Wheels Unlimited, Inc. is one of Salina's leading light,
medium and heavy duty truck sales and service facilities. The
Company was founded in August of 1974 by Gerald L. Widmer and
has been active in Salina since October of 1977. The original
dealership which was operated in the State of Illinois was closed
in 1979 and all dealership operations are now conducted in Kansas.
The Company has grovffi consistently in its 6-year history with
increases in sales and growth of employnlent to approximately 30
employees. Sales in Kansas have increased from the 8 new units
sold during the last year of the former dealer's operation to
more than 138 new units sold during the last fiscal year for
fdheels Unlimi ted, Inc.
Mr. Widmer is the president of Wheels Unlimited, Inc. which
is a wholly-owned subsidiary of JLW Holding Company, Inc. of which
Mr. Widmer is the sole shareholder. Corporate offices for Wheels
Unlimited, Inc. are located at 1206 North Ninth Street, Salina,
Kansas, with its fiscal office being located at Paxton, Illinois.
Among the principal customers of Wheels Unlimited, Inc. are
Big Wheels, Inc. and Farmland Industries.
Wheels Unlimited. Inc.
P.O. Sox 996
170 & Ohio Street
Salina. KS 67401
The COllunissioners of the
City of Salina, Kansas
Page 2
Reasons for Expansion
Wheels Unlimited, Inc. requires an expansion of facilities
at this time in order to more adequately serve Salina, Saline
County, and the entire State of Kansas. The increased visibility of
the proposed facility which will be located in the southwest
quadrant of the intersection of North Ohio Street Road and
Interstate 70 will lead to an increase in over-the-road business
which in turn should result in increased sales of new and used
truck units. A~ the present time, Wheels Unlimited, Inc. serves
as an authorized service provider for service work on Big Wheels'
high flotation applicators. The service territory handled by
\vheels Unlimited includes the states of Texas, Oklahoma, Kansas,
and Nebraska. The additional facilities will permit the Company
to provide more and better service for the owners of the Big
Wheels' units.
The proposed facility will be approximately 23,000 square
feet. The building and facilities are designed for efficient
operation and the surrounding area permits future expansion of
the facility.
Employment
Wheels Unlimited, Inc. has shown steady growth in its 6-year
history. As indicated previously, the number of unit sales has
drastically increased and sales volume during the past year was
in excess of $4,000,000.00. It is anticipated that the new facility
will result in increased employment within the next two years.
At the present time, wheels Unlimited employs 29 persons and it
is anticipated that approximately 16 new service-related employees
will be added within the next two years. Since the Company pur-
chases supply services, fuel and construction services locally,
additional jobs in the Salina area should be created. On a
continuing basis, the Company purchases repair parts from dealer
supply houses in the Salina area.
Security for Bonds
Wheels Unlimited, Inc. pledges the assets of this facility
and future revenues derived from this facility to the payment of
this bond issue.
. .
The Commissioners of the
City of Salina, Kansas
Page 3
Use of Proceeds
The use of bond proceeds is to complete the construction
of a 23,000 square foot facility at the intersection of Interstate
70 and North Ohio Street Road. The new facility will be essentially
a one-story metal structure with two stories in the area to be
occupied by the parts department. The structure will be visually
attractive and will be aesthetically compatable with the area.
The total cost to complete the project including associated
fees is approximately $400,000.00.
Bond Harketing
Wheels Unlimited, Inc. has made arrangements for the negotiated
sale of the bonds on terms and conditions satisfactory to the
Company. These negotiations and arrangements have been made with
United Securities, Inc., 610 One Twenty Building, Wichita, Kansas
67202, which will prepare the details of the bond issue and market
the bonds. A Letter of Commitment by United Securities, Inc. is
found in Exhibit I. Wheels Unlimited, Inc., through its designated
underwriter, will pay the cost of the bond issuance and the fees
of Gaar & Bell, Wichita, Kansas, bond attorneys, whose legal opinion
and official statement will be employed on this issue.
Certified Audit
A certified audit for the year ending April 30, 1980 is
included as Exhibit II.
Request for Letter of Intent
The use of the Kansas Industrial Revenue Bond law for the
purpose herein requested is totally within the concept and intention
of the statute. The proposed building expansion of Wheels Unlimited,
Inc. will provide economic growth and associated benefits to the
City of Salina and its economy. In order that Wheels Unlimited,
Inc. may complete its financial arrangements and proceed with its
building program, it is requested that the City Commission authorize
the Mayor to execute a Letter of Intent to the City of Salina
relative to the issuance of approximately $400,000.00 for
Industrial Revenue Bonds as herein described.
. . ,
The Commissioners of the
City of Salina, Kansas
Page 4
Wheels Unlimited, Inc. is aware that a Letter of Intent
is only an in~ication of the City's intention to proceed with
bond issuance and that final terms and conditions of the lease
agreement and bond ordinance are subject to approval of the
City of Salina.
Your consideration and approval of this financial program
will be greatly appreciated.
Sincerely,
WHEELS UNLIMITED, INC.
C\./ . ( I'
: If' l ~_: ~H:J-
/~=-~'-'-\.-
Gerald L. Widmer, President
UNITED SECURITIES, INC.
INVESTMENT BANKERS
610 ONE 1WEN1Y BUILDING / WICHITA. KANSAS 67202 / 316/265-9421
EXHIBIT I
LETTER OF COt1MITMENT
September 15, 1980
Mr. Gerald L. Widmer
Wheels Unlimited, Inc.
1206 North Ninth Street
Salina, Kansas
Dear Mr. Widmer:
This is a letter of commitment to underYlrite an amount
of Industrial Revenue Bonds not to exceed $400,000.00,
and to place the bonds per commitment to the First
National Bank in Champaign, Illinois. This agreement
is contingent upon approval by the city of Salina of
all necessary legal documents and the issuance of an
unqualified Legal Opinion by Gaar & Bell, Wichita, Kansas.
Sincerely,
UNITED SECURITIES, INC.
&~
Pres iden t
deh
S1~i
CITY OF SALINA, KANSAS
APPLICATION FOR ISSUANCE OF INDUSTRIAL REVENUE BONDS
I. General Information
1. Applicant Name and Address:
Wh.u..ls V,^ ll'YV\ ,'-k..J) ~c..
:r- -to ~\t\,J O~ 1.0 S-t-ree..-t
SQ.l.' ~Q. J 1< a. "" .s Q.,J ~ 1 t.f a I
2.
Name, address and telephone
to proposed bonds:
number of person to contact in
O.'c.k Se.wc.ll .
c/o w~~e.l.5 V.... \; IfY\ ,-led J
q \ 3 - l?"2- S'"" - 2."'2.. '1 I
regards
~c..
3.
Name and ad~ess of atto~ey for applicant:
re. ~ 1-. f"'~.Ae.......so \0-..
p. O. ~OX \3'+3 I t l.-'1 5. c?tk
.... ....
)C\ /: V\.~ I ~a. V\S4$
-
4. Nature of applicant I s business:
-rrv c.k $1:.\ \~...s
~ "" J s;.R.;v v i c..e..
5.
Name and
ad~e~~ qf ~derw~i~er for issue:
Vr\ \ 1'CA ~c..l.lr loMas... -:.r::"..c..\,
C,'f o~ -rw~ <3v "\~i~
\~ ,'c.h: \<:Q . 0..5 ~1) '1-
....
6. Estimated amount of issue $
J.{. 0 0 J 000
,
'}.,o
7. Number of years for maturity of bonds
II. Use of Bond Proceeds
1. Amount requested for purchase
of land
$ tJ 0 n..ll...
$ 400 00t)
J
.
$ N. i"\.f.
No
2 . Amount requested for land im-
provements (buildings)
3. Amount requested for machinery
and equipment
4. Will the issue refinance an
existing project?
5. Is the proposed project an
expansion or replacement of
another existing facility?
Ye.,$
III. Proposed Facilities:
1. Location of proposed
facility
:r-(O aV\J Oh~o 5~+
SQ.I .. ~ I<Q. '^ sa....s
) -
2. What business is proposed by
the applicant?
Trvc.k Sq! e.....s o..~d
.
S/4Jr v \ c...Gt..
3. List the products or services
to be rendered:
Nf..,VJ ().V\,J IJ.sAd +('vc:..k vt\\'h ,,'/'\d fo..~+r +-h.~.tor
4. Will the applicant be in
competition with any local
firms?
If so, name the firms:
;f - J ~tt V"" Ie. lC"Jfo '" ",V ( J
4""iW\ 5vlllv~ "'Ole.'t-..J ~C.)
5. What percentage of the facility
will be occupied by the applicant?
'OO/c:)
IV. Ownership and Management
1. Describe the organizational
structure of the firm (proprie-
tership, partnership, subsidiary,
corporation, etc.):
Co (' f" ('"r>. 1'0 ""
2 . List the names of principal
partners, owners and/or officers
of the applicant firm:
6'e.roJd L. W~d~er I P~S"~+
,
O\'C. \( $.(.. ~ I G ~c..rt...~.J - T ~Sv'rl!..or
()cO b W (Are...; &e.A^. ~ ~ 1 M (AV\ A.:j.eJr
V. Financial Responsibility
1. How many years has the applicant
been L, business?
.$ \ ';(
~ t/ol 000
10 6.. .fv ., ^ ~ 5 k-d
2. Amount of equity capital to
be furnished by applicant
3. What is the applicant firm 's
Dun & Bradstreet rating?
4.
List assets applicant will
pledge to secure the revenue
bonds
~1-\V'e.
( I ~ V'\d c.~J
~c; \ l\~
\mp{'O~--h)
5. List any person or firm who
will act as guarantors for bonds
VI. Marketing of Bonds
1. Will bonds be sold as a
public offering?
No
2. Have arrangements for the
marketing of the bonds been
made?
y~s
3. Has the tenant investigated
conventional financing?
Ye.s
VII. Measure of Economic Growth and Benefit
1. What percentage of sales will
be sold locally?
To b..- {u'YI ~ sh~ J
2. What is the estimated amount
of merchandise and services
purchased locally per year?
to ~ .f,;v~.' sk J
3. How many people will the
project employ?
4-5' '
4. How many new jobs will be
created?
10
VIII. In order to facilitate the timely processing of ~~e application,
please attach as part of the proposal the following items:
1. Copy of firm's audited financial statements for the past two
years.
2. Interim financial statements, to date, for the current fiscal
year.
IX. Applicant Agrees To
1. Pay any payment L."'l lieu of taxes required by the City.
2.::iU1~d data required by
Re - .~
the City.
~~b.,...r 1~/l'1~Q
Dat
Ti t1 fl- -fl-o f" 1'\ ~
JLW HOLDING CO}~.~Y, INC.
Paxton, Illinois
CONSOLIDATED FINANCIAL STATEMENTS
and
ACCOUNT&~TS' REPORT
April 30, 1980
TABLE OF CONTENTS
Page
Number
ACCOUNTANTS' REPORT
1
FINANCIAL STAT~ffiNTS
Statement 1 - 'Consolidated Balance Sheet 3
2 - Consolidated Statements of Stockholder's Equity 4
3 - Consolidated Statement of Operations 5
l~ - Consolidated Statement of Changes in
Financial Position 6
Notes to Financial Statements 7
<&~ /jfiUvh:tJ8R/ <r t1~
~.
t?~ (ff~ ~ t?~
CERTIFIED PUBLIC ACCOUNTANTS . COLORADO . ILLINOIS . INDIANA . KANSAS . MISSOURI . 'OHIO . WISCONSIN
Board of Directors
JLW Holding Company, Inc.
Paxton, Illinois
We have examined the consolidated balance sheet of JLW Holding
Company, Inc. as of April 30, 1980, and the related consolidated state-
ments of, stockholder"s equity, operations, and changes in financial
posttion 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 circrnnstances.
In our op1n1on, the accompanying consolidated financial statements
present fairly the financial position of JL\~ Holding Company, Inc. at
April 30, 1980, and the results or its operations and the changes in its
financial position for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that
of the preceding year.
U~/~~~U.
Champaign, Illinois
June 5, 1980
- 1 -
Members of Amencan Institute of CertIfied Public Accountants
JUl HOLDBG COMPANY, INC.
CO~SOLIDATED BAL<~~CE SHEET
April 30, 1980
Current assets (Note 7)
Cash on hand and in banks
Accounts receivable:
Trade
Factory holdbacks and
warranty claims
Notes receivable
Total
Less allowance for
uncollectible accounts
Inventories:
Trucks and trailers
Parts, accessories and
~a~.! !!!a !:e~ials
Prepaid expense
Property and eauipment (Note 7)
ASSETS
Lease and rental units
Machinery, shop and accessory equipment
Company vehicles
Furniture and fixtures
Leasehold improvements
Total - at cost
Less cost charged to
operations to date
Total assets
- 2 -
$ 366,001
166,368
7,541
$ 539,910
34,153
$2,371,982
2,712,921
$ 193,281
505,757
5,084,903
98,407
$ 812,728
228,610
743,818
46,100
595,226
$2,426,482
1,171,206
$5,882,348
1,255,276
$7,137,624
I
~
!
j
1
I
i
,
I
I
I
~
1
f.
i
8
6
4
Jt!'''
-\.~
.,
LIABI~ITIES AND STOCKHOLDER'S EQUITY
Current liabilities
Accounts payable
Deferred rental income
Floor plan notes payable (Note 7)
Working capital notes payable (Note 7)
Lease notes payable, current
maturities (Note 7)
Other accrued liabilities
Long-term liabilities
Lease notes payable, less current
maturities included above (Note 7)
Netes payable to bank (Xote 7)
Total liabilities
Commitments and contingencies (Notes 4, 5 and 6)
Stockholder's equity (Statement 2) (Note 2)
Common stock, no par value, 1000 shares
authorized, 100 shares issued and
outstanding - at stated value
Capital contributed in excess of stated value
Retained earnings
Total liab~lities and stockholder's equity
$ 268,503
61,480
2,269,705
1,100,000
239,694
360,067
$ 333,153
260,000
$ 1,000
130,426
2,113,596
Statement 1
$4,299,449
593,153
$4,892,602
2,245,022
$7.137.624
These financial stateoents should be read only in conne~tion with the
accompanying accountants' report and notes to financial statements.
- 3 -
t:?4fMJ (fl:t/det-kM' 'i?- {)6l'.
JLW HOLDING COMPfu~, INC.
CONSOLIDATED STATE~ffiNT OF STOCKHOLDER'S EQUITY
Year Ended April 30, 1980
Common
Stock
Balance, ~~y 1, 1979.
$1,000
Retained earnings (deficit) of merged
corporation in pooling of interests
(Note 2)
Capital acquired in pooling of
interests (Note 2)
Net income (Statement 3)
Balance, April 30, 1980
(Statement 1)
$1.000
Capital
Contributed
in Excess of
Stated Value
$ 50,426
80,000
$130.426
Statement 2
Retained
Earnings
$1,717,491
(4,190)
400,295
$2.113.596
These.financial statements should be rend only in connection with the
accompanying accountants' report and notes to financial statements.
- 4 -
t?~ :t1lUf~k'lMIl/ ~ (e&:
.........~
Statement 3
JLH HOLDING COMPANY, INC.
CONSOLIDATED STATE}~T OF OPERATIONS
Year Ended April 30, 1980
Sales and cost of sales
Sales
Cost of sales
Gross profit on sales
Lease income
$18,911,323
12,974,361
$ 5,936,962
248,430
$ 6,185,392
Expense
Operating, selling, general,. and ~
administrative expense (Note 6)
Depreciation and amortization
Interest on long-term and short-term debt
Net income (Statement 2)
$4,887,097
331,410
490,460 5,708,967
$ 476,425
148,661
$ 625,086
224,791
S 400.295
Net income on operations
Other income (Note 10)
Net income before income taxes
Income taxes (Note 8)
The.se financial stateI:lents -should be read only in connection ~./'ith the
accompanying accountants' report and notes to fin~ncial statements.
- 5 -
~~P, ~1/ldeWM' r C?&-.
Statement 4
JUl HOLDING Cm1PANY, INC.
CONSOLIDATED STATEHENT OF CHAi'IGES IN FINANCIAL POSITION
Year Ended April 30, 1980
Funds were provided by
Operations:
Net income
Charges and credits to operations
not affecting funds:
Depreciation and amortization
Gain on sale of equipment
Proceeds from sale of equipment
Pooling of interests - net
$400,295
331,410
(20,960)
$710,745
37,811
75,810
$824.366
Total funds provided
Funds were applied to
Purchase of property and equipment
Decrease in long-term debt maturities
Increase in working capital
Total funds applied
$336,280
132,062
356,024
$824.366
CHANGES IN WORKING CAPITAL
April 30,
1980 1979
. Increase
(Decrease)
Current assets
Cash on hand and in bank
Accounts and notes receivable
Inventories
Prepaid expense
Working capital
$ 193,281 $ 102,370 $ 90,911
505,757 699,318 (193,561)
5,084,903 3,840,161 1,244,742
98,407 88,050 10,357
$5,882,348 $4,729,899 $1,152,449
$ 268,503 $ 269,599 $ (1,096 )
61,430 41,209 20,271
2,269,705 2,419,157 (149,452)
1,100,000 1,100,000
239,694 169,511 70,183
373,700 (373,700)
360,067 229,848 130,219
$4,299,449 $3,503,024 $ 796,425
S1.582.899 S1.226,875 S 356,024
Total current assets
Current liabilities
Accounts payable
Deferred income
Floor plan notes payable
Working capital notes ?2yable
Current maturities or lease
notes payable
Federal and state income taxes
Other accrued liabilities
Total current liabilities
These financial statements should be read only in connection with the
accompanying accountants' report and notes to financial statements.
- 6 -
. t:?1f~ (f/Wldet4<J# <r- {5&;
JLW HOLDING Cm1PAJ.'lY, INC.
NOTES TO FINANCIAL STATENENTS
April 30, 1980
Note 1 - Summary of significant accounting policies
Significant accounting policies followed by the corporation are
presen ted belo'ol:
A - Principles of consolidation
The consolidated financial statements include the assets,
liabilities, revenues and expenses of all subsidiaries.
All significant intercompany transactions have been eliminated
in consolidation.
B - Inventories
Inventories are carried at the 1110wer of cost or market
value. II Cost is determin.ed by the "specific identification"
basis of accounting for truck, tire and fertilizer bed
inventories and on the "first-in, first-out" basis of
accounting for all other inventories. Supplies are expensed
as purchased.
C - Property and equipment
Property and equipment are carried at cost. Expenditures
for replacements are capitalized and the replaced items are
retired. ~Iaintenance and repairs are charged to operations.
Gains and losses from the sale of property are included in
operations.
Items :of machinery and equipment and furniture and fixtures
are being depreciated on the straight-line or declining
balance method over lives ranging generally from two to ten
years.
&~ortization of leasehold improvements is computed on the
straight-line method over the lives of the respective
leases.
The Company uses the same methods of depreciation and
amortization in determining taxable income.
(continued)
-7-
<6'~ :J!ilutf~'l~ r {<?~;
.,...........~._--
JLW HOLDING COHPANY, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, 1980
D - Investment credit
Investment credit on purchased equipment is accounted for
on the "flow-through" method, i. e., as a direct reduction
of income t~~es in the year in which assets are placed in
service.
Note 2 - Business combinations
During the fiscal year ending April 30, 1980 the following
business combination transactions were effected in order to
stream line the administration of the affected business units.
1. Wheels Unlimited'of Kansas, Inc., an unconsolidated sister
corporation was merged into ~fheels Unlimited, Inc. effective
December 2, 1979. This merger was a statuatory type A
merger which essentially resulted in a pooling of interests.
Operating results of the combined entity reflect only those
income and expense items derived from \.:heels Unlimited, .
Inc. before the merger and the combined activity subsequent
to the merger date. Therefore, separate results of \{heels
Unlimited of Kansas are not required or herein provided.
The fiscal years of both organizations were identical and
remain unchanged before and after merger.
2. Wheels Leasing, Inc., a wholly mmed subsidiary of r,..'heels
Unlimited, Inc. was "spun off" and became a wholly owLled
subsidiary of the parent company, JLW Holding Company, Inc.
3. Agricultural Commercial Inc., a wholly o~Lled subsidiary of
Big Wheels, Inc. was "spun off" and becat4e a wholly owned
subsidiary of the parent company, JLiI Holding Company, Inc.
4. Big \fheels of Kansas, Inc., a consolidated sister company,
formed during the current fiscal year to accommodate third
party requirements, was merged into I':heels U~limited, Inc.
effective April 30, 1980. The business purpose of the
formation of this corporation was obviated by franchise
terminations accomplished by the merging parties. Therefore,
this organization engaged in no operational activities and
the entirety of the merger consisted of combining cash and
equity exclusively.
(continued)
t:?lItWl~ (fjlUldetJ<J!V q:- <(-?&-;
-8-
JU1 HOLDING CmlPANY, INC.
NOTES TO FI~ANCIAL STATE1ENTS
April 30, 1980
Note 3 - Cnange of business name
On May 2, 1979, a Certificate of .~endment to the Certificate
of Incorporation of JLW, Inc. was filed with the Delaware
Secretary of State changing the name of the corporation to JLW
Holding Company, Inc.
Note 4 - Leases
On August 1, 1974, Big Hheels, Inc. and Wheels Unlimited, Inc.
entered into 20 year lease agreements with Gerald L. Widmer for
the land and existing building referred to in Note 6. The
Companies are responsible for expense of the property including,
but not limited to, taxes, insurance, and repairs. If the
Companies are not in substantial default of the lease,s upon
expiration of the regular terms, they shall have the option or
renewing the leases for two consecutive five year periods.
Future commitments under these noncancellable leases are as
follows:
Year Ended April 30
Real Estate Leases
1981
1982
1983
1984
1985
1986-1990
1991-1995
$ 36,000
36,000
36,000
36,000
36,000
180,000
153,000
$513 .000
Subsequent to the year end on ~~y 1, 1980 a triple net lease
agreement has been executed by ~~eels Unlimited, Inc. providing
for the leasing of real and personal property in Salina, Kansas.
Such lease provides for 'rental payments of $1,750 per month for
the term of the lease. The specific term and duration of the
lease is to be determined subsequent to thi? report.
(continued)
-9-
<0'if<m; JJ;u<<ktkifl.' ~ C?o-;
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JLW HOLDING CO~~.~~, INC.
NOTES TO FIN.AI~CIAL STATEHENTS
April 30, 1980
Note 5 - Profit sharing pl~
The Companies have adopted two profit sharing plans which have
been approved by the Internal Revenue Service. Contributions
to the plans are calculated from 0 to 15% of eligible plan
participants \~ages at the discretion of the Companies' Board of
Directors. Contributions to the Big lfueels, Inc. Integrated
Profit Sharing Plan and Big ~fuee1s, Inc. Nonintegrated Profit
Sharing Plan totaled $3,997 and $15,694, respectively.
Note 6 - Related parties
Gerald L. Widmer, sole stockholder of JLW Holding Company,
Inc., leases the land and building (see Note 4) which constitutes
a portion of the operating facility of the Companies. .
Mr. Widmer personally owns various patents critical to the
production of Big Hheels'$l units.
During the current year the Com~anies transferred $116,613 in
cash and credits to Big ~~eels International, Inc., a Domestic
International Sales Corporation which is not a part of the
con~olidated group.
Note 7 - Notes payable
Floor plan notes payable and working capital notes payable are
secured by virtually all assets of the Corporations. Current
loan agreements provide for credit lines t~taling $3,600,000.
This includes new and used trucks, trailers and agricultural
equipment interest bearing floor plan notes of $1,700,000 and
\Jorking capital notes, per~anent and overlines, totaling
$1,900,000. At April 30, 1980, advances against these agreements
were $636,877 and $1,100,000, respectively. These agreements
are annually renegotiated in July utilizing the First ~ational
Bank in Champaign as the primary lender ,,-ith the Continental
Illinois National Bank' and Trust of Chicago and First National
Bank and Trust of Salina, Kansas for overlines as required.
(continued)
-10-
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JLH HOLDING CaMP ANY, ruC.
NOTES TO FINfu~CIAL STATEHENTS
April 30, 1980
Toe mortgage pay?-ble on the plant site o~~ed by Gerald L.
widmer is payable to the First National Bank in Champaign with
overline to the Jefferson Bank and Trust Co. of Peoria, Illinois.
It is payable in equal annual installments of $130,000 with
interest payable monthly. The next principal payment is due
July 1, 1981.
Virtually all of the above debts are also secured by the personal
guarantee of Mr. Widmer.
Lease notes payable are secured by the leased equipment and
assignment of the related leases (see Note 9).
Notes payable at April 30, 1980 are summarized as follows:
Payable to Current Long-term Total
Floor ~lan notes payable $ 636,877 $ $ 636,877
Non-interesting bearing floor
plan notes payable to
General Hotors Company (trucks
which are still in the interest
free period) 1,632,828 1,632,828
Total floor plan notes payable $2,269,705 $ $2,269,705
Working capital notes payable 1,100,000 1,100,000
:'1ortgage notes payable 260,000 260,000
Lease notes payable 239,694 333,153 572,847
Total notes payable $3.609.399 S593.153 $4.202.552
(continued)
-11-
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JLW HOLDING COMPA1~, INC.
NOTES TO FINANCIAL STATE}lENTS
April 30, 1980
Note 8 - Income taxes
Income taxes are as follows:
Federal income taxes
Less:
Investment tax credit
Net benefit of new jobs
tax credit carryover
$237,051
(25,605)
(28,691)
Total
Add: Investment tax credit recaptured
$182,755
3,002
Federal income taxes
State income taxes
$185,757
39,034
Total
S224.791
Note 9 - Segment information
Summaries of industry segment and geographic data follows:
Big ~fueels, Inc. manufactures Big wneels~units used for
~
fertilization &~d sludge operations. It markets its
products worldwide.
Agricultural Commercial, Inc. is in the business of leasing
Big ~{heels@Dunits and serves the same geographic area as
Big ~beels, Inc. The leases, which are for terms of five
years or less, are classified as operating leases by FASB
13. Hinimun future lease corr.:nitments receivable under
noncancellable leases are as follows:
(continued)
-12-
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JLW HOLDING CQ}!PAi~Y, INC.
NOTES TO FINANCL\L STATfu'1ENTS
April 30, 1980
Year Ended April 30
Equipment Leases
Receivables Notes Payable
1981
1982
1983
1984
1985
$301,905
243,166
134,361
87,123
40,024
$806.579
$239,694
196,614
119,142
85,129
40,024
$680.603
Wheels Unlimited, Inc. is a franchised dealer for: GHC
Truck and Coach, Dorsey Trailers, Cummins, Caterpillar, and
Detroit Diesel Allison. Its activities include sales,
servic.e and replacement parts supply for the Hidtvest.
~fueels Leasing. Inc. is a )e~~ing company whose leases are
classified as sales~type'leases by FASB 13. Minimum future
lease commitments receivable under noncancellable leases
are as follows:
Equipment Leases
Year Ended April 30 Receivables Notes Payable
1981 $ 22,892 $ 21,203
1982 6,173 6,939
1983
1984
1985
$ 29.065 $ 28.142
Significant segment financial information is summarized as
follot./s:
(continued)
-13-
. t?~ (ff:u<<kt~. ~ {?tJ:
IdentiCiable assets
Current assets
Cash on hand and in bank
Accounts and notes receivable
Inventories:
Trucks and trailers
Part:>, accessories and raw materials
Prepaid expense
Prepaid taxes
Total current assets
Property and equipment - at cost
Less cost charged to operations to date
Totnl pL.opl.lr ty and equipment
Total aBBetll
I
~
Identifiable liabilities
Current liabilities
Accounts payable
Deferred rental income
Floor plan notes payable
Working capital notes payable
l.euBe lIotes pUYllb1e - current: maturitiea
Other accrued liabilities
Total current liabilities
Long-term liabilities
Stockholder I s equity
Total liabilities and stockholder's equity
Cupital expenditures
Sales nnd cost of sales
Sales and lease income
Cost of sales
~
.~
l~
~
~
~
~
~
~
Cross profit
Expcl~
Operating, selling, general and
administrative expense
Depreciation and amortization
Interl.lst on long-term and short-term debt
Total expense
Net income on operations
Other income
Net income before income taxes
Inca_me taxes
Nl't income
JLW 1I01ding
Company, Inc.
Unconsolidated
$
7,014
$
$
7,014
$
$ 7,014
$
$
$
$
7 ,014
Ll..9.H
L -
~
$
$
$
$
$
528,000
ll~~. 000
Big Wheels,
Inc,
$ 130,685
308,896
1,706,763
2,293,076
47,629
23 ,175
l4.510.224
$ 1,506,404 $
747,305
Wheels
Unlimited
Inc.
$ 31,603
189,840
665,219
419,845
5,170
217,558
$1,529,235
107,350
69,106
$ 759,099 $ 38,2~4
~5,269~~ $1,567,479
. $ 208,561 $
, 1,621,852
1,155,000
295,839
$ 3,281,258 $
$ 260,000 $
$ 1,728,065 $
59,816
647,853
43,341
751,070
816,409
U..?f1.2,l.U ll...lQJ.A12
$ 1 U , Q5..Q 1-..1.2..J!21
$13,709,211
8,768,7/.5
$9,552,864
8,477 ,040
$ 4,940,472 $1,075,824
$4,174,614 $
204,769
289,451
$ 4,668,834 $
$ 271,638 $
108,712
766,391
19,573
143,553
929,517
146,307
.t__180.1lQ ~ 221...aU
81,558
Agricultural
Commercial,
Inc.
$
19,144
55,000
$
31,568
111,712
$1,097,425
495,336
$ 602,089
$ 713,801
$
60
56,785
$
$
$
239,694
20,853
317,392
333,153
63,256
U1).!HlJ.
L-].28_,m
$ 241,122
$
241,122
$
34,852
150,472
60,792
$
$
246 ,116
(4,994)
20,356
$
n.li
Wheels
Leasing
Inc.
$ 4,835
7,021
2,645
$14,501
$
Adjustments
and
Eliminations
JLW Holding
Company, Inc.
C\lnsolidated
$ $ 193,281
(55,000) 505,757
2,371,982
2,712,921
(332) 52,467
(235,006) . 45:940
1-!1~) $ 5,882 348
$ (284,697)
-.-Jl40,5li)
$ 2,426,482
1,171,206
$ ~ (14/1,156) $ 1,255,276
,Sl.4,501 $ (434,494) S 7.UL,tlll
$
4.695
366
$ 5,061
$
$ 9.440
$
$
$
$
(55,000)
(332)
(~j ,332)
.114-1?01 L{43~,~94)
(379 ,1(2)
.L..--=---. ~
$ 6,421 $(4,349,871)
(4 ,271,424)
$ 6,421 $
$ 1,240 $
3,586
$ 4,826 $
$ 1,595 $
(78,447)
(90,000)
(43,404)
(6,922)
(140,326)
61,879
(589,965)
.L.L222 L~ 28 .ill!.n)
$
268,503
61,480
2 ,26~, 705
1,100,000
239,694
360,067
$ 4,299,449
. $ 593.ill
U,245,022
~LlL.H~
L__U{>,.21l~
$19,159,753
12,974,361
$ 6,185,392
$ 4,887,097
331,410
490,460
$ 5,708,967
$ 476,425
148,661
$ 625.086.
224 , 791
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JLW HOLDING COMPANY, INC.
NOTES TO FINA.'\CIAL STATEHENTS
April 30, 1980
Note 10 - Other income
The items included in other income are summarized as follows:
Net gain on sale of fixed assets
Income from the lime-sludge
operation
Net cash discounts
Batch plant delivery
$ 20,960
75,998
42,066
9,637
$148.661
This information should be read only in connection with
the accompanying accountants' report.
-15-
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JLW HOLDING Cm~ANY, INC.
Paxton, Illinois
CO~SOLIDATED FINANCIAL STATEMENTS
and
ACCOUNT~~TSr REPORT
April 30, 1979
TABLE OF CONTENTS
Page
Number
ACCOUNT}u~TS' REPORT
1
FINANCIAL STAT~lENTS
Statement 1 - Consolidated Balance Sheet
2 - Consolidated Statement of Retained Earnings
3 - Consolidated Statement of Operations
4 - Consolidated Statement of Changes in
Financial Position
2
3
4
5
Notes to Financial Statements
6
~1
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CERTIFIED PUBLIC ACCOUNTANTS
COLORADO
IlliNOIS
KANSAS
MISSOURI
OHIO
WISCONSIN
-~
Board of Directors
JLW Holding Company, Inc.
Paxton, Illinois
We have examined the consolidated balance sheet of JLW Holding Company,
Inc. as or April 30, 1979 and the related consolidated statements of retained
earnings, operations, and changes in financial position for the year then
ended. Our examination was made in accordance with generally accepted audit-
ing 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 accompany~ng consolidated financial statements
present fairly the financial position of JLW Holding Company, Inc. at April
30, 1979, and the results of its operations and the changes in its financial
position for the year then ended, in conformity with generally accepted
accounting principles.
~L6~ ,
c 0_~~ fG~
Champaign, Illinois
May 31, 1979
-1-
~embe's of American Institute of Certified Public Accountants
I
N
I
J
.~
.~
~
~
'f(
~
~
Current Assets (Note 7)
Cash on hand and in banks
Accounts receivable:
Trada
Factory holdbacks and
warranty claims
Notes receivable (Note 6)
Total
Less allowance for
uncollectible accounts
Inventories:
Trucks and trailers (Note
Parts, nccessories and
rm. materials
Prepaid expenses
Property and equipment (Note 7)
Lease and rental units
Machinery, shop and accessory
equipment
Company vehicles
Furniture and fixtures
Leasehold improvements
Total - at cost
Less cost charged to
operations to date
Total assels
, I < :~ ~!'. >
JL\~ HOLDING Cffill'ANY, INC.
CONSOLIDATED lIALANCE SHEET
April 30, 1'179
~.
$ 102,370
$ 394,826
230,478
_98,014
$ 723,318
24 ,000 699,318
7) $2,269,750
1,570,411 3,840,161
88,050 ~4,729,899
$ 611,293
213,969
706,997
45,211
589,2/18
$2,166,718
899,461 1,267,257
~~~~
Current liabilities
LIABILITIES AND STOCKHOLDER 'S EQUlTY
Accounts payable
DeCerred rental income
nuor plan note" payable (Note 7)
NoLes payable to bank, current
maturities (Note 7)
Federal and state income. taxes (Note 8)
Other accrued liabilities
LanA-term liabilities
Notes payable to bank, less current
maturities included above (Note 7)
COllUnitments and contingencies (Notes
4,5 and 6)
Stockholder's equity (Note 2)
Common sLack, no par value, 1,000
Shill"eS authorized, 100 shares
issucd anJ out:;tanding - at stnted
value
Cnpitnl contributed in excess of
stated value
Retaified earnings (Statement 2)
Total liabilities and
stockholder's equity
These financial statements should he read only in connection with the
accompanying accountants t rCI>ort and notcs to financial s tn tements.
$ 269,599
41,209
2,419,157
169,511
373,700
229,848
$ 1,000
50,426
1. 717 ,491
Statement 1
$3,503,024
725,215
1.768.917
$5.997.156
~.~
. .~~:
~~
Statement 2
JL'IV HOLDING Cm-iF ANY, INC.
CONSOLIDATED STATEHENT OF RETAINED EARNINGS
Year Ended April 30, 1979
Retained earnings, ~~y 1, 1978
$1,256,186
Addition
Net income (Statement 3)
471,305
Total
$1,727 ,491
Deduc tion
Cash dividends, COI!llllon stock,
$10.00 per share
10,000 .
Retained earnings, April 30,
1979 (Statement 1)
$1. 717 .491
These financial statements should be read only in connection with the
accompanying accountants' report and notes to financial statements.
-3-
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Statement 3
t
j
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,
I
JUl HOLDING COMPANY, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended April 30, 1979
Sales and cost of sales
Unit sales department
Service department
Parts department
Lease income
Total
Expenses
Operating, selling, general
and administrative expense (Note 6)
Depreciation and amortization
Interest on long-term and short-term
debt
Net income on operations
Other income
Refund of federal excise tax
All other (Note 10)
Net income before
income taxes
Income taxes (Note 8)
Net income (Statement 2)
Sales
$13,284,542
407,205
1,609,08R
279,750
$15.580.585
Cost of Gross
Sales Profit
$ 8,660,451 $4,624~091
269~092 138,113
1,244,556 364~532
279,750
$10.174.099 $5,406,486
$~ .281,77 5
377 , 261
372~132 ~31,168
$ 375.318'
$267,446
202,241
469~687
$ 845,005
171,700
$ 471.305
These financial statements should. be read only in connection with the
accompanying accountants' report and notes to financial statements.
-4-
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Statement 4
JLW HOLDING COMPANY, INC.
CONSOLIDATED STAT~mNT OF CHANGES IN FINANCIAL POSITION
Year Ended April 30, 1979
Funds were provided by
Operations:
Net income
Charges and credits to operations
not affecting funds:
Depreciation and amortization
Gain on sale of equipment
Proceeds from the sale of equipment
$471,305
Total funds provided
377 , 261
(108,404) $740.162
164,044
$904,206
Funds were applied to
Purchase of property and equipment
Reduction in long-term maturities of
notes payable to bank
Payment of cash dividends
Increase in working capital
Total funds applied
$305,034
462,184
10,000
126.988
$904,206
CHANGES IN WORKING CAPITAL
April 30,
1978
1979 (Note 2)
Increase
(Decrease)
Current assets
Cash on hand and in bank
Accounts and notes receivable
Inventories
Prepaid expenses
\-lorking capital
$ 102,370 $ 124,308 $(21,938)
699,318 821,629 (122,311)
3,840,161 3,345,204 494,957
88.050 297,361 (209.311)
$4,729,899 $4,588,502 $141,397
$ 269,599 $ 181,789 $ 87,810
41,209 50,677 (9,468)
2,419,157 2,281,691 137,466
740,000 (740,000)
l69,511 65,389 104,122
373,700 373,700
229,848 169,069 60,779
$3,503,024 $3,488,615 $ 14,409
$1,226.875 $1.099.887 $126.988
Total current assets
Current liabilities
Accounts payable
Deferred income
Floor plan notes payable
Notes payable to bank - short-term debt
Current maturities of long-term debt
Federal and state income taxes
Other accrued liabilities
Total current liabilities
These. financial statements should be read only in connection with the
accompanying accountants' report and notes to financial statements.
-5-
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JLW HOLDING COMPANY, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, 1979
Note 1 - Summary of significant accounting policies
JLW Holding Company, Inc. was incorporated as JLW, Inc. (See Note 3) on
}~y 1, 1978 in the State of Delaware for the purpose of serving as a
holding company for the wholly-owned subsidiaries, Big Wheels, Inc.
and Wheels Unlimited, Inc.
Significant accounting policies followed by the corporation are
presented below:
A - Principles of consolidation
The consolidated financial statements include the assets,
liabilities, revenues and expenses of all subsidiaries.
All significant intercompany transactions have been
eliminated in consolidation.
B - Inventories
Inventories are carried at the "lower of cost or market
value." Cost is determined by the "specific identification"
basis of accounting for truck, tire and fertilizer bed inven-
tories and on the "first-in, first-out" basis 'of accounting
for all other inventories. Supplies are expensed as
purchased.
C - Property and equipment
Property and equipment are carried at cost. Expenditures for
replacements are capitalized and the replaced items are retired.
Maintenance and repairs are charged to operations. Gains
and losses from the sale of property are included in operations.
Items-of machinery and equipment and furniture and fixtures
are being depreciated on the straight-line or declining
balance method over lives ranging generally from two to
ten "years.
Amortization of leasehold improvements is computed on the
straight-line method over the lives of the respective leases.
The Company uses the same methods of depreciation and
amortization in determining taxable income.
D - Investment credit
Investment credit on purchased equipment is accounted for on
the "fIOtJ-through" .method, Le., as a direct reduction of income
taxes in the year in which assets are placed in service.
(continued)
-6-
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JLW HOLDING COMPANY, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, 1979
Note 2 - Business combination
On }~y 1, 1978 all the outstanding capital stock of Big \fheels, Inc.
and \fheels Unlimited, Inc. was exchanged under Internal Revenue Code
Section 351 by Gerald L. Widmer, sole stockholder for 100 shares
of common stock of JLW, Inc. (Note 3). The transfer, which includes
Agricultural Commercial Incorporated, a wholly-owned subsidiary of
Big \fheels, Inc., and Wheels Leasing, Inc., a wholly-owned sub-
sidiary of ~~eels Unlimited, Inc., has been accounted for by the
pooling of interest method of accounting. All subsidiary companies
had the common year end of April 30 and followed the same basic
accounting practices. As a result, there are no transactions
included in the combined net income for periods before the combi-
nation was consummated, nor was any adjustment of net assets
required of the combining companies.
Note 3 - Chan~e of business name
Subsequent to the fiscal year end on May 2, 1979, a Certificate of
Amendment to the Certificate of Incorporation of JLW, Inc. was
filed with the Delaware Secretary of State changing the name of the
corporation to JLW Holding Company, Inc.
Note 4 - Leases
On August 1, 1974, the Companies entered into 10 year lease agree-
ments with Gerald L. Widmer for the land and existing building referred
to in Note 6. The Companies are responsible for expense of the
property including, but not limited to, taxes, insurance, and repairs.
If the Companies are not in substantial default of the leases upon
expiration of the regular terms, they shall have the option of
renewing the leases for two consecutive five year periods.
Future commitments under these noncancellable leases are as follows:
Year Ended April 30
Real Estate Leases
1980
1981
1982
1983
1984
1985-1989
1990-1994
1995
$ 36,000
36,000
36,000
36,000
36,000
180,000
180,000
9,000
5549,000
(continued)
-7-
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JLW HOLDING C~~ANY, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, .1979
Note 5 - Profit sharing plans
The Companies have adopted two profit sharing plans which have been
approved by the Internal Revenue Service. Contributions to the
plans are calculated from 0 to 15% of eligible plan participants
wages at the discretion of the Companies' Board of Directors.
Contributions,to the Big Wheels, Inc. Integrated Profit Sharing
Plan and Big Wheels, Inc. Non-integrated Profit Sharing Plan
totaled $4,350 and $13,700, respectively. Big Ifheels International,
Inc., a Domestic International Sales Corporation, is wholly-owned
by the Big IVheels, Inc. Integrated Profit Sharing Plan.
Note 6 - Related parties
Gerald L. Widmer, sole stockholder of JLW Holding Company, Inc.,
leases the land and building (see Note 4) which constitutes a
portion of the operating facility of the Companies.
Mr. Widmer personally o~vns various patents critical to the produc-
tion of "Big Wheels" units.
Mr. Widmer also has controlling interest of Wheels Unlimited of
Kansas, Inc. This creates a "controlled group" situation under
the Internal Revenue Code which requires a surtax exemption
apportionment. For the fiscal year ended April 30, 1979, the
entire surtax exemption was allocated to JLW Holding Company, Inc.
In addition, the Companies have entered into "Service Assistance
Agreements" with Ifheels Unlimited of Kansas, Inc. The agreements
compensate IVheels Unlimited of Kansas, Inc. for maintaining high
levels of General Motor's truck and parts inventory, for main-
taining a complete inventory of parts for Big Ifheels units, and
for extending service to "Big \fheels" units throughout the States
of Iow~, Nebraska, Kansas, Oklahoma and Texas. The agreement,
which can be terminated at any time on sixty days' wr,itten notice
by either party, calls for representatives of the Companies to
meet each year prior to April 30 and negotiate the service
assistance fee. Should the parties be unable to mutually agree
upon the amount of the service assistance fee in any year, the
agreement calls for independent arbitration to set the fee. The
Companies paid $175,000 to l{hee1s Unlimited of Kansas, Inc. under
such service assistnace agreements during the fiscal year ended
April 30, 1979.
The Companies have notes receivable from Wheels Unlimited of
Kansas, Inc. totaling $90,000 as of April 30, 1979.
( continued)
-8-
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JLW HOLDING COMPANY, INC.
NOTES TO FINAI~CIAL STATEHENTS
April 30, 1979
Note 6 - Related parties (continued)
The Companies are guarantors to the First National Bank and Trust
Co., Salina, Kansas, for Wheels Unlimited of Kansas, Inc. As of
April 30, 1979, the Companies were guarantors on notes totaling
$295,000.
During the current year the Companies transferred $121,775 to Big
Wheels International, Inc., a Domestic International Sales
Corporation. (Note 5)
Note 7 - Notes payable
Floor plan notes payable and working capital notes payable are secured
by virtually all assets of the Corporations. Current loan agreements
provide for lines of credit for $1,500,000 for floor plan notes for
new GMC trucks and Dorsey trailers and Sl,OOO,OOO for working capital.
At April 30, 1979, advances against these agreements were $882,249
and $-0-, respectively. These agreements are annually renegotiated
in July utilizing the First National Bank in Champaign as the primary
lender and the Continental Illinois National Bank and Trust of Chicago
for overlines as required. Ifhite trucks and trade-ins thereon are
floor planned to Ifhite Motor Credit Corporation.
The mortgage payable on the plant site o\voed by Gerald L. Widmer is
payable to the First National Bank in Champaign with over line to the
Jefferson Bank and Trust Co. of Peoria, Illinois. It is payable in
equal annual installments of $130,000 with interest payable monthly.
The next principal payment is due July 1, 1980. ~
Virtually all of the above debts are also secured by the personal
guarantee of Mr. Widmer.
Lease notes payable are secured by the leased equipment and assi~nment
of the related leases (see Note 9)
(continued)
-9-
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JLW HOLDING COMPANY, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, 1979
Note 7 - Notes payable (continued)
Notes payable at April 30, 1979 are summarized as follows:
Payable to Current Long-term Total
Floor plan notes payable to \.fuite
Motor Credit Corporation $ 375,626 $ $ 375,626
Floor plan notes payable to the
First National Bank In Champaign
(including a $621,441 overline
with Continental Illinois National
Bank and Trust of Chicago) 882,249 882,249
Non-interest bearing floor plan
, notes payable to Genera1'Motors
Company (trucks which are still
, in the interest free period) 1,161,282 1,161,282
Total floor plan
notes payabla. $2,419,157 $ $2,419,157
First National Bank In
Champaign:
Mortgage 390,000 390,000
Lease notes payable 169,511 335,215 504 ,726
Total notes payable $2,588,668 $725,215 $3,313,883
Note 8 - Income taxes
Income taxes are all due currently and are as follows:
Federal income taxes
Less:
Investment tax credit
Net benefit of new jobs
tax credit
Total
Add: Investment tax credit recaptured
$362,300
(13,100)
(22,500)
$326,700
11,800
Federal income taxes
State income taxes
$338,500
35,200
Total
$373.700
(continued)
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JLW HOLDING COMPANY, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, 1979
Note 9 - Segment information
Summaries of industry segment and geographic data follows:
Big \.Jheels, Inc. manufactures "Big \.Jheels" units used for
fertilization and sludge operations. It markets its products
throughout the United States and Canada.
Agriculture Commercial, Inc. is a wholly-o~vned subsidiary
of Big \.Jheels, Inc. The Company is in the business of
leasing "Big Hheels" units and serves the same geographic
area as Big wneels, Inc. The leases, which are for terms of
five years or less, are classified as operating leases by
FASB 13. Minimum future lease commitments receivable under
noncancellable leases are as follows:
Year Ended April 30'
1980
1981
1982
1983
1984
Equipnent Leases
Receivables Notes Payable
$235,558
235,558
169,968
54,312
7,075
$702.471
$169,511
169,511
121,499
39,123
5,082
$504.726
\.Jheels Unli~ited, Inc. is a franchised truck dealer for GMC Truck
and Coach and \.Jhite Motor Company, and a franchised dealer for
Dorsey trailers. Its activities include sales, service and replace-
ment parts supply for Central Illinois.
\.Jheels Leasing, Inc. is a wholly-o~vned subsidiary of \.Jheels
Unlimited, Inc. The Company is a leasing company whose leases
are classified as sales-type leases by FASB 13. Minimum future
lease commitments receivable under non-cancellable leases are
as follows:
Year Ended April 30
Equipment Leases
Receivables Notes Payable
1980
1981
1982
1983
1984
$ 32,829
26,204
9, 928
$ 29,977
23,402
4,360
$ 68,961
$ 57.739
Significant segment financial information is summarized as follows:
(continued)
-11-
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\~hel.'ls Aj?,ricu1tural \.Jhcels JLW Holding
~ Rig \.Jhee1s, Unlimited Commercial, l.easing Company, Inc.
Inc. Inc. Inc. Inc. Eliminations Consolidated
Sales and cost of sales
Sales $11,545,949 $8,375.663 $266,453 $ 13,297 $(4,620,777) $15,580,585
Cost of sales 7,244,839 7,476,439 (4,547.179) 10,174 .099
Gross profit $ 4,301.110 $ 899.221, $266.453 .Ll.Lill. $ (73,598) $ 5,406,486
Expcn~...:!.
Operating. !lclling, gencral and
administrative expense $ ).6Q6,305 $ 70I,!>5'> $ 33,739 $ 74 $ (139, 9~8) $ 4.281.775
Depreciation llnd omorci:l;at L0n 189,601, 14,SZO 21.'>.6111 (42,544) 377,261
Interest on long-term and :;hort-term debt L'n n7 -11J.'-'~.!.i~ ') 2-,-(,2 0 _IO,)~ --Q.,!!,-(~) __In, 132
__L.::....=...:-
Total expenses $ 4,109.836 $ 798,621 $302,040 $ 10,',53 $ (189,782) $ 5,031,168
Net income on operations $ 191.274 $ 100,(0) $ (35 , 587) $ 2,844 $ 116,184 $ 375.3]8
Other income
Refund of federal excise tax $ $ 267.,446 $ $ $ $ 267,446
All other 91,121 ~1.n.~. _-18 ,58.!.. 65,604 202,241
I
I-' Total other income $ 91.121 $ 274 ]81 $ 38.581 L__ $ 65,604 $ 1,69,687
N --'-"--
I
Net income before income taxes .L 28~L.~9i .LJL~-,_W-i i..1..m ~....1..84!i i ..J!l.1,]JHi i_ 845.il<l5
Identifiable assets
Current assets
C.:lsh on hand and in bank $ 38 . 336 $ '.2,288 $ 16.669 $ 5,077 $ $ 102,370
Accounts and notes receivable 417 ,1,34 1,1,9.978 100.063 8,014 (276,171) 699,318
Inventories:
Trucks and trailers 2.269,750 2,269.750
Parts) accessories and raw materials 1,155,884 414,527 1.570,411
Prepaid expenses _57 ,58!! ~}Q. t./,2 88,050
Total current assets $ 1,669,21.2 $3.207,005 $116 , 7)2 $ 13 , 091 $ (276,171) $ 4,729.899
~ Property and equipment
Lealic and rentill IInits $ $ $864,393 $ $ (253,100) $ 611.293
~ Machinery. shop and accessory equipment 183.671 30,298 213,969
Company vehicles 650,773 56,22/, 706.997
~ Furniture and fixtures 33,177 12,034 45,211
~~ Leasehold improvements _1!!.h876 5,]72 589.2/,8
Total .- at cost $ 1 ,fl.')] , I, 9 7 $!in. 9 fa -$864 ,393 $ $ (253.100) $ 2.166.718
Less cost chaq;ed to operations to datc -----1_(,!).,~I.!!~ (,7,1\51, ]71, '121 _...-ll~"Q.2Jl) 899 1,61
~ I=~!!,~:'~7!~ ___._:-L. ...._..~ :t-== -~
~ Total properly aod e<lulpUlcnt L-~!~..J~!l i'~~Q.,-'!l~ 1--D!.!i.t 0 71) $ l.267.25?.
~ 'fatal identifiable assets ~t-1_.5..'>fb!l.~~ Jih~~!~t.9l2. JMj.?"1.~Jl!1 -t,L~1tll i_(4~~A.l) L~.227 L112.
~ Capital <.!xpenditures i _n~39.1i!1 ,t.__l...o..QQ .tni8.2,ll ~ -":'-- i. i 305...0}i
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NOTES TO FINANCI.~ STATErffiNTS
April 30, 1979
Note 10 - Other income
The items included in other income are summarized as follows:
Net gain on sale of fixed assets
Income from the lime-sludge
operation
Net cash discounts
Batch plant delivery
Hiscellaneous
$108,404
40,802
30,533
9,678
12,824
$202.241
~.
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~
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This information should be read only in connection with
the accompanying accountants' report.
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