Statements
Since the audited financial statements of the two companies now involved in our operations do not provide useful information for these purposes, we have internally produced the following statements using the information provided by the audited statements. The audited statements of Revelstoke Community Forest Corporation and of RCFC Holding Company Ltd. are available at our office in City Hall should anyone wish to view them.
|
STATEMENT OF OPERATIONS & RETAINED EARNINGS |
| For the year ended April 30 | RCFC
Holding
Company Ltd.
Consolidated
2001 | Revelstoke
Community
Forest
Corporation
2000 | | Revenue | | | | Timber Sales | 6,996,673 | 6,415,990 | | Amortization of deferred revenue | 39,605 | 39,605 | | Other | 16,929 | 31,975 | | |
| | | $7,053,207 | $6,487,570 | | | | | | Cost of Goods Sold | | | | Logs | 4,045,421 | 3,535,426 | | Operating Expenses | 1,813,279 | 1,853,287 | | Tree Farm Management | 113,502 | 155,947 | | Closing Log Inventory | (65,944) | | | |
| | | 5,906,258 | 5,544,660 | | |
| | Gross Profit | $1,146,949 | $942,910 | | | | | | Logyard Operations | 219,601 | 248,890 | | Administrative Expenses | 637,601 | 615,937 | | |
| | Income from Operations | 289,747 | 78,083 | | | | | | Other Revenue | | | | Gain on Disposal | - | 300 | | Interest Income | 63,554 | 93,202 | | |
| | Net Income for the Year | 353,301 | 171,585 | | | | | | Retained Earnings, Beginning of Year | 2,744,680 | 2,623,235 | | | | | | Dividends | - | (50,141) | | |
| | Retained Earnings, End of Year | $3,097,981 | $2,744,679 |
|
| April 30 | RCFC
Holding
Company Ltd.
Consolidated
2001 | Revelstoke
Community
Forest
Corporation
2000 | | Assets | | Current | | | | Cash and short term deposit | 776,743 | 1,173,052 | | Accounts receivable | 584,685 | 179,323 | | Inventories | 283,965 | 213,957 | | Income taxes receivable | 2,037 | - | | Prepaid expenses | 352,845 | 507,793 | | Current portion of agreement receivable | 38,564 | 39,462 | | |
| | | $2,038,839 | $2,113,587 | | | | | | Agreement receivable | 313,015 | 347,565 | | Capital assets | 1,850,832 | 1,789,487 | | Deferred charges | 843,776 | 679,818 | | Other | 2,400,000 | 2,475,000 | | |
| | | $7,446,462 | $7,405,457 | | | | | | Liabilities and Shareholder's Equity | | Current | | | | Accounts payable | 731,739 | 711,545 | | Corporation Capital Taxes Payable | - | 19,726 | | Current portion of long-term debt | 65,861 | 67,658 | | |
| | | $797,600 | $798,929 | | | | | | Due to Shareholder | 544,250 | 500,000 | | Accrued silviculture | 1,172,706 | 1,429,042 | | Deferred revenue | 1,270,670 | 1,310,275 | | Long-term debt | 563,254 | 622,531 | | |
| | | $4,348,480 | $4,660,777 | | | | | | Shareholder's equity | | | Share capital | 1 | 1 | | Retained earnings | 3,097,981 | 2,744,679 | | |
| | | $3,097,982 | $2,744,680 | | |
| | | $7,446,462 | $7,405,457 |
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