Notes to Consolidated Financial Statements Clause Samples
Notes to Consolidated Financial Statements. 7 25 [ERNST & YOUNG LETTERHEAD] REPORT OF INDEPENDENT AUDITORS Board of Directors Educational Medical, Inc. We have audited the accompanying consolidated balance sheets of Educational Medical, Inc. and subsidiaries as of March 31, 1994 and 1993 and the related consolidated statements of operations, shareholders' equity and cash flows for each of the three years in the period ended March 31, 1994. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Educational Medical, Inc. and subsidiaries at March 31, 1994 and 1993, and the consolidated results of their operations and their cash flows for each of the three years in the period ended March 31, 1994, in conformity with the generally accepted accounting principles. /s/ ERNST & YOUNG June 14, 1994 Educational Medical, Inc. and Subsidiaries Consolidated Balance Sheets MARCH 31 1994 1993 ------------------------------ ASSETS (Note 2) Current assets: Cash and cash equivalents $ 2,745,288 $ 6,533,006 Accounts receivable: Trade, less allowance for doubtful accounts of $780,000 and $875,000, respectively 2,292,275 1,614,438 Income taxes refundable 680,000 -- Prepaid expenses 676,664 458,875 Deferred income taxes (Note 7) -- 177,548 ------------------------------ Total current assets 6,394,227 8,783,867 Property and equipment, net (Note 5) 2,830,689 1,146,364 Other assets: Deferred debt issuance costs, net of accumulated amortization of $173,000 and $97,000, respectively 166,506 180,378 Covenants not to compete, net of accumulated amortization of $312,000 and $50,000, respectively 1,564,724 1,199,996 Goodwill and other intangible assets, net of accumulat...
Notes to Consolidated Financial Statements. (Dollars in thousands, except per share amounts) NOTE 2.
Notes to Consolidated Financial Statements. (CONTINUED) The components of the investment in finance leases at December 31 were (in millions): LEVERAGED DIRECT TOTAL LEASES FINANCING FINANCE LEASES ----------------- ----------------- ------------------- 2006 2005 2006 2005 2006 2005 ------- ------- ------- ------- -------- -------- Total minimum lease payments receivable....................... $ 975.1 $ 991.1 $ 420.8 $ 305.8 $1,395.9 $1,296.9 Principal and interest on third- party nonrecourse debt........... (846.7) (861.5) -- -- (846.7) (861.5) ------- ------- ------- ------- -------- -------- Net minimum future lease receivable....................... 128.4 129.6 420.8 305.8 549.2 435.4 Estimated non-guaranteed residual value of leased assets........... 95.7 81.0 70.5 58.6 166.2 139.6 Unearned income.................... (73.1) (72.2) (239.7) (189.2) (312.8) (261.4) ------- ------- ------- ------- -------- -------- Investment in finance leases....... 151.0 138.4 251.6 175.2 402.6 313.6 Allowance for possible losses...... (6.3) (6.3) -- -- (6.3) (6.3) Deferred taxes..................... (107.1) (106.3) -- -- (107.1) (106.3) ------- ------- ------- ------- -------- -------- Net investment..................... $ 37.6 $ 25.8 $ 251.6 $ 175.2 $ 289.2 $ 201.0 ======= ======= ======= ======= ======== ======== Operating Leases -- Rental income from operating leases is generally reported on a straight-line basis over the term of the lease. Rental income on certain leases is based on equipment usage. Rental income from usage rents was $20.7 million, $18.3 million and $29.2 million, in 2006, 2005 and 2004, respectively. Minimum Future Receipts -- Minimum future lease receipts from finance leases, net of debt payments for leveraged leases, and minimum future rental receipts from noncancelable operating leases at December 31, 2006 were (in millions): FINANCE OPERATING LEASES LEASES TOTAL ------- --------- -------- 2007............................................. $ 51.7 $ 733.0 $ 784.7 2008............................................. 39.2 561.5 600.7 2009............................................. 42.5 435.7 478.2 2010............................................. 37.1 314.3 351.4 2011............................................. 41.2 196.4 237.6 Years thereafter................................. 337.5 422.2 759.7 ------ -------- -------- $549.2 $2,663.1 $3,212.3 ====== ======== ======== The following information pertains to GFC as a lessee: Capital Leases -- GFC assets that are financed with capital lease obliga...
Notes to Consolidated Financial Statements. 6 Other Financial Information
Notes to Consolidated Financial Statements. 37 - 52 STOCK, DIVIDEND AND BROKER INFORMATION Common stock issued by Juniata Valley Financial Corp. is quoted under the symbol "JUVF" on the over-the-counter ("OTC") Electronic Bulletin Board, an automated quotation service, made available through, and governed by, the NASDAQ system. Prices presented in the table below are bid prices between broker-dealers which do not include retail mark-ups or ▇▇▇▇-▇▇▇▇▇ or any commission to the broker-dealer. The published bid prices do not necessarily reflect prices in actual transactions. ▇▇▇▇ dividends paid for 1998 and 1997 are provided in the table below. 1998 1997 ---- ---- Dividends Dividends Quarter High Low per share High Low per share ------- ---- --- --------- ---- --- --------- First $38.00 $36.50 $32.80 $32.00 Second 39.50 38.00 .36 34.00 32.80 .32 Third 39.75 39.50 35.00 34.00 Fourth 39.50 37.50 .38 36.50 35.00 .34 For further information, we refer you to: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co., Inc. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇ Janney, Montgomery, Scott, Inc. ▇▇ ▇. ▇▇▇▇▇▇ ▇▇., ▇.▇. Box 2246 York, PA 17405-2246 (▇▇▇) ▇▇▇-▇▇▇▇ ▇.▇. ▇▇▇▇▇▇▇▇▇ & Co., Inc. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇., ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇ Sandler O'Neil & Partners, L.P. Two World Trade Center ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇ ▇▇▇▇, ▇▇▇▇ & Co. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇ DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN Information regarding the Corporation's Dividend Reinvestment and Stock Purchase Plan may be obtained by calling (▇▇▇) ▇▇▇-▇▇▇▇ or by writing to: ▇▇. ▇▇▇▇▇ ▇. Engle Juniata Valley Financial Corp. P.O. Box 66 Mifflintown, PA 17059 [LOGO OF JUNIATA VALLEY FINANCIAL CORP APPEARS HERE] POST OFFICE BOX 66 TELEPHONE (▇▇▇) ▇▇▇-▇▇▇▇ Dear Shareholder, It is hard to imagine it is over a year since the merger with the Lewistown Trust Company was announced. As was anticipated, consolidating the operations area of the two banks was indeed a difficult task. However, with that aspect of the merger behind us, we can now devote more time and attention to offering more products and services to our shareholders and customers. As a result of the merger we now have twelve offices located conveniently throughout the Juniata Valley to serve our customers. Excluding the expense incurred related to the merger, this is the fifteenth consecutive year of increased earnings. We would like to take this opportunity to thank ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇. for his years of dedication, loyalty and s...
Notes to Consolidated Financial Statements. (Dollars in thousands, except per share amounts) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Loans (Continued) The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due, or at the time the loan is 90 days past due, unless the loan is well- secured and in the process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal and interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income or charged to the allowance, unless management believes that the accrual of interest is recoverable through the liquidation of collateral. Interest income on nonaccrual loans is recognized on the cash basis, until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and the loan has been performing according to the contractual terms generally for a period of not less than six months. A loan is considered impaired when it is probable, based on current information and events, the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement. Loans, for which the terms have been modified at the borrower’s request, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest when due. Loans that experience insignificant payment delays and payment shortfalls are not generally classified as impaired. Impaired loans are measured by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Interest on accruing impaired loans is recognized as long as such loans do not meet the criteria for nonaccrual status. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Allowance for Loan Losses The allowance for loan losses is established as losses are esti...
Notes to Consolidated Financial Statements. (Continued)
Notes to Consolidated Financial Statements. Summary of significant accounting policies (continued) The Company reviews its long-term assets for impairment in accordance with the guidelines of Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of," (SFAS 121). SFAS 121 requires that, when changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company should determine if impairment of value exists. Impairment is measured as the amount by which the carrying amount of the asset exceeds the expected future undiscounted cash flows from the use and eventual disposal of the assets under review. Any write-downs are treated as a permanent reduction in the carrying value of the assets. Cash equivalents--For purposes of reporting cash flows, the Company considers ---------------- all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Intangible assets and costs in excess of fair value of assets purchased-- ----------------------------------------------------------------------- Intangible assets include purchased intangibles (customer lists, engineering drawings, noncompete agreements, and sales backlog). Such intangible assets and costs in excess of fair value of assets purchased are being amortized over the estimated useful lives of the assets ranging from 5 to 40 years. Income taxes--Deferred income taxes are recognized using the liability ------------ method. Under this method of accounting, deferred income taxes are recorded for the difference between the financial reporting and income tax bases of assets and liabilities using enacted tax rates and laws. Stock-based compensation--The Company generally grants stock options for a ------------------------ fixed number of shares to employees and directors with an exercise price equal to the fair value of the shares at the date of grant. The Company accounts for stock option grants in accordance with Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," and accordingly, recognizes no compensation expense for the stock option grants in which the exercise price is equal to the fair value of the shares granted. Earnings per share--Effective February 28, 1998, the Company adopted ------------------ Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per Share," which established new standards for computing and discl...
Notes to Consolidated Financial Statements. 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................................... 7 Item 3. Quantitative and Qualitative Disclosures About Market Risk........................................................ 19 PART II. OTHER INFORMATION Item 1. Legal Proceedings........................................... 20 Item 2. Changes in Securities and Use of Proceeds................... 20 Item 3. Defaults Upon Senior Securities............................. 21 Item 4. Submission of Matters to a Vote of Security Holders......... 21 Item 5. Other Information........................................... 21 Item 6. Exhibits and Reports on Form 8-K............................ 22 SIGNATURE................................................... 23 i 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS INTUITIVE SURGICAL, INC. THREE MONTHS ENDED SIX MONTHS ENDED -------------------- -------------------- -------- -------- -------- Sales.............................................. $ 5,127 $ 3,635 $ 8,060 $ 3,635 Cost of sales...................................... 3,503 3,243 6,035 3,243 ------- -------- -------
Notes to Consolidated Financial Statements. 4 ITEM Management's Discussion and Analysis of Financial Condition 2. and Results of Operations................................. 9 ITEM Quantitative and Qualitative Disclosures about Market 3. Risk...................................................... 17 PART II. OTHER INFORMATION