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Annual Report
The financial information contained in the Balance Sheet and Statement of Activity is taken from our most recent annual financial statements as audited by the accounting firm of Moss-Adams. The Five Year Financial Summary and Sales Summary by Product Line are taken from internal financials. Complete audited financials are available upon request.
Balance Sheet
Fiscal Year Ended September 30th, 2003
| Assets |
2003 |
2002 |
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| CURRENT ASSETS |
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| Cash |
$ 584,973
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$ 187,152 |
| Investments |
6,944,365 |
4,395,978 |
| Accounts receivable - net |
3,231,342 |
2,188,512 |
| Other receivables |
122,580 |
23,250 |
| Inventory |
4,201,491 |
3,397,426 |
| Other assets |
250,764 |
259,905 |
| Total current assets |
15,335,515 |
10,452,223 |
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| BOARD DESIGNATED ENDOWMENT |
8,835,258 |
8,401,249 |
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| PREPAID PENSION COST |
2,976,288 |
3,280,467 |
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| PROPERTY, PLANT AND EQUIPMENT, net |
4,933,386 |
5,549,122 |
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$32,080,447 |
$27,683,061
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Liabilities and Unrestricted Net Assets
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CURRENT LIABILITIES
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| Accounts Payable |
$1,706,731 |
$1,171,506 |
| Deferred Revenue |
1,164,005 |
- |
| Accrued Vacation and Sick Leave |
652,417 |
258,423 |
| Other Liabilities |
446,795 |
350,787 |
| Total Current Liabilities |
3,969,948 |
1,780,716 |
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UNRESTRICTED NET ASSETS |
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| General |
19,275,241 |
17,501,096 |
| Board Designated |
8,835,258 |
8,401,249 |
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28,110,499 |
25,902,345 |
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$32,080,447 |
$27,683,061 |
Statement of Activity and Changes in Unrestricted Net Assets
Fiscal Year Ended September 30th, 2003
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2003 |
2002 |
| NET SALES |
$29,302,987 |
$22,565,437 |
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| COST OF SALES |
22,768,142 |
17,706,927 |
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6,534,845 |
4,858,510 |
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| COSTS AND EXPENSES |
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| Warehouse and Shipping |
335,864 |
162,442 |
| Selling |
518,118 |
328,353 |
| Administrative |
3,896,734 |
3,678,770 |
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4,750,716 |
4,169,565 |
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| INCOME FROM MANUFACTURING AND RETAIL OPERATIONS |
1,784,129 |
688,945 |
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| OTHER INCOME (EXPENSE) |
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| Investment Return (loss) |
784,629 |
(371,881) |
| Excess of rehabilitation expenses over support and revenue |
(694,904) |
(807,810) |
| Other income, net |
147,731 |
228,966 |
| Bequests, contributions, grants and charitable trust Distributions |
186,569 |
48,653 |
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424,025 |
(902,072) |
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| CHANGE IN UNRESTRICTED NET ASSETS |
2,208,154 |
(213,127) |
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UNRESTRICTED NET ASSETS
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| Beginning of year |
25,902,345 |
26,115,472
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| End of the Year |
$28,110,499 |
$25,902,345 |
The Lighthouse for the Blind, Inc. Five Year Financial Summary
Fiscal Years Ended September 30th, 1999-2003
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2003 |
2002 |
2001 |
2000 |
1999 |
| Net Sales |
$29,302,987 |
$22,565,437 |
$22,264,371 |
$19,852,407 |
$17,736,537 |
| Cost of Sales |
22,768,142 |
17,706,927 |
17,599,512 |
14,618,125 |
12,411,616 |
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| Gross Income |
6,534,845 |
4,858,510 |
4,664,859 |
5,234,282 |
5,324,921 |
| Operating Expense |
4,750,716 |
4,169,565 |
4,325,724 |
4,055,444 |
4,684,371 |
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| Net Operating Income |
1,784,129 |
688,945 |
339,135 |
1,178,838 |
640,550 |
| Other Income (Expense) |
424,025 |
(902,072) |
(1,463,765) |
2,252,093 |
776,480 |
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| Net Income (Expense) |
$2,208,154 |
$(213,127) |
$(1,124,630) |
$3,430,931 |
$1,417,030 |
Sales Summary by Product Line
| Product Line |
Sales Total |
| Boeing Aircraft Parts |
$ 5,669,640 |
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Business Office ProductsEasel Line
File Folders
Binders
Paper Trimmers
Office Accessories |
3,759,559
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Custom Business Products
Stamps
Business Cards
Custom Imprinted Products
Awards and Recognition Products |
2,700,865 |
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Household Products
Anglematic/Mega Mop
Utensils |
1,204,948 |
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Industrial Products
Canteens
Hydration Systems
Saw Blades
Traffic Safety Vests |
7,249,338 |
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| Commercial Subcontract |
289,084 |
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| Base Supply Centers |
8,429,553 |
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| Totals |
$29,302,987 |
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