The Lighthouse for the Blind, Inc.

FY 2005 Financials

The financial information contained in the Balance Sheet and Statement of Activities 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, 2005

Assets

2005

2004

CURRENT ASSETS

 

 

Cash

$  214,217

$  275,699

Investments

5,832,333

7,571,685

Accounts receivable – net allowance for doubtful accounts if $80,892 in 2005 and $82,573 in 2004

3,271,645

2,720,936

Other receivables

263,358

573,790

Inventory

5,905,475

4,552,569

Other Assets

192,772

127,830

Total Current Assets

15,679,800

15,822,509

 

LONG TERM INVESTMENTS

9,754,880

9,872,376                                

 

PREPAID PENSION COST

2,979,489

3,272,603

 

PROPERTY, PLANT AND EQUIPMENT, net

6,341,514

4,477,387                                

 

 

$34,755,683

$33,444,875

 

Liabilities and Unrestricted Net Assets

 

                                                

 

CURRENT LIABILITIES

 

 

 

Accounts Payable

$  2,155,666

$1,338,223

Deferred Revenue

156,132

760,716                                   

Accrued Vacation and Sick Leave

657,867

676,859

Other Liabilities

265,437

272,708

Total Current Liabilities

3,235,102

3,048,506

UNRESTRICTED NET ASSETS

21,765,701

20,523,993

General

9,754,701

9,872,376

Board Designated              

31,520,581

30,396,369

 

$34,755,683

$33,444,875

 

The Lighthouse for the Blind, Inc.

Five Year Financial Summary

Fiscal Years Ended September 30th, 2001 – 2005

 

2005

2004

2003

2002

2001

Net Sales

$31,518,816

$30,921,492

$29,302,987

$22,565,437

$22,264,371

Cost of Sales

24,252,575

23,797,369

22,768,142

17,706,927

17,599,512

Gross Margin

7,266,241

7,124,123

6,534,845

4,858,510

4,664,859

Operating Expense

5,400,972

5,305,863

4,750,716

4,169,565

4,325,724

 

Net Operating Income

1,865,269

1,818,260

1,784,129

688,945

339,135

Other Income (Expense)

(741,057)

467,610

424,025

(902,072)

(1,463,765)

 

 

 

 

 

 

Net Income (Expense)

$ 1,124,212

$2,285,870

$2,208,154

$ (213,127)

$ (1,124,630)

 

Statement of Activities and Changes in Unrestricted Net Assets

Fiscal Year Ended September 30th, 2005

 

2005

2004

NET SALES

$ 31,518,816

$ 30,921,492

COST OF SALES

 24,252,575

  23,797,369

 

7,266,241

7,124,123

COSTS AND EXPENSES

 

 

Warehouse and Shipping

484,656

470,566

Selling

449,694

571,284

Administrative

4,466,622

4,264,013

 

5,400,972

5,305,863

 

INCOME FROM MANUFACTURING AND RETAIL OPERATIONS

 

1,865,269

1,818,260

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

Investment Return

142,674

604,687

 

Excess of rehabilitation expenses over support and revenue

(1,354,806)

(768,180)

 

Other income, net

203,115

71,093

 

Bequests, contributions, grants, charitable trust distributions

267,960

560,010

 

(741.057)

467,610

CHANGE IN UNRESTRICTED NET ASSETS

1,124,212

2,285,870

UNRESTRICTED NET ASSETS

 

 

Beginning of Year

30,396,369

28,110,499

End of Year

$31,520,581

$30,396,369

 

Sales Summary by Product Line

Product Line                                                                            Sales Total

Boeing Aircraft Parts                                                                $ 5,273,034

Business Office Products                                                            4,794,299

  Easel Line

 File Folders

 Binders

Paper Trimmers

Office Accessories

 

Custom Business Products

Stamps

Business Cards

Product Line                                                                                      Sales Totals

Custom Imprinted Products                                                             $ 2,262,517

Stamps

Business Cards

Custom Imprinted Products

Awards and Recognition Products

 

Household Products                                                                          1,140,439

Anglematic/Mega Mop

Utensils

 

Industrial Products                                                                            7,383,214

Canteens

Hydration Systems

Saw Blades

Traffic Safety Vests

 

Commercial Subcontract                                                                   429,378

 

Base Supply Centers                                                                          10,235,938

 

Totals                                                                                                 $31,518,816