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� ' <br /> - ' ' Page 49 <br /> � <br /> � � <br /> � T0: Dick Benson, City Administrator <br /> � Brad Van Nest, Mayor <br /> � Members of the Orono City Council <br /> � � FROM: Tom Kuehn, Finance Director <br /> • <br /> DATE: May 11, 1977 <br /> • <br /> � SUBJECT: First Quarter Liquor Store Operating Report <br /> � <br /> a Attached please find a set of statements for the Orono Liquor <br /> ' Store for the first quarter (Jan. , Feb. , Mar. ) of 1977, compared <br /> to the first quarter of 1976. Each set has a Balance Sheet, . <br /> � Income Statement, and Cost of Goods Sold Statement. <br /> � As the schedule below indicates, Net Sales for 1977 are $4, 089 <br /> � under 1976 but Cost of Goods Sold is also down $3, 108 between <br /> � 1977 and 1976, resulting in a Gross Profit decrease of only <br /> $981 for 1977. Also, during the first quarter of 1977 expenses � <br /> � were under the 1976 first quarter expenses by $839. Therefore, ' <br /> • the overall Net Income Before Other Income for the first quarter <br /> of 1977 is down only $142. <br /> • <br /> � 1977 over <br /> 1977 1976 (under) 1976 � <br /> � Net Sales � <br /> $ 68, 119 $ 72, 208 $ (4, 089) ( <br /> � Cost of Goods Sold 49, 414 52, 522 (3, 108) <br /> � Gross Profit $ 18, 705 $ 19, 686 $ (981) <br /> � Operating Expenses 16, 831 17, 670 (839� <br /> � Net Income Before Other <br /> • Income �_1. 874 � 2, 016 � (142) <br /> � The fact that the inventories are do�,m and the salaries expense ! <br /> � is down indicates a sincere effort on the part of the liquor � <br /> • store manager to maximize profits. Also, as you are aware, <br /> steps have been taken to stimulate sa�es volume. These are i <br /> � the 10% discount days to cash customers and the pending install- ` <br /> . ation of the credit cards system. � <br /> � <br /> � <br /> � <br /> � <br />