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Orange County Alcoholic Beverage Control Board <br />o We are committed to `go green' with environmental modifications to our <br />physical plant including low -flush toilets, low -load thermostats and recyclable <br />bags. <br />o We participated in a cork - recycling program which brought money back to the <br />community to the Inter -faith Council (IFC) and Orange Congregations in <br />Mission(OCIM) <br />o We are in the process of developing suitable education/training programs for <br />point -of -sale employees to enhance our work force and the service they <br />provide to our customers. <br />• Financial Standing: <br />o Available Cash and certificates of deposit (as of 6/30/2010) = $1.7 million. <br />o Working capital (as defined by NC ABC Commission) as of 6/30/10 was <br />$2.2 million, which is approximately $2.3 million less than the maximum <br />allowed by NC ABC Commission Rule .0902. (The amount allowed under <br />Rule .0902 was $4.544 million — See Note 8 to the 6/30/10 financial <br />statements). <br />o Excess Cash: The ABC Board is a self - sufficient enterprise; therefore, <br />improvements and expansion are funded through its accumulated profits. <br />Therefore, a portion of the available cash will be used to finance the new <br />Office /Distribution Center and /or a replacement retail store in Chapel Hill. <br />o Income Statement Information: <br />■ Overview: Comparative Income Statements: (Attachment "A" — <br />Spreadsheet). This spreadsheet provides trend analysis for a five -year <br />period. Particularly notable is that: <br />• Gross Sales increased from $11.1 million to $13.6 million, an <br />increase of $2.5 million (or 22.5 %). Two stores were added <br />during this period (Meadowmont in August 2006 and Granville <br />Centre in September 2008). <br />• Gross profit percentages remained fairly consistent from <br />FY05 /06 thru FY08 /09; however, the % changed during <br />FY09 /10 because the State excise tax increased from 25% to <br />30% effective 9/1/09. <br />• Operating expenses increased during the period due to the <br />opening of two additional retail stores. <br />• Distributions increased during the period. <br />Page 4 of 6 pages <br />