MDP CORPORATION
BALANCE SHEET
MARCH 31, 2001
(unaudited)
ASSETS
Current assets
Cash $ 484,031
Accounts receivable, net of $18,600 allowance 669,995
Inventories 53,505
Prepaid expenses 31,506
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Total current assets 1,239,037
Property and equipment, Net 268,637
Other assets
Deposits 5,750
Employee loan 17,000
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Total other assets 22,750
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TOTAL ASSETS $1,530,424
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LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities
Current portion of long term debt $ 23,387
Accounts payable 239,854
Accrued liabilities 33,097
Customer postage deposits 167,554
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Total current liabilities 463,892
Long term liabilities
Note payable 180,739
Installment note 40,380
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Total long term liabilities 221,119
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Total liabilities 685,011
Stockholder's equity
Common stock, $1 par value,
100,000 authorized shares,
1 share issued and outstanding 1
Additional paid in capital 819,199
Retained earnings 26,213
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Total stockholder's equity 845,413
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TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,530,424
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MDP CORPORATION
STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2001
(unaudited)
Revenue $1,706,786
Cost of sales 1,106,884
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Gross profit 599,902
Operating expenses 317,675
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Income from operations 282,227
Other expenses
Interest expense 2,724
Depreciation and amortization 25,057
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Total other expenses 27,781
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Net income $ 254,446
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MDP CORPORATION
STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2001
(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES:
Net income $ 254,446
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 25,057
Change in operating assets & liabilities:
Decrease in accounts receivable 9,379
Decrease in prepaid postage 209,859
Decrease in accounts payable and accrued expenses (137,416)
Increase in customer postage deposits 2,691
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Net cash provided by operating activities 364,016
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CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures (12,149)
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Net cash used by investing activities (12,149)
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CASH FLOW FROM FINANCING ACTIVITIES:
Payment of notes payable (5,509)
Stockholder distributions (8,620)
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Net cash used by financing activities (14,129)
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Net increase in cash and cash equivalents 337,738
Cash and cash equivalents at beginning of period 146,293
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Cash and cash equivalents at end of period $ 484,031
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period:
Interest $ 4,409
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