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Operating revenues:
<br />Citrus --Note D
<br />Cattle
<br />Farming
<br />Packinghouse
<br />Operating expenses:
<br />Harvesting
<br />Grove caretaking
<br />Cost of sales --cattle
<br />Farming
<br />Packinghouse
<br />General services
<br />Other income (expenses):
<br />Net gain on sale of property
<br />and equipment
<br />Management company incentive fee --Note D
<br />General and administrative
<br />Interest income
<br />Interest expense
<br />Other
<br />See notes to financial statements.
<br />-4-
<br />Year Ended September 30
<br />1988 1987
<br />$31,877,044 $28,712,075
<br />1,590,845 1,477,458
<br />1,105,541 2,102,750
<br />4,112,420 3,432,945
<br />38,685,850 35,725,228
<br />5,504,189
<br />5,246,468
<br />8,070,522
<br />7,801,886
<br />1,468,948
<br />1,661,844
<br />1,499,592
<br />3,984,187
<br />3,100,586
<br />3,104,587
<br />1,142,387
<br />2,046,856
<br />20,786,224
<br />23,845,828
<br />GROSS PROFIT 17,899,626
<br />11,879,400
<br />516,510
<br />201,123
<br />(1,000,000)
<br />(1,658,285)
<br />(1,759,094)
<br />458,779
<br />504,955
<br />(2,833,875)
<br />(2,898,506)
<br />68,020
<br />8,694
<br />NET INCOME 13.450.775 7.936.572
<br />
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