The URL can be used to link to this page

PROPOSAL LEASE OF CLEARWATER AIRPARK ~ Proposal Lease of Clearwater Airpark 1000 N. Hercules Ave. Clearwater, FL. 34625 Submitter Suncoast Flying Services Inc. 1000 N. Hercules Ave. Clearwater, FL. 34625 . "-'~' CONTENTS . Introduction . Qualifications . Resumes' . Business Plan . Income to the City of Clearwater . Arrangement . Credit References . Company and Personal References . Company Profit and Loss Statement . Credi t Report (SFS) &UNcfBA&T fLYING 6EQVICE6, INC. FLIGHT SCHOOL (813) 461-5229 Fax: (813) 441-1909 E-Mail: flying@gte.net OPERA TIONS . Aircraft Sales · Service . Rentals (813) 447-8122 . Instruction Proposal: Lease of Clearwater Airpark 1000 N. Hercules Ave. Clearwater FL 34625 Submi t ter : Suncoast Flying Services Inc. 1000 N. Hercules Ave. Clearwater FL 34625 Introduction: Suncoast Flying Services Inc. (SFS) was formed in June of 1991. We have successfully operated the Flight school, Aircraft rental, and Maintenance facility located at Clearwater Airpark. Five years ago (SFS) started an advertising campaign to bring several hundred foreign visitors to fly with us and enjoy a wonderful vacation in the State of Florida. We can now say this program is a complete success, with millions of dollars being spent in the area each year by the returning friends we have made. Our foreign customers continue to return on a regular basis, sending their families and friends to Clearwater for vacations. Our flight school has graduated hundreds of new student pilots and added ratings to several hundred Private Pilots. (SFS) employs 75% of all airpark personnel. We currently have twelve employees and would only require the hiring of four persons to fulfill the FBO requirements in line service and grounds maintenance. We maintain a very large selection of aircraft in the Tampa Bay area. Many of Clearwater Airpark based customers enjoy a very high quality of aircraft maintenance. We maintain several aircraft from other flight schools, as well as our own flight school planes. We also maintain many privately owned airplanes, aircraft from other organizations, and companies. Our safety record is unsurpassed, we have never experienced a Clearwater Executive Air Park. 1000 N. Hercules Ave.. Clearwater, Florida 34625 maintenance related accident, nor have we ever experienced a workers compensation claim. We stress safety as our first and foremost concern. We also have an excellent credit rating with all of our suppliers and business associates. We would like all of the based customers and potential customers to experience the great service that our customers are already receiving. (SFS) has become a sign of quality and excellence to the aviation community. We contribute to local schools, charities, and neighborhood organizations. OUr success is based on a warm working relationship with each other and our customer base. I have personally been employed at Clearwater Airpark for 13 of the 16 years in service to the Bay area, and I thoroughly enJoy it. Sincerely, ~w~ Chuck Wilber President Enclosure QUALIFICATIONS OF PERSONNEL Airport Manager: Char~es Wilber Currently, Charles is the owner of Suncoast Flying Services Inc. Charles oversees the day to day operations of the Maintenance Department, Flight School, Aircraft Rental, and Customer Relations. He has been employed at the Airpark as the Director of Maintenance and Airport Manager. Charles has over twenty years experience in the aviation industry, offering honest, superior service to the Tampa Bay area. General Manager: Justin Wilber Currently, Justin is in charge of all foreign correspondence, and the day to day operations of the corporation and individual departments. He is also involved in customer relations. Justin has been employed at the airpark for six years. His duties have included: Line Technician, Line Service Manager, Flight School Manager, and Vice President of Suncoast Flying Services Inc. Director of Maintenance: Jeffery Bender Jeff is the holder of an Inspection Authorization License that has been issued to him by the FAA. Currently, Jeff manages the maintenance facility with Charles Wilber on a day to day basis. Their combined experience equals thirty-five years. Line Service manager: Bra~ey Dunshee Currently, Bradley is the manager of the Flight School, Aircraft Rental, and Customer Relations for those departments. He has demonstrated an excellent management attitude in the day to day operations at the airpark. Brad will be a great asset to the customers of Clearwater Airpark. CHARLES W. WILBER President, Suncoast FlYing Services Inc. 1000 N. Hercules Ave. Clearwater, FL 34625 · 813-447-8122 OBJECfIVE Obtain Airpark lease, offer superior services in aircraft related activities. Further the excellent reputation that our company has brought to Cleanvater Airpark, Tampa Bay, and the surrounding community. Become the FBO that so many would like to see, and continue a personable atmosphere. Work closely with FBO tenants and organizations based at the Airpark. Promote further improvements to the Airpark on an as needed basis. Promote our local and foreign trade to a higher level. Keep a line of communication open to the City of Cleanvater, Airport Authority, tenants, and residents at all times. EXPERIENCE Suncoast Aviation Inc. 1000 N. Hercules Ave. Cleanvater, FL 34625. 1980-1991 Duties included: Director of Maintenance, Asst.. General Manager (Tampa), Cleanvater Executive Airpark (Airpark Manager). Suncoast Flying Services Inc. 1000 N. Hercules Ave. Clearwater, FL 34625 6-1-91 to present Duties: President/Owner, Suncoast Flying Services Inc. Successfully operate the Flight school, Aircraft rental and Maintenance at Clearwater Airpark; Promote several foreign accounts to bring tourism to Clearwater and the State of Florida; Work with local schools and neighborhood groups to promote good will and concern; Contribute to many local charities on a regular basis; And offer excellent service to all our local and foreign friends. EDUCATION Kirkland Community College Roscommon, MI Awarded full Scholarship, Deans list for high GPA Graduated fan. 1976 Acquired FAA Airframe and Power plant License Acquired Associates Degree in Science (Aviation Technology) Acquired FAA inspection authorization US Navy 3-65 to 4-69 (Honorable Discharge) Awarded Vietnam Campaign Ribbon SKILLS Awarded Vietnam ServiJ:e Ribbon Awarded National Defent:e Ribbon Attended Aviation Mecnanics School Graduated with AMS rating August] 995 Elected Honorary Member PHI THETA KAPPA Saint Petersburg Junior College (Saint Petersburg Campus) For services rendered to local alumni (MU) chapter References included: more available on request Associated with the Aviation business for 20 years. Licenced Airframe and Power Plant Mechanic, with an inspectors authorization. Former Clearwater Airpark Manager, Asst. General Manager of Suncoast Aviation Inc. Present Owner of Suncoast Flying Services Inc. Expierenced in all capacities surrounding FBO management. JUSTIN WILBER Vice President, Suncoast Flying Servit:es. 1000 N. Hercules Ave. Clearwater, FL 34625. (813) 447-8122 OBJECTIVE To Better serve the City of Clearwater, our customers, tenants, and neighbors by continuing the outstanding service provided by Suncoast Flying Services. EXPERIENCE SUNCOAST FLYING SERVICES Vit:e President, June 1995- present In charge of all operations, including: customer service, employees, accounting, advertising, and foreign correspondence. CLEARWATER AIRCRAFT Line Servit:e Manager, Oct. 1994- Jan. 1995 Reorganized the duties of all line personnel while overseeing the quality of service for both, Clearwater Aircraft, and Suncoast Flight School. SUNCOAST FLYING SERVICES Flight Sclwol Manager, June 1994- June 1995 Supervised the day to day operations of the flight school while maintaining excellent service as a Line Technician. SUNCOAST AVIATION Line Technician, June 1991-1994 Fueling airplanes and providing service to transients and based customers EDUCATION SAINT PETERSBURG JUNIOR COLLEGE Currently majoring in Business Maintain above a 3.3 GPA while upholding the duties given to me by Suncoast Flying Services. BOCA CIEGA HIGH ScHOOL Received Diploma in June, 1995 Student Government, 1992. Varsity Track Team, 1992-1994. SKILLS . Day to day accounting procedures . Customer and employee relations . Foreign correspondence,( directly responsible for millions of tourist dollars to Clearwater and the State of Florida). . Experienced in All areas of FBO management. Jeffrey R. Bender 825 117th Terrace N. St. Petersburg, FI. 33716 Summary of Qualifications: Director of Maintenance A Licenced Airframe and Power Plant Mechanic with an FAA Inspection Authorization. Four years of work related experience maintaining light general aviation aircraft, including airworthiness inspections and management of maintenance personnel. Customer relations and issues pertaining to the safety of the aircraft and passengers are my primary concerns. Employment: Suncoast Flying Services Inc. April, 1993 to Present Duties include management of the day to day operations involving aircraft maintenance, parts acquisition, customer relations, aircraft inspection, interpretation of continued airworthiness, and hands on mechanics. Several part time jobs while working to pay for college. August, 1989 to April, 1993 Education: Graduated from St. Petersburg Junior College with an Associates Degree of Science in Aviation Technology. Graduated from National Aviation Academy, Clearwater, FL, with an Airframe and Power Plant mechanics license. Continued education in Business and Management Acquired FAA Inspection Authorization Acquired FCC Radio operators license References available upon request SUMMARY: SKILLS: EXPERIENCE: 2/95 To Present 08/94 To 12/95 08/93 To 08/94 07/89 To 07/93 09/84 To 06/89 REFERENCES: BRADLEY K. DUNSHEE 2655 Saint Andrews Drive Clearwater, Florida 34621 813-712-9071 Over 7 years of experience in the field of aviation, including both Naval and civilian training. Aviation maintenance, quick turn line service and fueling, licensed commercial pilot Suncoast Flying Service, Clearwater, Florida Line Manager for aircraft rental, sales and personnel. Responsible for aircraft rental scheduling and financial accountability, stocking and sales of aeronautical supplies, telephone promotion of flight training programs available and co-ordinate maintenance scheduling. DSF Quality Machining, Largo, Florida Precision Machinist skilled in operation of computer numeric machines used for precise custom production. Student Pinellas Vocational Technical Institute, Clearwater, Florida: Precision Machining United States Navy, Petty Officer 3rd Class, Glenview Naval Air Station, Glenview, Illinois responsible for aviation maintenance, servicing, quick turn around fueling. ADA 1 Jet Engine Mechanics School, Memphis, Tennessee. Student Clearwater High School, Clearwater Florida Interests: Auto mechanics and metal fabrication, Marine Corps ROTC, and Civil Air Patrol Available Upon Request BUSINESS PLAN (SFS) will continue to operate its business as usual. No major changes will occur in our management structure, with the exception of adding a line service manager, accounting clerk, and ground maintenance. (SFS) has experienced a rapid growth in tourism. We have made many friends locally and in other countries. We forecast a 20% increase in foreign visitors over the next few years. (SFS) will continue to extend its customer service within the day to day airport management. (SFS) will also continue to work diligently with base customers, airport authorities, city officials, and continue to support the community as we have throughout the history of our operation. (SFS) will operate the Airpark in accordance with the Federal ~r Regulations, state of Florida Regulations, and the Airpark Rules and Regulations. (SFS) has the financial capability to secure any needed funds to implement the Airpark's impact on initial start up costs. (SFS) will require no outside partnerships. We have a very good relationship with our local bank. (SFS) will hold all prices at the current level for a period of 90 days. At this time we will report to the Airpark authority any proposed increases or decreases. The financial stability of the FBO is of the utmost importance, any adjustments will be authorized by the correct officials before implementation. INCOME TO THE CITY OF CLEARWATER Suncoast Flying Services (SFS) will provide $4500.00 per month income in lease payments to the City of Clearwater, based on "100% occupan~, excluding tie downs for the flight school, rental, sales, and transient aircraft. This figure may vary and can be renegotiated at the end of the first five year period. (SFS) is currently responsible for millions of tourist dollars being spent in Clearwater and the State of Florida each year (see Airpark impact study) . A pump fee of .06 cents per gallon will be paid to the City of Clearwater (Quarterly). 2% of aircraft sales ~net profit will be paid to the City of Clearwater (Quarterly). We agree to the 75% City and 25% FBO split on the new hangers based on net income. I At the end of a 90 day impact study completed by (SFS), any I portion of this agreement may be renegotiated by the City of I .i Clearwater and (SFS). i ARRANGEMENT (SFS) WOULD LIKE TO HA VB WITH THE CITY OF CLEARWA TER 1. Lease renegotiated at the end of the fint five year period and each consecutive five year term 2. Operations building brought to code prior to lease takeover 3. Maintenance building brought to code prior to lease takeover 4. Water run off fees charged on leased area only 5. City official's input on enforcement of the airpark rules and regulations 6. T - hangers brought to code prior to lease takeover 7. A close working relationship with City management on aU aspects of the airpark 8. City assistance in ADA compliance 9. City assistance in the selection of customen to receive new T - hangers 10. New T-hangen income based on net (75%) City 25% FDO) 11. Lease bid based on 100% occupancy, excluding tie downs for the Bight school, aircraft rental, aircraft sales, and transient aircraft 12. AU the above items are negotiable 13. (SFS) will work directly with the City of Clearwater to assist in whatever needs accomplished - CREDIT REFERENCES 1. Cessna Finance (zero balance) 919-834-7750 2. First Union Bank Tri -Ci ty Dave Smi th 538-4445 3. Signature Parts Account # SUNCF 800-438-5619 4. Avsco Parts Account # 33383 800-282-4410 5. AMR Combs 800-950-0111 6. Cooper Parts 800-654-4944 7. Precise Devices, Clearwater 581-4149 8. Frank Reid Avionics, Clearwater 446-2977 9. Don George Inc. 800-222-6690 ! (~/~.:.,M' ;&:, '-'"'( : '~ , ' , I , I I, I C I T Y OF CLEARWATER ,', ri fi! '\': POST OFFICE BOX .7.8 C LEA R W ATE R, F LOR IDA 34 6 1 8 . 4 7 4 8 Airport Authority May 27, 1993 Mr. Chuck Wilbur Suncoast Flying Services Clearwater Airpark 1000 N. Hercules Avenue Clearwater, Florida 34615 Dear Chuck: Thank you for sending me the letter from Southeast Professional Placement Inc., regarding your excellent safety record. We appreciate the effort that Suncoast Flying Services puts forth to provide a safe workplace for employees and customers. We also appreciate the thorough and high quality maintenance which you provide to Airpark tenants and customers. Suncoast Flying Services, by providing quality maintenance and highly professional flight training, significantly enhances the Clearwater Airpark. We also appreciate your cooperativeness and your willingness to support any effort which improves, promotes or enhances the Airpark. In your note, you asked me to send you any letters I have received. I have no letters on file specifically regarding Suncoast Flying Services. I \lil1 share with you any information which I feel will be of interest to you as promptly as I receive it. conqratulations again in your safety award from SPPI. Very respectfully yours, ~tM~ Assistant Director of Public Works Airpark Staff Coordinator ~ :. RMB:scm cwilbur.stm .,',..: ..'::, -,'-, / . _/~I. ~~~.~i-;,> ,,\,.>d,,\ \+': ~jf:~i;f ., .. - . -'1'=. :30c ~i';":} 1870 F.l/3 (-TIi'.~~Y~ SOURCE INTERNATIONAL INC. "'.5779 HALEOlA STREET. HONOLULU, HAWAII SI58i!:1 TELEPHONE (90S) a7::1..19S9 FACSIMILe (SOB) 373-'870 [EM.~::~',:t~\!6j9~:~~$'ON DATE: January B. /997 OB:35 PM ~ TO:CilUf.;:K INILBER COMPAN'f'; '":Ji\ii~~AST FROM: .~;l,~:/;)' MARSHALL @ Re: Reference. Dear Chuck: I understand that you are considering a new position of responsibility at the airport. Please let whomever may be interested that I am pleased to offer my best recommendation. All of the work you have done on my airplane. Piper Lance N8PV, has been excellent - troubleshooting, repairs, installation of speed modification kits, etc.. Your work has been thorough, and your quality control has been excellent. It seems to be the rule everywhere else that it's normal for airplane owners to have to bring back the airplane two or three times to finally get the work done right. Of course, my best recommendation is that contained in my May 18, 1995 letter detailing how you traced, located, and repaired the defective pilot system that was giving me dangerously erroneous altimeter and airspeed readings. Three hundred feet is a lot of error in altitude -- this may have been a virtual life saver, I've passed your analysis of this problem on to the FAA and NTSB - it could help prevent future similar problems and may even explain some prior accidents. Lastly, N8PV is currently in Vero Beach. Its annual is due in May, and there are some other mods that I might add to it. I'd like to bring it to you if your schedule permits. Please don't hesitate to have anyone call or fax me for a recommendation. ~Best r~gardS, ~.. .. ...~/- < Greg Marshall -, 1 , _.... _. '--1'_"_' --' i -':I--.i."":1 I ,,;,,,,, r-' . ..:.. .:) etgf'- .~._;' :~:~ \.' .. . source international 'inc. 577Q HA.i..EOLA STREET. HONOLlJUJ HAWAii 96a21 TELEPHO~~E CM6) :)7.3.,8/39 ~ACSIM':"E (BGB; J7J-167'J Chartes Wilber SUNCOAST FL YING.SERVlCES Clearwater Air Park 1000 N. Hercules Ave. CleStwater, FL 34625 May 18. 1995 Dear Chuck: Re: Great Southern Air Race I wish to express my thanks to you again for the superb trouble Shooting and repairs you- effected to the pitot static system Of my '79 Piper Lance, N8PV. As I mentioned, the airplane had the "gremlins" in the airspeed indicator (read 20+ knots high as speed increased over 125 kts) and the altimeter (read 150-300'+ high as speed increased over 125 kts) since I bought it in 1992. Since then, no less than five other "experts" have attempted to repair it after teanng everything apart except the ashtrays. AU Claimed they had repaired it, and it was certified each time. Obviously, it has remained defective and quite unsafe the entire time. Even with two GPS's' on board and a moving map computer for air races, we were unable to accurately calculate winds aloft and fly the airplane confidently within safe airspeeds and altitudes. . You took the time to test fly the plane and analyze what type of fault could lead to such erroneous indications, and your common sense and persistence located the source of the induced venturi creating the false readings. You also were abfe to add several knots to our airspeed by adjusting the out of alignment ailerons. As a direct result of your efforts. you will be pleased to hear that I won Third Place (in a fielct of forty airplanes) with my Piper Lance in the Great Southern Air Race from Panama City to San Salvador and Freeport, Bahamas - $2,000 cash. plus a Caribbean cruise and about a $1,000 more in product prizes. I will also be flying the U.S. Air Race, June 10-15 (Napa, Calif. to Ft. Worth, Texas) and the Mile High Air Derby, SeJ'tember 8-10 (Longmont, ColoradO to Taos, New Mexico). You should bave the new wing tips delivered to you within the next week, and I look forward to testing their performance in the flight from Florida to California. My next annual will be due just before next year's Great South em Air Race. I'd like to schedule havjng the airplane back with you in Florida just before the race so that you can do the worK Best regards, Greg Marshall ' January 1"+. 1097 Cheryl Finke 3856 McK.ay Ct'~~k Drive Largo, FL 33770 813-581-3987 Commissioners for the City of Clearwater CI~an\iat~r. FL To \Vhom it may Concern: RE: Rd'crenc~ fOi' Suilcoast Flying Services Since 1')91. I have been a customer of Suncoast Flying Services, Inc. Clearwater. fL. I have had maintenance performed by Suncoast ~lying Services on my Piper Lance. I fInd them to be extI ~mely reputable, competitive in their pricing, and competent in the service ped()l111ed on my aircraft. When racing airplanes or ti'equently t1ying over-water to the Bahamas as I do, aircraft maintenance is extremely important to me. My plane has been in for routine or preventative maintenance on many occasions. Several times airframe or engine deficiencies have been pointed out to me by the mechanics. Action was taken to repair the discrepancies, and a safe flight ensued thereafter. I have never had to bring my plane back two or three tinIes to get a job done right. It is right the first time, If the job I request to be done is not their specialty, I am referred to a competent specialist in that area of vvorkmanship. Lastly, I vvill be bringing my aircraft to Suncoast Flying Services tor a complete engine exchange and overhaul in the near future. This shows the commitment I hav~ to SUllcoast Flying S~rvic~s and their staff. Pl~ase don't hesitat~ to have anyone call or fax me for additional needed r~comm~ndations. B~st regards, Ch~ryJ Finke 'Jon Schlembach 30 241 62957 02 Okt. 1996 18:47 S01 GERDSCHLEMBACH Finanz- und Vcrmogensbcralung Financial ltnd Investment Consulting ,- -1 Clearwater City Comission Clearwater, Florida 34625 RhodCl~ / (Jrn'n~ Tel. / FilII: 01130741 / 629~7 care of Mr. Justin Wilber Germany Td. / Filll: (K149 (0) 22()~ / In 504 ..J Dear Sirs, since &everal years I have been coming for my holidays during the month november to Naples Florida. I am a private pilot and during my stay I rented a airplane for flight training in Naples or in Marco Island while my family plays golf or uses the perfect leisure activities in Naples. Some time ago Mr. Piedboeuf told me about the also good leisure activities and the charter company Suncoast Flying Services. Since this time I spend my 4 week hOlidays whith my family exclusively in the Clearwater area, These 4 weeks stay costs about 15.000 $ (not inr:ludAd the flight from Germany or Rhodes/Greece to Tampa, included hotel, green fee, food etc.) Yesterday Mr. Piedboeuf gave me the information that the contract between Clearwater and Suncoast Flying Ser\'ices might not be prolonged. If that become true Suncoast Flying Services and the city of Clearwater loose a customer Bnd i spend my holidays again in Naples. I hope this aspect help decide In favour of Suncoast Flying Services. Thank You h (t" ","'I' _~~_I':;" /~ /{.'-- --.. -~"/ , ~ ~."1U 96 15:U1 tf-~1 1 ~61 UU 95 JOlR...OMAT AG III 002" 003 Raymond-Jean Lacoste Guggiweg 11, CH-8300 Zug, Switzerland Tel: +4141 1120525/Fu: +41417120521 To the attention of The City Commission of Clearwater Clearwater, Florida, 34&25 Dear Sirs, During a recent phone ~U I had with Justin Wilber, he expressed some concerns about the future of the flying school. Although, I do not intend to interfere in your decision process, , think my experience may enlighten the financial contribution of the Suncoast Flying School to the Clearwater community under a different perspective. On numerous occasions, I have had the chance to visit the wonderful State ot Florida. When I decided to take flying lessons,. my choice was easy to make. Suncoast is regularly advertising its services in European flight magazines and this is how I found their address at the time. In term ofperfomlance, it is an outstanding school. Starting from scratch and thanks the dedication and professionalism of the whole crew, I was able to complete my entire private pilot license in 11 days, including the written test During this period; I did never encounter any problem with the aircraft's I flew. AU were perfectly maintained and sate. As a result of the excellent experience, 1 decided to come back a couple of weeks later to complete the multi engine rating. In total, I must have invested about USS 5'000,- in flight training at Suncoasl I do not want to miss the opportunity to thank Chuck, Justin and their crew for the nice time 1 was given to spend with them. In term of spending and looking back on the total investment I made, Suncoast did by far not benefit the most As a manner of fact, the surrounding community had a much larger share. In addition to the flying school, given the much lower costs in the US, I decided to purchase (both for me and for some friends back in Europe) pilot matenal, special noise reduction head sets, portable radio transmitter and navigation equipment (GPS). The total value of the above equipment's is about USS 3'200.- No"e of this was purchased from Suncoasl While' was in Florida, I stayed in hotels in Clearwater, aU meals 'MIre talken in restaurants and of course I had to rent a car during my entire stays. Globally, this portion ot the expenses amounted over US$ 3'000.- including some weekend entertainment. Aside of flying, I started to play golf, took some lessons lIF1d bought the entire equipment at local shops. (Another US$ 1'000.-). Given my interest in AudiolHi-fi equipment and again the ~ VV.J' VU.J lower prices offered}n the USA, , did purchase most of my Home Theater Equipment (worth dose to US$ 10'000.-) in Florida (Tampa and Clearwater) during my recent stays. Although my spending habits may not be consider as a standard, most of the European fellows I met (and it is particularty true for those who came accompanied by wife's or girls friends) where staying. much longer than I did to complete their training and therefore spending a larger portion of their money for lodging, food ana entertainment I am quite confident. for every dollar spend at Suncoast, at least two dollars are spend in the local community On my case over three). Given the outstanding serviee, I would like to come back soon to complete further f1igl"lt training's such as the instrument rating and perhaps the commercial pilot license. I nave strongly recommended Suncoast to my friends and pilot fellows in Switurtand and I am sure, some of them will be visiting Clearwater in the future. I hope they will be as satisfied as I was. I would deeply regret a change in the management team of the Clearwater Airpark. I strongly believe that the community could also bett.r support the development of the Airpark by investing in the infrastructure such as in a lighted runway. I hope these information will be helpful in your decision process and remain available for additional comments. Sincerely yours /:ff!~ ~:: J. Lacoste SUNCOAST FLYING SERVICES,INC, INCOME STATEMENT JANUARY 1 '96 To DECEMBER 31,1996, (PRE-TAX ADJ, ::;a 1 t?::. SALES-MAINTENANCE SALES-RENfALS/LEASING '=;(,~LE':::-'~=:C:HOlJ!_ I NG SALES-PARTS & ACCESSORIES RETURNS & ALLOWANCES SALES TAX CREDITS I rHEF:E:::;T I NC:Dl"1E To 1:.2\ 1 :::;c\ 1 e<::, Cost of Goods Sold PURCH-PARTS & SUPPLIES (J1')T:::: I DE :::;EF:\,J I CE~::; G~):::: E:t (J I L SUNCOAST FLIGHT SCHOOL AIRCRAFT RENTAL FREIGHT IN Tot31 Cost of Goods ~old GF:D:::S PROF IT General and Administrative ADVERT I :::: I ~'JG Al""1ORT I 2(; T I ON 8ANf< CHARGE~::; DEPRECIATION EI\HERTA I Nl'lENT I N~=;URANCE I NTERE::::T EXPEN:::;E 1"1 I '3C EXPEN:::;E OFF I CER I :::; LABOR SHOP SUPPLIES & EXPENSES PROFESSIONAL FEES RENT F:EPAIF~:3 ~I MAINT TAXES & LICENSES TELEPHONE TRAVEL UT I LIT IE'::; OFFICE EXPENSE:::; VECHICLE EXPENSES I""(:,GE:::; TAX ON l")AGES Tot2\1 Gener2\l and Administrative Other Incorne GAIN/LOSS;Sale of Assets 31 7 , 71 :::: Ui:':, 72 , t:',,~, 1 .135 ::::34, '30'::1 , 04 4.:?2 44,5 22, ()2:3 . :3.5 -::::, 1 '34 , 6:3 -1 , 1 ::::E,() ()() 1 :3, 646 ::::~4 112,087 II -14 9 72, ,523,5:3-'3 b 101,90469 -13.5 2:3 I 1 () S . (H) _ 7 :24, 1 17.28 -:3... 1 , :::;:05 . 7'3 -0, ",. 2 , :3'3() . '3:~ -"I:) . 4 4.0:3 , 40 ",0 , 4.. 3:21 ,S5 -0 , b 3:2,3:37,00 -4,3 1 ! 1 7:::, 1 1 -0 , 2 5'3.. 632, '34. -7, '3 1 '3! 0'36 , '3:2 -2 , 5 :200,00 -0,0 78,44757 -10,4 '3, 170,67 -1 ,:2 4,250,00 -0,6 1 3 , 441 ::J,'=' -1 , :3 :3, :353 , 00 -1 ,".. 2,076,08 -0,3 7, '35'3 , 27 -1 , 1 1 , .56E, . :3~3 -() . :2 4, 240 , 42 .-0 , to 4, S65 ' 7.5 -0 ' t, 10, 070 , 54 1 ,-, 100,246,41 -13,3 1 4, 1 '3:3 , 31 ,- 1 . '3 -36,501,00 F::::~~]e. 1 r~ . t. :2. '3 (} . () 1;:1 "7 5:?! 1 1 '3 . 211 00 u 340,04406 -45,2 41 :3.. 075. 15 54, ::: 379,152.19 -50.3 4, :3 SUNCOAST FLYING SERVICES,INC INCOME STATEMENT JANUARY 1 '96 To DECEMBER 31,1996, (PRE-TAX ADJ.) NET PROFIT/LOSS Total Other Income -:36} s(::} 1 ()() 70,423.96 Page L 48 -------------- ----..- -------------- ----- 9.4 SUNCOAST FLYING SERVICES, INC CAl...m'JCE :='::HEET (i::: O!::- 1 2--31 --'36 A'=':: :;:: E T ::: C:ur- r.en t.. As::.et..'.: CASH IN BANK - FIRST UNION PETTY C{4:::;H ACCOUNTS RECEIVABLE EMPLOYEE ADVANCES !"jOTE F:EC. A. F . A . INVENTORY-AIRCRAFT I N',iENTOP"/ -'-PAF:T':; INVENTORY-GAS/OIL INVENTORY PILOTS SUPPLIES 41 ,:37'3. IE, E/) . 4 " ~3()'3 . :'7{'::' '31 '3 . 7'3 16.,547 .71 31,500.UU 11,604.74 --1 , :::::;:::=: . 2(> 1 ! :3'36 . 00 Total Cur-r-ent Assets Fi:>;:ed Assets A I RC:Rr-'lFT EQUIPMENT & TOOLS OFFICE EQUIPTMENT ACCUM DEPRECIATION 2'31 ,:314. '38 46,054.00 :3 , 746 . 6:3 -2:33., 721 . 00 Total Fixed Assets Other- Asset.s PREPAID RENT PRE - OPENING COSTS,NET LOAN CO:::;r3 DEPO::: IT:::: 1 , 070 . 00 (>. ()(; '3'31.60 3,575.22 Total Other Asset.s TOTAL A:::;:;::ET':; P i."; !.Jt? 1 ()7 " :::2:3 . .5'3 62 , :3'34 . 61 5, 6:3E", . ::::2 176,:360.02 -------------- ____________M__ , r SUNCOAST FLYING SERVICES, INC BALANCE SHEET AS OF 12-31-96 LIABILITIES AND EQUITY Current Liabilities / ACCOUNTS PAYABLE EXPENSES,CLWTR.A.C. CUSTOMER DEPOSITS-BLOCK TIME SALES TAX PAYABLE 12,22473 3,923.35 12,517.80 2,58796 Total Current Liabilities Long-Term Liabilities NIP - S.AS./C.EMSHOF LIP - FIRST UNION N/Pay-HD, (Treas.Stock) 7,196.07 65,130.63 60,699 61 Total Long-Term Liabilities Capital CAPITAL STOCK ADDITIONAL PD.IN CAPITAL TREASURY STOCK 500.00 88 706.30 -75,000.00 Total Capital Retained Earnings DISTRIBUTION-C.W. ACCUMULATED ADJUST A.~. Net Profit/Loss -19,00850 -53,541.89 70,42396 Total Retained Earnings TOTAL LIABILITIES AND EQUITY Page ~ 31,253.84 133,026.31 14,2()6.3() -2,126.43 176,36C>.()2 ---.----------- -------------- JAN-23-97 11,22 FROM,FUNS CONSUMER ADM 10,8135384595 PAGE ::- ~~ ..;>::<:.,:: Tri-City Offi~ 5250 East Bay Drive CI~arwalcr, Florida 34624 813 538.4545 F~N. 1-23 -97 To whom it may concern; Suncoast Flying Services has been a First Union customer since 1991. Their commercial checking account has an average balance of 60,000.00 and there has been no NSF activity. Their credit activity consists of 2 revolving credit lines totalling $5500.00 They have a commercial loan since 10-95, beginning loan balance was $142,697.70. The current balance is $65,130.63. All loans are current and have had no late payments. 2/2 :' / ~. )