Formation of a corporate joint venture illustrates the monetary-nonmonetary issue because a joint venture involves shared ownership and control, not an exchange or relinquishment of ownership and control.
Condensed Consolidated Statements of Income (In thousands, except per share results) For the Three Months (Unaudited) Ended December 31 2000 1999 Sales $ 110,861 $ 104,890 Cost of goods sold 99,393 91,669 Gross profit 11,468 13,221 Selling, general and administrative expenses 6,975 6,568 Equity in net income of unconsolidated corporate joint venture 234 404 Operating income 4,727 7,057 Interest expense, net 1,888 1,344 Income before income taxes 2,839 5,713 Provision for income taxes 1,057 2,062 Net income $ 1,782 $ 3,651 Weighted average number of common shares outstanding-diluted 10,397 11,186 Diluted earnings per common share $ 0.
In this position, Shpilsky will be responsible for the overall management of eSAT's European operations including strategic development and affiliations, mergers and acquisitions, corporate financing, and negotiating and structuring of corporate joint venture relationships.
In this position, O'Hara will be responsible for the overall management of eSAT's Central and South American operations including strategic development, corporate financing, mergers and acquisitions, and identifying corporate joint venture opportunities.
Fluent in both Arabic and English, Zaher has extensive experience in corporate joint ventures, mergers and acquisitions, restructuring, public offerings, private placements and the related regulatory framework.
According to the company, this increase in net income was primarily the result of increased income from its corporate joint ventures and holding companies and gross profit, partially offset by an increase in operating expenses.