REPORT TO THE BOARD OF DIRECTORS
UCA's fiscal year ends on June 30th, less than one week from today. Therefore,
it is appropriate that we appraise performance for the year as a whole and outline the
goals of management for the future,.
Official figures from the audit report will be available in approximately sixty days
in time for presentation by the auditor at the next Board meeting,, We shall review certain financial figures now, but the prime target of this report will be problems^ programs
and goals not usually contemplated as part of the audit report.
UCA*s management has a two-fold duty: To exploit and capitalize upon strong factors in the system and to correct operating weaknesses, converting them into strengths,.
Clear recognition of strength and weakness is vital to this procedure. Realistic
and objective interpretation is essential. Strength must not be over-estimated and weakness must not be sugar-coated.
STRONG OPERATING FACTORS:
1. Business volume will exceed $5,000,000 compared with $3,355,547 during the
preceding nine-month year.
2. Volume of PAX Crabgrass and Soil Pest Control rose from $1,154,390 in
1957-58 to $1,838,851 for the 1958-59 year jusft ended - a 59% increase.
3. Assets of Wesco Refining Company were purchased.
4. IBM automatic accounting was installed to replace manual accounting.
5. We began a major step-out into the field of service station leasing.
6. Net savings are not yet determined, but are expected to be substantially
ahead of any previous year.