Common use of Current Financial Statements and Projections Clause in Contracts

Current Financial Statements and Projections. The Stockholder shall -------------------------------------------- have provided, or caused the Company to have provided to Purchaser the audited financial statements of the Company for calendar year 1997 showing an EBIT of at least $200,000 for such year, as well as a projection of revenues and expenses for calendar year 1998, which projection reflects net income of at least $240,000 for such year. Such audited financial statements shall be prepared on an accrual basis, in accordance with GAAP. "EBIT" means the Company's net revenues minus all of its expense items including any extraordinary and non- recurring items and depreciation and amortization, but excluding interest and taxes. For the 1998 projection, EBIT shall be calculated in the same manner as "profits subject to bonus' under paragraph 2.02 of the Employment Agreement attached hereto as Exhibit A.

Current Financial Statements and Projections. The Stockholder -------------------------------------------- shall -------------------------------------------- have provided, or caused the Company to have provided to Purchaser the audited financial statements of the Company for calendar fiscal year 1997 ended December 31, 1997, showing an EBIT of at least $200,000 180,000 for such year, as well as a projection of revenues and expenses for calendar year 1998, which projection reflects net income of at least $240,000 200,000 for such year. Such audited financial statements shall be prepared on an accrual basis, in accordance with GAAP. "EBIT" means the Company's net revenues minus all of its expense items including any extraordinary and non- non-recurring items and depreciation and amortization, but excluding interest and taxes. For the 1998 projection, EBIT shall be calculated in the same manner as "profits subject to bonus' " under paragraph 2.02 of the Employment Agreement attached hereto as Exhibit A.

Current Financial Statements and Projections. The Stockholder -------------------------------------------- shall -------------------------------------------- have provided, or caused the Company to have provided to Purchaser the audited financial statements of the Company for calendar fiscal year 1997 ended January 31, 1998, showing an EBIT of at least $200,000 180,000 for such year, as well as a projection of revenues and expenses for calendar year 1998, which projection reflects net income of at least $240,000 200,000 for such year. Such audited financial statements shall be prepared on an accrual basis, in accordance with GAAP. "EBIT" means the Company's net revenues minus all of its expense items including any extraordinary and non- non-recurring items and depreciation and amortization, but excluding interest and taxes. For the 1998 projection, EBIT shall be calculated in the same manner as "profits subject to bonus' " under paragraph 2.02 of the Employment Agreement attached hereto as Exhibit A.

Current Financial Statements and Projections. The Stockholder Owner shall -------------------------------------------- have provided, or caused the Company to have provided to Purchaser the audited financial statements of the Company Business for calendar year 1997 showing an EBIT of at least $200,000 $ 175,000 for such year, as well as a projection of revenues and expenses for calendar year 1998, which projection reflects net income of at least $240,000 225,000 for such year. Such audited financial statements shall be prepared on an accrual basis, in accordance with GAAP. "EBIT" means the CompanyBusiness's net revenues minus all of its expense items including any extraordinary and non- non-recurring items and depreciation and amortization, but excluding interest and taxes. For the 1998 projection, EBIT shall be calculated in the same manner as "profits subject to bonus' " under paragraph 2.02 of the Employment Agreement attached hereto as Exhibit A.