First Full-Year Projections Old San Juan Shipwreck Museum Six Months
Twelve Months
GROSS INCOME $7.50 admissions (10% market penetration)
$1,590,000
3,180,000
Gift shop sales (@ $16 per head average)
3,200,000
6,400,000
(1,600,000)
(3,200,000)
3,190,000
6,380,000
Less Cost of Goods Sold (1/2) Gross Profit OPERATING EXPENSES 1 Wages & salaries
Insurance (incl. key men, Jack L. Rea, Dr Robert Baer)
Utilities Telephone Advertising Taxes (except income taxes) Office exp. & bus. equip. leases Shipping & handing artifacts Debt service Other misc. expenses Total Expenses Net pre-tax income 2
SEE INITIAL PROCEEDS CONSTRUCTION BUDGET
Rent
166,667
250,000
88,000
176,000
000
22,500
8,000
12,000
8,000
12,000
240,000
360,000
000
000
6,667
10,000
000
100,000
40,000
80,000
66,666
100,000 (624,000)
(1,122,500)
$2,566,000
$5,257,000
Footnotes: 1.Variable operating expenses are charged at 2/3 of annual projected expense in the first 6 months to allow for “start-up” anomalies. 2.There are no import or sales taxes. There is a ten-year 90% tax holiday on corporation income taxes for this project.