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10;- ~ I I I 1 I [ 1 11 11 11 l] [1 II u ~ J ~] J J I NOT FOR PUBLIC INSPECTIO;'\l / DO NOT COpy This financial statement is private and exempt from public inspection. or copying of public records pursuant to Florida Statutes 119.071 (I) (c). Metric Engineering, Inc. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2009 9. Contract Backlol! and Contracts in Prol!ress The following schedule summarizes the backlog on contracts requires beginning backlog at June 30, 2009. Backlog represents the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in progress at the end of the period and from contractual agreements on which work has not yet begun. The Company had the following approximate backlog of contracts as of June 30, 2009: Total contract fee Less contract revenues earned to date Backlog as of June 30, 2009 $ 114,857,576 66,782,714 $ 48,074,862 10. Related Party Transactions The Company has office leases with related parties, (Tamiami Group and Parametric). The amounts and expirations of the leases as of the year ended June 30,2009 are as follows: Description Tamiami Group Panametric Expiration 03/31/10 04/30/12 $ $ $ 164,028 162,945 326,973 Additionally, the Company currently has over 230 leases with related parties for equipment and vehicles whose expiration range from 2010 through 2012. The Company spent $629,057 on vehicle leasing and $204,140 on equipment leasing during the year ended June 30, 2009. The amounts and expirations of the equipment and vehicle leases as of the year ended June 30, 2009 are as follows: 2010 2011 2012 $ 633,182 377,134 201,056 1,211,372 $ 11. Pension Plan The Company has a qualified 401(k) plan which covers substantially all employees meeting certain eligibility requirements. Participants may contribute a portion of their compensation to the plan, up to the maximum amount permitted under Section 401(k) of the Internal Revenue Code. At the Company's discretion, it can match a portion of the participants' contributions. The Company's matching contribution was $148,921 for the year ended June 30, 2009. 12. Contine:encies The Company, in the normal course of operations, is involved in alleged claims where both, the Company and its clients, are negotiating the settlement or resolution of disputes. In these cases, management does not believe the disposition of these matters will materially affect the financial position of the Company. 12