This excerpt taken from the MODT 10-K filed Jun 23, 2005.



One of the companies to which we sold modular classrooms, Class Leasing, is partially owned by our former Chief Executive Officer, Evan M. Gruber. All sales to Class Leasing were on our standard terms and at our standard wholesale prices. The table below summaries these sales for the years 2004, 2003 and 2002. Mr. Gruber resigned from our Company effective August 7, 2004. Therefore, the sales for 2004 shown below are for the 7-month period ended July 31, 2004:







   $ 1,567,000     $ 3,203,000     $ 5,749,000  

Cost of goods sold

     1,408,000       2,670,000       4,611,000  

Gross profit percentage

     10.15 %     16.64 %     19.79 %




As of December 31, 2004 and 2003, the unpaid invoices resulting from the above transactions totaled $0 and $1,867,000, respectively. Additional amounts arising from these transactions are included in the following captions on our consolidated balance sheets:





Costs and estimated earnings in excess of billings on uncompleted contracts

   $  —      $ 462,000  


Billings in excess of costs and estimated earnings on uncompleted contracts

   $  —      $ (108,000 )



Our manufacturing facilities in Perris, California and Lathrop, California are leased under non-cancelable operating leases through 2019 from Pacific Continental Modular Enterprises and BMG, respectively. Our former Chief Executive Officer, Evan Gruber, is a partner in both of these partnerships. Mr. Gruber resigned his positions with us effective August 7, 2004. The aggregate monthly lease payments for both properties is approximately $40,000 per month.


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