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R67
In
summary, was it a challenging year financially mainly
The MBL's Balance Sheet Assets reflected this impact,
the Letter of Credit supporting the MBL's Long Term Debt.
declining by $7.1 million. The entire decline was concentrated
due to the effect the third consecutive year of investment
in Short Term Investments and Pledge Receivables. market declines had on MBL's philanthropic support and
The Endowment held up due to the receipt of new
investment portfolio. Coming out of our strategic
permanently restricted gifts. Property, Plant & Equipment planning effort we have already started implementing
also held steady as $2.4 million in
improvements more steps that will position the Laboratory for a strong
than offset the accrued depreciation. Liabilities declined rebound in our Government Grants and to ultimately
by approximately $1 million, principally
due to the relinquishment
gear-up for a new capital campaign that should improve
of a Unitrust to the benefit of the Laboratory. our philanthropic support. Our education, summer/
visiting scientist, and conference activities remained
Considering some financial performance ratios, our Return
on Average Net Assets was a negative 6.7%, which is in
strong and when combined with the expanded resident
programs should help us continue to improve
line with most non-profits during this period. The MBL's our operating results in the
Leverage Ratio (Unrestricted & Temporarily
Restricted Net near future.
Assets/ Debt) remains sound at 4.48X. Also, both our Debt
Service Coverage ratio of 1 .72X for 2002 and our nonpermanently
Mary B. Conrad
restricted Cash & Investments of $25.6 million
at year-end are well in excess of the financial covenants
of
Lobster eyes, Diane Heck. David Ramsey, Lydia Louis, and Jeff Laskin