Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Page 17
Page 18
Page 19
Page 20
14 2010 Annual Report In 2008 I wrote about the company experiencing explosive growth and establishing new plateaus by which all future years would be measured. It is very satisfying to state that we have already established new plateaus. Of our six biggest operating companies three had the best financial year in their history and three had the second best financial year in their history. Our net income before dividends has increased by 59 compared to 2009 and is 15 better than the results we achieved in 2008. 2010 was a year of finishing projects that had been started in prior years and focussing on existing operations. Although we did not make any significant equity investments in 2010 the size of our balance sheet indicates we were busy. Total assets grew by over twenty-million with substantially all of this increase being accounted for by investment in capital assets. It is a tribute to the strength of our operating companies that our overall financial leverage decreased even though the dollar value of our assets had a record year for growth. Other opportunities outside of the companies in which PIC enjoys direct majority ownership include investments as a minority shareholder and the participation in other financing options such as syndicated loans bridge financing capital asset lending and inventory financing. Investments of this type can take place at any time throughout the year and although small and risky they can be rewarding. A wide variety of terms are possible depending on the needs of the recipient party and the level of risk and resources PIC must commit. Participation in this manner serves to keep PIC Investment Group connected to the markets in which these opportunities are revealed and allows PIC Investment Group to function as an operating company. It is gratifying to be writing about the companys best financial year. PIC finished several significant projects during 2010 and also embarked on new ones. We continue to improve our existing businesses and business practices. The quality and capabilities of the Groups leadership business partners and employees combined with the solidity of our financial foundation gives us the ability to move into the future with confidence. Hugh MacGowan Financial Report