The financial area is aware that the lack of a cost-of-living raise this past spring has put a burden on many of you. Please do not think that we have forgotten you and do not care that it is getting harder each day to make ends meet.
At this time we are beginning to prepare the new budget for 1980 and I have instructed the financial area to also allow for a cost-of-living raise as well as merit raises to take effect November 1, 1979. This of course, depends on the solidifying of our bank credit. The banks have been waiting for the Arthur Andersen & Co. audit to be completed, and we are happy to say that it is now finished. Also, Arthur Andersen & Co. has given us a "clean bill of health" in their audit.
I hope this will take some of the worry off your shoulders and would like to take the opportunity at this time to thank each of you for your loyal support over the past months that have been so trying for us all. Mr. Armstrong especially appreciates your support, not just financially, but with your actions. Thank you for all the hard work and for being patient with us while we have struggled to correct our credit situation.
COST OF LIVING RAISES
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