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INVESTMENT IN AFFILIATE
12 Months Ended
Dec. 31, 2013
Investments In Affiliates [Abstract]  
INVESTMENT IN AFFILIATE

6. INVESTMENT IN AFFILIATE

 

Investment in affiliate consists of CII’s 49% equity interest in T.G. I.F. Texas, Inc. (“T.G.I.F.”). T.G.I.F. is a Texas Corporation which holds promissory notes receivable from its shareholders, including CII and Maurice Wiener, the Chairman of the Company and T.G.I.F. Reference is made to Note 9 for discussion on notes payable by CII to T.G. I.F. This investment is recorded under the equity method of accounting. For the years ended December 31, 2013 and 2012, income from investment in affiliate amounted to approximately $94,000 and $57,000, respectively and is included in net income from other investments in the consolidated statements of comprehensive income. In December 2013 and 2012 T.G.I.F. declared and paid a cash dividend of $.07 per share. CII’s dividend amount received was approximately $196,000 each year. This dividend is recorded as a reduction in the carrying amount of CII investment in T.G.I.F. as required under the equity method of accounting.