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profit was $8,084,138 (after adjustment for discontinued
operations) for 1990, $8,079,863 for 1991, $9,084,921 for 1992,
and $10,204,757 for 1993. Seminole's income from operations
before income tax expense was $3,592,509 (after adjustment for
discontinued operations) for 1990, $3,073,465 for 1991,
$2,739,020 for 1992, and $3,852,222 for 1993. Seminole's income
from operations after income tax expense was $2,272,509 (after
adjustment for discontinued operations) for 1990, $1,923,465 for
1991, $1,801,020 (before the cumulative effect of an accounting
change) for 1992, and $2,570,085 (before the cumulative effect of
an accounting change) for 1993. Seminole's net income (loss) was
($542,446) (after adjustment for discontinued operations) for
1990, ($5,042,168) for 1991, $1,551,209 for 1992, and $2,570,085
for 1993. Seminole paid cash dividends of $116,245 in 1992 and
$231,740 in 1993. In 1991, Seminole budgeted dividends for 1993,
1994, 1995, and 1996 of $240,000, $300,000, $360,000, and
$480,000, respectively.
In 1994, Seminole had two basic channels of distribution,
one in which it sold garments to industrial launderers who in
turn rented the garments to customers of their own, and the other
in which it sold garments to uniform stores for resale. At that
time, more than one-half of Seminole's business was from its
industrial laundry sales. In 1994, the industrial laundry
industry began to undergo a radical change in that many of the
businesses in the industry were acquired by or merged with other
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