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sales of assets made by a number of outdoor advertising companies
throughout the years here in issue, and that in some instances a
multiplier of the gross receipts or gross income of the company
for the year preceding the year of the sale was used to determine
the value of the assets. However, petitioner contends that no
accurate multiplier can be determined from this record.
Petitioner recognized that one of respondent's experts, Mr.
Ruppert, had an extensive database of asset sales by outdoor
advertising companies over a 20-year period which, in many cases,
he had personally verified, but contends that the companies in
the database were not shown to be comparable to SOAI.
This record shows that in January 1986, SOAI sold all of its
assets to Whiteco for $7 million. This sale was at a multiplier
of 3.11, and after adjustments by respondent's expert to
eliminate amounts not allocable to the billboards and leases
owned by SOAI, was at a multiplier of 2.89. Petitioner
strenuously objects to any weight being given to the actual sale
of the assets of SOAI contracted for in December 1985 and made in
January 1986, since there had been changes made in some of the
signs, and actually some signs added between January 1982 and
January 1986. However, these changes and additions are reflected
to an appreciable extent in revenues received in 1985. In 1981,
SOAI's net sales were $1,570,555 and in 1985 were $2,249,486.
While 4 years in some instances might be considered too remote to
have a real bearing on the valuation of the stock at the earlier
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