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petitioner's gross sales, net income, shareholder equity, and
return on equity based on beginning of year equity:2
Gross Net Shareholder Return on Equity
FYE Sales Income Equity (Based on beg. year)
5/31/1980 $547,842 $33,513 $39,940N/A
5/31/1981 1,156,145 59,700 108,128149.37 percent
5/31/1982 1,586,016 63,438 174,56658.67 percent
5/31/1983 2,504,203 50,533 225,09928.95 percent
5/31/1984 3,622,449 76,662 294,76134.06 percent
5/31/1985 6,175,083 91,764 385,78331.13 percent
5/31/1986 7,833,297 124,685 510,46832.32 percent
7/31/19861 1,473,885 48,749 559,2179.55 percent
7/31/1987 10,538,339 401,344 960,56171.77 percent
7/31/1988 20,030,341 1,511,694 2,452,255157.38 percent
7/30/19892 39,802,165 3,273,771 5,702,026133.50 percent
7/29/1990 54,455,167 4,662,632 10,316,65881.77 percent
7/28/1991 69,748,749 6,754,903 17,023,56165.48 percent
8/02/1992 70,059,961 5,550,348 13,949,909365.95 percent
1In fiscal year 1986, petitioner changed its fiscal year end to July 31, which
resulted in a short fiscal year from June 1, 1986, to July 31, 1986.
2In fiscal year 1989, petitioner's taxable year was changed to a 52/53 week
fiscal year ending on the closest Sunday to July 31.
3Adjusted for the buyout of Mr. Sokol's stock, which occurred on Aug. 9, 1991.
On August 31, 1986, petitioner's board of directors (Mr.
Bennett and Mr. Sokol) met to summarize and consolidate, into one
writing, the formal and informal meetings of the board of
directors concerning the dividend policy of petitioner.
Petitioner's board of directors resolved that, prior to payment
of substantial dividends, the following would need to be
accomplished: (1) The compensation due key personnel of
petitioner would need to be paid; (2) adequate reserves to fund
2The parties have stipulated the accuracy of these figures.
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