Louise B. Barnes, Donor, et al. - Page 12

                                        -12-                                          
               4.   Dividends                                                         
               Robert Helmly has a conservative approach to paying                    
          dividends.  He believes that Home's primary obligations are to              
          modernize its plant and to reduce its debt.  This philosophy is             
          similar to that of the management of Rock Hill.                             
               From 1987 to 1992, Home paid dividends to holders of its               
          common stock as follows:                                                    
                                   Total amount        Dividends                      
                    Year           of dividends        per share                      
                    1987      $155,920                 $2.00                          
                    1988      210,445                  2.70                           
                    1989      327,931                  4.20                           
                    1990      1,247,360                 116.00                        
                    1991      467,760                  6.00                           
                    1992           1,325,230            217.00                        
               1 This includes $12 for a special nonrecurring dividend                
          resulting from the sale of Home's interest in Telecom U.S.A.                
               2 This includes $13 for a special nonrecurring dividend                
          resulting from concerns about impending tax law changes.                    
          D.   Petitioners' Gifts of Home and Rock Hill Stock                         
               The Helmlys made the following gifts of Home stock in 1992:            
                                                            Percent of                
          No. of shares              Donee                  stock                     
               Gifts on 1/28/92:                                                      
               100            Wanda Helmly Davis            .128%                     
               100            Lisa Ann Helmly               .128                      











Page:  Previous  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  Next

Last modified: May 25, 2011