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management responsibilities at Exacto, and, as a result, his
hours increased from 1991 through early 1994.
From its inception in 1960 through 1994, Exacto experienced
significant growth. The original building occupied by Exacto in
Grafton, Wisconsin, was approximately 4,000 square feet when it
was initially built in 1964. By the end of fiscal year (FY)
1994, Exacto's facility was approximately 52,000 square feet.
The additions were made to the facility to accommodate the growth
of Exacto's sales and operations. Exacto continued to grow
following the retirements of Mr. Quillen and Mr. Greene. In
1987, Exacto employed an average of 90 individuals. During FY
1993 and FY 1994, Exacto employed an average of 102 and 122
employees, respectively. Exacto also experienced a sharp
increase in gross sales during the period when Mr. Heitz assumed
sole responsibility for the administration and operation of the
company. From FY 1991 to FY 1994, Exacto's gross sales increased
from $8,923,374 to $16,162,119.
Exacto did not pay dividends from FY 1989 to FY 1994. From
FY 1973 to FY 1988, Exacto paid $145,000 in dividends.
Shareholder equity increased from $9,000 (Mr. Heitz’, Mr.
Greene's, and Mr. Quillen's initial capital investment) to
$7,550,000 in 1989 (the date of Exacto's last appraisal). From
FY 1988 to FY 1994, Exacto paid compensation to its shareholder
executives in the following amounts:
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