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companies. Petitioner mastered early the ability to produce
polycarbonate overlays with little loss of material. It has also
been very innovative in developing scratch-resistant coatings for
its products. By its fiscal year ended June 30, 1990, petitioner
employed 58 persons. Its plant is perhaps one of the most modern
in the United States. In addition, petitioner is very highly
regarded in the label and printing industry. Its principal
competitors in the country are much larger companies.
Over its first 8 fiscal years from July 1, 1980, through
June 30, 1988, petitioner's annual gross receipts increased
dramatically. Its gross receipts for each fiscal year during
this period were higher than the preceding year. For its fiscal
year ended June 30, 1988, petitioner had $4,821,650 in gross
receipts.
Over its next 2 fiscal years from July 1, 1988, through June
30, 1990, however, petitioner's annual gross receipts slightly
declined. This decline in petitioner's business was not
unexpected. Earlier, in 1987, petitioner's management had
anticipated such a possible future decline in business. At that
time, its management recognized that it would be difficult to
expand sales further in the Portland market and to maintain high
profit margins, as petitioner had already saturated that market
and was likely to encounter increasing competition for that
market's remaining new business. Also, by 1987, petitioner's
management was concerned about some customers' relocating their
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