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FYE JUNE 30 Total Assets1 Net Assets2
1981 $147,158 $43,482
1982 387,985 120,921
1983 432,667 187,346
1984 1,084,463 451,676
1985 1,104,384 636,497
1986 1,306,450 741,564
1987 1,516,691 921,209
1988 2,348,268 1,297,271
1989 2,527,392 1,691,979
1990 2,473,200 1,593,340
1Petitioner's cost for the assets, less accumulated
depreciation.
2Total assets, less current and long-term liabilities.
Its annual financial statements for this period also reflect
the following equity, annual return on equity, and cumulative
average annual return on equity:
Return on Cum. Average Ret.
FYE JUNE 30 Equity1 Equity2 on Equity3
1981 $43,482 88.50 percent 88.50 percent
1982 120,921 64.04 percent 76.27 percent
1983 187,346 35.46 percent 62.66 percent
1984 451,676 58.52 percent 61.63 percent
1985 636,497 29.04 percent 55.11 percent
1986 741,564 19.98 percent 49.25 percent
1987 921,209 19.50 percent 45.01 percent
1988 1,297,271 28.99 percent 43.00 percent
1989 1,691,979 22.62 percent 40.73 percent
1990 1,593,340 (6.19) percent 36.05 percent
1Invested capital, plus retained earnings, less treasury
stock.
2Net profit after taxes (see second preceding paragraph
above), divided by equity.
3Sum of current year's return on equity and each prior
year's return on equity, divided by petitioner's number of years
of operation through current year.
In 1991, petitioner retained a business valuation company to
appraise Mr. Martin's 100-percent stock interest in petitioner.
In its appraisal report, this valuation company concluded that
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