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and they did not allow differences in their business philosophies
to interfere with the successful operation of the corporation.
None of G&J's shareholders was interested in selling his or her
shares.
In 1992, G&J bottled and distributed various soft drinks,
including Seven-Up, Dr. Pepper, and five variations of Pepsi-
Cola. Through franchise agreements with PepsiCo, Dr. Pepper, and
Seven-Up, G&J had the exclusive right to bottle and distribute
the various soft drinks it produced within several geographic
territories. G&J was a well-managed company in 1992. It was the
third-largest independent Pepsi-Cola bottler. G&J owned most of
the real estate associated with its plants and warehouses. It
owned in excess of 800 vehicles, including tractors, trucks, and
trailers. Additionally, G&J owned about 11,400 soft drink
vending machines. G&J sold the soft drinks it produced to
supermarkets, convenience stores, mass merchandisers, gas mini-
marts, drugstores, vending companies, restaurants, bars, lunch
counters, and concessions. In 1992, it had approximately 24,000
customers.
From 1988 through 1992 there were steady increases in G&J's
operating income, total income, and distributions to
shareholders. During that period, distributions to shareholders
nearly equaled the company's entire income, as shown below:
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Last modified: May 25, 2011