- 10 -
Year Net Sales Net Sales Net Earnings Total
End Retail Catalog Earnings Per Share Assets Equity
1990 $98,573,000* $4,242,000 $.50 $35,031,000 $21,855,000
1991 70,938,000 $43,196,0005,197,000 .58 39,935,00026,992,000
1992 71,320,000 45,710,000 5,073,000 .57 45,790,00032,304,000
1993 73,202,000 55,314,000 4,737,000 .53 50,838,00036,615,000
*Total Net Sales for 1990
At the valuation date, FOH had one class of stock
outstanding that traded on the NYSE, and those shares were
unregistered with the SEC. Additionally, on the valuation date,
the average price of FOH stock on the NYSE was $6.9375 per share.
Economic Conditions at the Valuation Date
At the valuation date, the American economy was experiencing
a transition from recession to a recovery. The United States
gross domestic product (GDP) grew 2.1 percent in 1992 following
the 1991 recession. Economic improvements had generally been
fueled by low interest rates, increasing corporate profits and
strong productivity growth. Despite these positive factors,
structural problems, including excessive debt, corporate
restructuring and related uncertainties regarding job growth,
overvalued real estate, weak banks, defense spending reductions,
and consumer confidence continued to hamper the strength and
speed of the recovery.
A survey of economists by the Wall Street Journal in early
1993 revealed a consensus estimate of 3-percent GDP growth rate
for 1993, with 2.8-percent growth rate expected in the first
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Last modified: May 25, 2011