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FYE 7/31 Net Sales Net Income After Taxes
1982 $1,369,316 $142,375
1983 3,590,641 159,947
1984 5,349,152 4,004
1985 111,266,610 207,777
1986 24,131,739 2,265,875
1987 41,371,318 281,777
1988 60,693,857 2,569,297
1 The audited financial statements for the years ended July
31, 1986 and 1985, state this amount as $10,918,252.
Until approximately May 1988, Mr. Mitchell’s health had been
good. In July 1988, he was hospitalized and diagnosed as having
pancreatic cancer; thereafter, his pancreas, spleen, gall bladder,
and a portion of his stomach were surgically removed. He remained
in the hospital until September 30, 1988, undergoing additional
surgeries and medical procedures, including radiation therapy.
Although follow-up tests revealed no evidence of metastasis, a
November 1988 blood test raised a possibility of a recurrence of
cancer, but the test was inconclusive.
Although Mr. Mitchell continued his roles as the JPMS creative
force, spokesman, and executive, his medical condition prevented
him from working or performing at hair shows until approximately
January 1989.
In February 1989, tests revealed a recurrence of cancer.
Physicians encouraged Mr. Mitchell to begin chemotherapy, but he
refused. Mr. DeJoria avoided disclosing the severity of Mr.
Mitchell’s illness to quell any fears about the uncertainty of
JPMS’s future without Mr. Mitchell.
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