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total revenue and, as of the end of TPC’s 1997 fiscal year, TPC’s
financial data reflected shareholder equity of $148,605,729.
As of May of 1998, TPC had reported positive net income for
every year for the prior 24 years, and the then-current in-house
management financial forecast for TPC estimated net profits for
1998.
In late 1997, TPC’s senior management, while acknowledging
significant challenges, predicted that 1998 would be better than
1997 and “our best [year] ever.”
For each of its 1993-98 fiscal years, TPC’s net sales
revenue, expenditures (including TPC’s technology-related
developmental expenditures), operating income, and total net
income, as reported on TPC’s financial statements, are reflected
in the table below:
Fiscal Net Sales Operating Total
Year Revenue Expenditures Income Net Income
1993 $168,059,000 $142,602,855 $25,456,145 $14,333,288
1994 179,287,018 148,510,315 30,776,703 12,804,431
1995 200,487,153 170,208,645 30,278,508 11,107,716
1996 216,924,156 199,871,672 17,052,484 13,171,595
1997 240,116,975 217,559,833 22,557,142 15,927,549
1998 256,806,493 231,436,437 25,370,056 18,024,858
Also at the end of each of its 1993-98 fiscal years, TPC
owned substantial liquid short-term investments and marketable
securities as set forth below:
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