Year

1970
1975
1980
1985
1990

EPS
Growth in EPS Book Value per Share
$
68
$
560
$
100
47% $
824
$
106
6% $
1,180
$
109
3% $
1,769
$
143
31% $
2,483
$ 149.29
22%
4.40%

Balance Sheet
Cash and marketable securities
Accounts Receivables
Inventories
Total current assets
Fixed assets
Total assets
current liabilities
long term debt
common equity

1970
18
35
22.5
75.5
68.2
143.7
17.2
31
95.5
140441

total liabilities and net worth

143.7

Current Ratio
Ratio of cash and marketable securities o

27500000

27.5

4.4
1.05

Average Market Price per Share Growth Rate Number of Shares

$
680
170536
$
1,253
84%
244417
$
1,360
9%
170678
$
1,597
17%
265178
$
1,902
19%
188925
$
2,016.12
6%
261094

1980
30
67.3
27.9
125.2
241.5
366.7
43.3
122
201.4
148088
7647
366.7

1990
16
178.4
70.6
265
811.1
1076.1
177.8
404
469.1
246635
98547
1050.9

2.9
0.69

1.5
0.09

Revenue
$
$
$
$
$
$

$
$

11,596,429
24,441,748
18,091,864
28,904,409
27,016,230
38,979,245 $

206.32 EPS
0.1023359762 PE Ratio

1.10
423.79

Change in cash
Change in assets

Change in debt
Change in equity
Total Cash From Operating Activites

-14
569.6

$
$

282
187.44
86

Year

EPS
1970 $
1975 $
1980 $
1985 $
1990 $

CAGR

Growth in EPS Book Value per Share Average Market Price per Share
68
$
560 $
680
100
47% $
824 $
1,253
106
6% $
1,180 $
1,360
109
3% $
1,769 $
1,597
143
31% $
2,483 $
1,902
22%
$
2,016.12
4%
5%

Balance Sheet
Cash and marketable securities
Accounts Receivables
Inventories
Total current assets
Fixed assets
Total assets
current liabilities
long term debt
common equity
Treasury Stock
Total Liabilities and Equity
Current Ratio
Ratio of cash and marketable securities of curent li

Cashflow
Change in
Change in
Change in

from Operations in 1990

Cash
Fixed Assets
Debt

1970

1980

18
35
22.5
75.5
68.2
143.7
17.2
31
95.5

30
67.3
27.9
125.2
241.5
366.7
43.3
122
201.4

143.7

366.7

4.4
1.05

2.9
0.69

Change in Equity
Cashflow from Operations

Stock Repurchase Schedule

Number of Shares Market Price Market Capitalization Repurchase Spent
1990
200,000 $
1,902
380,400,000
1991
196,752
2155
423,993,200
1992
193,503
2442
472,453,296
1993
190,636
2766
527,358,584
1994
188,106
3134
589,566,276
1995
185,873
3551
660,047,590
1996
183,901
4023
739,902,920
1997
182,161
4558
830,379,008
1998
180,626
5165
932,888,416
1999
179,271
5852
1,049,031,575
2000
178,074
6630
1,180,621,775

7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000

Growth Rate

Number of Shares
P/E Ratio
170,536
84%
115,898
9%
170,678
17%
113,850
19%
200,000
32%

1990
16
178.4
70.6
265
813.4
1078.4
177.8
404
496.6

10.0
12.5
12.8
14.7
13.3
13.30%

Investment Plan
Sell off land worth $ 27.5 Million
Use proceeds from land to repurchase shares of first year, and inves the remainder amo
Pay off 10% of debt each year
Use cash and marketable securities to repurchase from 2nd year forward

300.00
250.00
200.00

1078.4
1.5
0.09

150.00
100.00
50.00
-

-14
571.9
282

1990

1991

1992

1993

1994
EPS (New)

1995

1996
EPS (Old)

1997

1998

1999

2000

72.81
203

Shares Repurchase Ownership Acquired EPS

3,680
37%
3,248
38%
2,867
40%
2,530
41%
2,233
42%
1,971
43%
1,740
44%
1,536
45%
1,355
45%
1,196
46%
1,056

EPS GAIN
145.68
153.71
162.27
171.03
180.00
189.21
198.66
208.36
218.34
228.59
239.16

OLD EPS
2.68
4.99
7.60
10.17
12.72
15.23
17.72
20.18
22.63
25.06
27.48

143.00
148.72
154.67
160.86
167.29
173.98
180.94
188.18
195.71
203.53
211.67

nd inves the remainder amount

year forward

997

1998

1999

2000

Income
28600000
29744000
30933760
32171110.4
33457954.816
34796273.009
36188123.929
37635648.886
39141074.842
40706717.835
42334986.549

M/B
0.8
0.9
1.0
1.1
1.3
1.4
1.6
1.8
2.1
2.4
2.7