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  • Screencapture Maxolson Gitbooks Io Blue Chip Stamps Content Letters 1982 HTML 2019 03 20 16 - 59 - 03

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    blue chip

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    9 views12 pages

    Screencapture Maxolson Gitbooks Io Blue Chip Stamps Content Letters 1982 HTML 2019 03 20 16 - 59 - 03

    Uploaded by

    Chad
    blue chip

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 12
    To Our Stockholders: ‘Consolidated operating income (before al net gains from stles of secures, margeges and important fixed assets forthe calendar year 1982 inereased o $22,281,000 (4.30 per share) rom $20,805,000 (4.08 por share) in tho prvious you. Consolidated nt income. after not gains rom sale of sacurtes, mortgages and important fixes assets) incrased to $45,342,000 (8.76 per shar) from $27,628,000 (5.33 per share) in the provious ‘We nave fourmajrsubsiclaries,Sao's Candy Shops, Incorporated (100%-owned), Mutual Savings (60% owned), Precision Stoo (80%-owned), and Buta Evening News, ne (100%-owned), in sdtion tothe basic business (ora racing stamps) operated by the parent company. Our consolidated Income fr our two reporting years just ended breaks down as follows fn 0008 except fr pe-share mount: "Net operating income (oss) of neta voor sans sea 80 Alter 95 at cin nnd soo, til SH ening teeter owt New) neo watnoone 2 ei) fined eset) seme sear sam re 609 ramos sae ome rere cin | oe} | om | crm | tas] awe | am Se acme Deemer sioguy snama = ism st) —SSRR9 Sara ero che amma Ss 1. Aftr reducing income by amortization of ntangbios arising rom purchase of See's at a lage premium over its book vals. ‘tor ereasing income by amortization of the clscaun frm Mutual Savings! book value at which the intrest was acquired and eliminating gains and losses trom saleby Mutual Savings of secuttes, mortgages and important ed assets, 5. After reducing income by amortization of rlativly minor ntangiblesaraing at acquiston of the newspaper. ‘tor deduction of interest and ater corporate expenses. n each year here was an operating loss ‘rom promotional seices activities blor escuelconsoidated net income was credited with () .Svidends and intrest resulting party from investment of he funds avaiable through “oat” ‘caused by trading stamps issuod but not yo edeome ls i income tax bono caused by 85% ‘oxclusion of visends in computing federal ncome taxes, plus) Blue Chin's share of dividends, intrest anc ront rom securities and realestate hel by the Wesco Financial Corporation group cuts its savings and loan and see senice activi, pus) n 1082 a net adjustment of Blue (Chips stamp lity account in the amount of $339 o $.07 per Blue Chip share ato x05, 2s ‘explana below undar ‘Prometional Services Business an Miscalaneaus Sources of Oparating ‘Te 1982 taures compas 1,945) or $8) por Bue Chip share attributable to Mutual Savings sale of mortgage-backed securtas at aloss, as explained below under “Mutual Savings and Loan Association," and $25,088 or $4.84 pee Blue Chip share of net secures gain realized by the ‘ious entiies net of taxes anc minty interest. The 1963 gues relate soy to such net ‘Te foregoing breakdown ofthe ame aggregate esning) fers somewhat fom that used in ou usted nancial statement We nave taken the pans to propare our unconventional breakdown of earrings ant furish i in this lester bacause we aleve it batter explains what eal happening than does our accompanying consolidated income statement in conventional foem. Genera, whave ted to improve our annul letertosharholders each year soa batter to dlacloes tha things wa would want tobe tld the las ‘wera eversd and we were passive investors, However, wa have made no ator to prove rsh or navel

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