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NOTES ON QUARTERLY REPORT <br />THIRD QUARTER ENDED SEPTEMBER 30, 1969 . <br />BALANCE SHEET <br />CASH INCREASE OF $63,000 DUE TO REDUCTION OF MERCHANDISE <br />INVENTORY OF $65,000. NO OTHER SIGNIFICANT ASSET OR <br />LIABILITY CHANGES. NET WORTH NET INCREASE OF $35,000. <br />(EARNINGS EXCEEDED TRANSFERS BY THIS AMOUNT). <br />INCOME STATEMENT <br />SALES INCREASE FOR THIRD QUARTER $55,364. AND ACCUMULATED <br />INCREASE FOR YEAR $117,615. ABOVE COMPARABLE 1968 PERIODS. <br />COST OF GOODS SOLD INCREASE FOR NINE MONTH PERIOD 0.71%. <br />OPERATING EXPENSE UP $32,033. (0.66%) AND NET INCOME UP <br />$2,702. (DOWN 1.46% OF SALES). <br />STORE ONE <br />SALES FOR FIRST NINE MONTHS UP $67,496. (9.34%). COST OF <br />GOODS SOLD COMPARISON UP 0.75%. NET INCOME DECREASE $1,506. <br />(OFF 1.93% ON SALES). <br />STORE TWO <br />SALES UP $50,119. (10.78). COST OF GOODS SOLD UP 0.620. <br />NET INCOME INCREASE $4,208. (OFF 0.68 ON SALES). <br />COMMENTS <br />RECOVERY FROM FIRST TWO QUARTERS PROFIT SQUEEZE APPEARS TO <br />BE COMPLETED. THE SIGNIFICANT PROFIT FROM PRE-TAX INCREASE <br />AND PRE -PRICE INCREASE PURCHASING HAS NOW MOSTLY BEEN ABSORBED <br />INTO INCOME AND PARTIALLY ACCOUNTS FOR ABNORMAL PROFITS IN <br />THIS QUARTER (APPROXIMATELY $30,000 OF THE TOTAL). INVENTORY, <br />MARGINS AND OPERATING EXPENSE RATIO ALL ARE IN REASONABLE <br />SHAPE AS THE IMPORTANT FINAL QUARTER GETS UNDER WAY. SOME <br />OPPORTUNITY BUYING AS WELL AS GENERAL BUSINESS CONDITIONS <br />INDICATE A SATISFACTORY CLIMAX TO THIS YEAR. <br />