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NOTES ON QUARTERLY REPORT <br />FIRST QUARTER ENDED MARCH 31, 1970 <br />BALANCE SHEET <br />ONLY SIGNIFICANT CHANGES ARE REDUCTIONIN INVENTORY BY $45,100 <br />AND $47,100 INCREASE IN INVESTMENTS DURING FIRST QUARTER. AN <br />AMOUNT OF $3,300 HAS BEEN PLACED IN ACCRUED WAGES IN ANTICIPATION <br />OF CONTRACT SETTLEMENT REPRESENTING PROBABLE RETROACTIVE PAY DUE. <br />INCOME STATEMENT <br />TOTAL SALES INCREASE $21,541.57 (5.4%) ABOVE FIRST QUARTER PRE- <br />VIOUS YEAR. COST OF GOODS BEFORE PROMOTIONAL DISCOUNTS ROSE <br />0.94% AND PROMOTIONAL DISCOUNTS UP 0.12%. CHANGES IN OPERATING <br />EXPENSE AND OTHER INCOME NOT SIGNIFICANT. NET INCOME APPROXI- <br />MATELY THE SAME. <br />STORE ONE <br />NET SALES UP $6,106.58 (2.6%). COST OF GOODS SOLD UP 1.54%. <br />OPERATING EXPENSE DOWN 0.71%. NET INCOME DOWN 0.53% OF SALES. <br />STORE TWO <br />NET SALES up $15,434.99 (9.5%). COST OF G000s SOLD up 0.13%. <br />OPERATING EXPENSE UP 0.72%. NET INCOME DOWN 0.83% OF SALES. <br />ON SALE <br />COMBINED SALES DOWN $1,280.09. INCOME UP $1,988.72. <br />STORE #1 SALES DOWN $4,689.22. INCOME UP $ 399.73. <br />STORE #2 SALES UP $3,409.13. INCOME UP $1,588.99. <br />OFF SALE <br />COMBINED SALES UP $22,821.66. INCOME DOWN $1,747.03. <br />STORE #1 SALES UP $10,795.80. INCOME DOWN $ 883.49. <br />STORE #2 SALES UP $12,025.86. INCOME DOWN $ 863.54. <br />