CORTEZ, INC.
Income Statements
2003 2004 2005
Net sales $370,000 $425,000 $412,500
Operating expenses 232,500 260,000 245,500
Income from continuing operations $137,500 $165,000 $167,000
Loss on discontinued segment (52,500) - -
Income before extraordinary items $85,000 $165,000 $167,000
Extraordinary gain (loss) - 33,000 (70,000)
Net income $85,000 $198,000 $97,000
Changes in number of outstanding shares:
Outstanding shares on December 31, 2002 40,000
2003:
Treasury stock purchase on April 1 (4,000)
Issuance of new shares on June 30 12,000
10% stock dividend on October 1 4,800
Outstanding shares on December 31, 2003 52,800
2004:
Issuance of new shares on July 1 16,000
Treasury stock purchase on November 1 (4,800)
Outstanding shares on December 31, 2004 64,000
2005:
Issuance of new shares on August 1 20,000
Treasury stock purchase on September 1 (4,000)
Three-for-one split on October 1 160,000
Outstanding shares on December 31, 2005 240,000
Check figures:
(1) Shares $47,300
(2) EPS 2
(3) Shares 60,000
(4) EPS 3
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