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Aperture Cameras Consistently Returned The Highest Net Income

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Aperture Cameras consistently returned the highest net income (Fig.3), which provided the base for strong earnings per share (EPS) and return on equity (REO). For example, Year 6 earnings per share was $3.57 and increased in each subsequent year, ending Year 12 at $7.25. The improved EPS was accomplished with providing consistent well thought out modifications to the business model and not significant stock repurchase. The company did strategically make annual stock repurchases starting in Year 8. Return on Equity (ROE) was maintained at a consistent weighted average of 23.7, representing the average of ROE from a low of 21.0 to a high of 27.1. Management elected to operate the company with sound business principals and avoid aggressive changes in the balance sheet and/or P&L, which could dramatically swing the ROE.

It was management’s opinion what consistent reliable business practices would add a sense of security to the company’s operations, employees and shareholders. The financial consistency of the company provided shareholders with comfort in their investment with the stock price at $43.92 in Year 6 and steadily rising to $128.11 by Year 12. As previously noted, the financial results were accomplished by providing consistent high net earnings on its operations each accounting year. The company did not incur long term debt and operated its business without having to utilized its bank operating line of credit (no interest cost), thus maintaining a healthy

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