Table 17 Common Size Normalized Income Statements The Company has been able to achieve economies of scale, growing their sales every year from 2002 to 2006 while holding their operating expenses between 78% and 79% dating back to 2003. The Company has operated at or below the expense to sales ratio shown in Table 17 Common Size Normalized Income Statements. All five years of normalized Company Income before taxes (and averaging 20.7%) are above the industry shown at 2.9%. Even factoring in expense levels below industry averages, one can assume that the sales (either driven by mix of services or absolute volume of sales) are well above industry norms. Above‐average returns such as these fora company operating in a relatively competitive retail environment could very well make the Company more attractive fora hypothetical buyer/investor. Industry
