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x FORECAST of EARNINGS year ending March 31, 1946 Actual Estimated for 1946 January Fe ruary March Total November,1945 December,1945 `_f liet ;'mi7.as . $11,164,000 4rona profit 982,000 ~~ $ to sales 8.80 '9; Adlrertiaing 555,000 y8hipping Qthefi 'mxpense '40pernting profit k~Iaterest and other deductions less $11,798,000 010,800,000 984,000 907,000 8.34 8.4 589,000(s) • 560,000 ( )C 197,000 167,000 150,000 169,000(A) 118,000 120,000 61,000 110,000 77,000 ' other income 80,000 72,000 ~Frovision for Fleetwood F r and Spud e,dvertising 74,000 1,000 'Management bonus "Tncome before taxes 93,000 Income tax 36,000 ,Excese,profits tax .Net income 1, 57,000 90,000 37,000 13,000 15,000 „ 000 22,000 6,000 011,200,000 $12,000,000 $56,962,000 941,000 1,020,000 4,834,000 8.4 8.5 525,000(D) 495,000(E) 2,724,000 155,000 170,000 839,000 120,000 120,000 647,000 141,000 235,000 624,000 90,000 50,000(F) 382,000 75,000 51,000 185,000 167,000 20,000 73,000 67,000 31,000 112,000 100,000 Accrual Adjustments Five Months Adjusted Total Seven Montha Total Total ' for Year $56,962,000 $120,586,000 $177,548,000 4,834,000 13,925,000 18,759,000 2,724,000 3,653,000 6,377,000 839,000 1,887,000 2,726,000 647,000 942,000 1,589,000 624,000 7,443,000 8,067,000 382,000 339,000 721,000 75,000 75,000 $ 85,000 65,000 85,000 85,000 252,000 7,019,000 7,271,000 185,000 252,000 2,610,000 2,862,000(0) 440,000 440,000 440,000 340,000 440,000 3,969,00o 4,409,000 Includes Xmas wrapping 50M. Includes contributions 20M. Special items nonrecurring $10M. One less broadcast $15M, and army camp shows $20M ($5M per week). Cancellation of magazine ads #40M, and army camp shows ~25M (05M per week). After commission income, $40M, on leaf purchases. Adjusted by $10M for lower rate on capital gains and dividends. Note: For the purpose of the letter to stockholders, dated February 2, 1946, the estimated profit, after taxes, was reported at the same amounts as were used in the press release dated January 30, 1946. The difference of #10,000 net profit ae + between this statement and the press release was applied to reduce the net estimated income of the last three imonths from #135,000 to $125,000. It will be noted that the $10,000 difference arises from lower income tax on capital gains and dividends as applied in the column "Total for Year." In reporting the estimate for the year it was preferable to "Round°1 ~' the amount to the even hundred thousand.