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11

Circulation building efforts will be continued in fiscal year 1973 and the costs for this promotion, as well as for editorial work, printing and other services, will continue to rise. The $100,000 settlement income, furthermore, will not recur. These items are expected to offset a large part of the anticipated further substantial rise in advertising revenues to perhaps $750,000. A greater profit in fiscal year 1973 than in fiscal year 1972 does appear to be a reliable prospect. 

The Museum Shops will also show a profit in fiscal year 1972 compared with a $80,000 loss in the previous year while the loss on the SI Press will be reduced. Overall projections for fiscal year 1972 are believed to be conservative. Through the first nine months of fiscal year 1972 actual results are running well ahead of the break-even budget approved at the beginning of the year. For the first nine months there is an actual overall net [underline] gain [/underline] of $117,900 compared with a budgeted [underline] loss [/underline] for this period of an identical amount. 

For fiscal year 1973, indications at this time are that we may achieve a surplus of perhaps $200,000, principally because we expect even better results from the magazine and the museum shops. Hopefully also, the