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million. With shares outstanding increasing to about 25.65 million, Costco's <br />earnings per share in fiscal 1987 should approximate $0.45-to-$0.65 per share, <br />in our opinion. This year -over -year gain of about 45%-to-50% would be a <br />substantially higher 180%-to-190% if fiscal 1986 earnings per share were taxed <br />at a comparable rate. Beyond 1987, we believe that Costco has excellent <br />expansion potential. Furthermore, the ,naturing of the current warehouse base <br />is expected to provide favorable operating leverage. Therefore, assuming that <br />total revenue increases at a minimum of '25% per year and that the company may <br />utilize external financing at some point in this timeframe, we project that <br />Costco will have earnings per share growth of approximately 30% annually from <br />1986 through 1990. <br />0 <br />7 <br />