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Thursday, November 02, 2006

Epolin (EPLN)

Epolin (combined links) filed an 8-K this week saying that the Chairman, Murray S. Cohen, will take a 50% pay cut in base salary because he's partially retired. I assume this means the new CEO, Greg Amato, is doing OK.

Based on the latest proxy, Cohen's salary was $305K for last year, this adds $152K to the income. In the 10-K, net income was $594K for the year ending Feb 28, 2006. If you take taxes into account, the pay cut adds $96K or 16% to the bottom line.

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