Persistence of Revenues
The persistence of a company’s revenues can be assessed by analyzing the trend of its revenues over time, and by reviewing Management’s Discussion and Analysis (MD€A) .Exhibit 6.5 contains a revenue trend analysis for Hershey Company and Tootsie Roll for the five-year period beginning with the 2004 fiscal year-end. For purposes of this analysis, year 2004 data are set at 100 percent.
EXHIBIT 6.5 Revenue Trend Analysis, 2004-2008