| DATE |
CHANGE
|
| 06/01/2004 | Initial version |
| 11/01/2004 | Require gross margin to be increasing 1%/year, require gross margin > 20% |
| 12/13/2004 | Use only last 3 quarters instead of 8 to calculate gross margin trend; set max price as function of gross income and revenue growth rate |
| 12/20/2004 | Debt threshold also function of gross income; reverted gross margin trend calculation to use 8 quarters |
| 04/11/2005 |
New
Max Price calculation as function of next year's projected gross income;
require Operating Income to be positive and at least 10% of gross income
|
| 04/25/2005 |
Change
calculation of revenue, gross margin trends to be basd on last 4 quarters,
not 8 (all calculations now focus on a 4-quarter trend)
|
| 09/26/2005 | Fixed bugs in Operating Income calculation (very positive results in back testing) |
| 10/31/2005 | Loosened Operating Income growth/year from 5% of gross income to 1% (was too tight) |
| 12/12/2005 | Eliminate companies with very low inventories and receivables based on an empirical observation that these have a high distribution of poor businesses |