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AMERICAN PAINT HORSE ASSOCIATION BOARD OF ... - Press

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Operating Results – 2012<br />

2012<br />

FORECAST<br />

2012<br />

ACTUAL<br />

2012<br />

DIFFERENCE<br />

Operating Revenue $ 7,527,396 $ 7,536,048 $ 8,652<br />

Operating Expense $ 8,324,748* $ 8,683,039 $ 358,291<br />

Operating Results $ (797,352) $ (1,146,991) $ (349,639)<br />

*After removing $900,000 in payroll and related expenses.

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