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Our greatest assets, the dedicated staff of 57 great professionals at AAPG, are also our biggest expense.
The recent run up in cost during the last 3 years, is directly related to our need to make up the pension shortfall. Fortunately, not all of that added pension expense has an impact on cash flow, although it sure hits book expense and thus our reported income, hard. For example, in the fiscal year ending June 30, 2005, we recognized a $527,256 additional pension expense on our books that we did not have to use cash to cover.
