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FrobozzCo International Annual Report
778 GUE

FESTERON TOWN LIBRARY

05/18/781
01/32/811
09/11/846
02/07/902
02/21/948

Please take care of me...
library books belong to everyone.


A MESSAGE TO OUR SHAREHOLDERS
-----------------------------

[The first paragraph is actually partly obscured by the library
date slip standard packaging!]

  778 was a year of continued growth for FrobozzCo and its many
subsidiaries. Gross income rose 14% and our revenue increased by 22%.
The employment rate now stands at 98.7% for the entire workforce of the
Great Underground Empire and is limited only by the birth rate and the
size of the Royal Family.

  Following the completion of the Royal Museum, the Frobozz Magic Cave
Company, our largest subsidiary, moved to increase its staff even more
as the well-publicized dam and volcano projects moved into full gear.
The Cave Company will also be creating the new 400-story FrobozzCo world
headquarters in Flatheadia, scheduled to open sometime in 781.

  More than 18,000 additional subsidiaries were formed or taken over
during the last year, further increasing the scope of our industrial
empire. FrobozzCo now produces everything from aardvarks to zwieback.

  I trust that you, as a stockholder, will take the time to read through
this report and learn about at least a few of the many exciting things
that are going on here at FrobozzCo. It's certainly been a tremendous
year, but we're looking forward to an even tremendouser year in 779!



                                 John D. Flathead
                                 President and Chairman of the Board,
                                 FrobozzCo International

FROBOZZ MAGIC CAVE COMPANY

[Picture]
The Frobozz Magic Cave Company has won an unequaled amount of honors,
including the much-coveted Dirtiest Shovel in the Great Underground
Empire award.


The first of FrobozzCo's myriad subsidiaries, the Magic Cave company was
formed over a century ago to implement King Duncanthrax's massive
tunneling project. Today, the Magic Cave Company is an umbrella for a
wide range of underground construction projects.
  Two of the most ambitious construction projects ever attempted are now
on the Magic Cave Company drawing boards.  Construction has already
started on a dam of staggering proportions that will span the Frigid
River.  Tentatively called Flood Control Dam Number Three, the dam is
scheduled for completion in 783 G.U.E., and comes with a price tag of 37
million zorkmids.
  Magic Cave Company engineers are planning an amazing project to quench
and then hollow out a mighty volcano. The project is being conducted
under very tight security, and Lord Dimwit Flathead himself is
personally reviewing the plans at each stage.
  In addition to these landmark projects, the Magic Cave Company created
an additional 46,000 linear bloits of tunnel this year, including nearly
200 bloits of Great Underground Highway extension, as well as 8,000
cubic bloits of additional cavern space.

FROBOZZ MAGIC TWEEZERS COMPANY

[Picture]
Our top-of-the-line Model X-1 tweezer is as functional as it is
good-looking.


One of the newest and brightest members of the FrobozzCo family, the
Magic Tweezers Company was formed after a 652,000-zorkmid market
research survey revealed a widespread need for a high-quality
technologically advanced tweezer.
  Following several years of planning and development, the Frobozz Magic
Tweezer Model A-1 is now ready to roll off the assembly lines and into
millions of homes all across the Great Underground Empire. The A-1,
which will retail for Zm0.29, has sold briskly in test markets. Within
six months, a top of the line Model X-1 tweezer will be introduced and
will retail for Zm0.89. Six more models, as well as various add-on
accessories, are currently on the drawing board.
  The Board of Directors of FrobozzCo welcomes the Frobozz Magic
Tweezers Company aboard, and is confident that this new division will
pluck a lot of business for the parent conglomerate.

FROBOZZ MAGIC SPELL COMPANY

[Picture]
Some truly amazing things materialize at the Frobozz Magic Spell
Company.


While the well-heeled Enchanters Guild remains the primary customer of
the Frobozz Magic Spell Company, the invention of self-casting spell
scrolls has created a huge new market for magic technology.
  Sales increased 11% during 778, marking the twentieth year of steady
growth for this lucrative FrobozzCo subsidiary. In response to the
growing demand for magic spell accessories, several new FrobozzCo
divisions were formed, including the Frobozz Magic Scroll Rack company,
the Frobozz Magic Spell Book Company, and the Frobozz Magic Scroll
Mailing Tube Company.
  Four new spells were added to the Magic Spell Company product line
this year, a Magic Spell Company record and a tribute to the wizards in
FrobozzCo's famous Magiclab. The four new spells are DRILBO (strips a
floor of yellowed wax), BORCH (puts insects to sleep), GIZGUM (predicts
visits by relatives) and QUELBO (transmutes coconuts into gold).

FROBOZZ MAGIC GRUE REPELLENT COMPANY

[Picture]
Encouraged by the runaway success of their old socks/burning rubber-
scented repellent, company scientists increased the product line with
seven new odors.


The Frobozz Magic Grue Repellent Company is one of FrobozzCo's fastest
growing divisions. Sales of grue repellent nearly tripled last year,
spurred on by drastic extensive improvements made in the product and by
an aggressive marketing campaign. Magic Grue Repellent Company
executives can proudly point to a 31% drop in grue-related deaths during
the last year, and a consequent 31% drop in the grue population.
  The discovery of a particularly effective new additive by the Magic
Grue Repellent Company's research division has increased the efficiency
of the product by 45%. Studies have shown that most grues will not come
within 70 feet of someone sprayed with New Improved Repellent. The new
additive, dubbed G-17, is also longer-lasting, requiring fewer
sprayings, and it can be made from ordinary sand!
  The Magic Grue Repellent Company also increased the product line with
the introduction of seven new odors of repellent, in addition to the
regular old socks/burning rubber odor. The new odors include rotting
eggs, dead fish, swamp gas, three-week-old meatloaf, gym locker, wet
dog and mint.
  Several ingenious sales strategies were highly successful. The Free-
Noseplugs-With-Every-Can campaign, in association with the Frobozz Magic
Noseplugs Company, ran for one month and increased sales by 92%.
Advertisements featuring grue-mangled corpses ran before and during the
peak travel season. Finally, a joint packaging effort with the Frobozz
Magic Lantern Company to produce a Frobozz Anti-Grue kit paid off with
remarkable end-of-year sales.

FROBOZZCO FINANCIAL REPORT

[Six times the same diagram:X = "Year" (773-778), Y = "Zorkmids (in
millions)" (10-50); but with 6 different captions: SALES, PROFIT,
NUMBER OF SUBSIDIARIES, NUMBER OF EMPLOYEES, NAME RECOGNITION,
GRANOLA SUBSIDIES]


FrobozzCo International Income Statement
(Zorkmid Amounts in Millions)
                                         Year end         Year end
                                            778              777
Revenues:
Sales of goods and services             Zm5,431,922     Zm5,108,113
Sale of property                            350,585     -- -- -- --
Other revenues                              812,913         656,106
                                        -----------     -----------
  TOTAL REVENUES                          6,595,420       5,764,219
                                        -----------     -----------
Expenses:
Cost of goods and services                2,773,119       2,655,288
Selling, administration, bribes           1,243,984       1,256,712
Depreciation                                127,353         112,499
Contributions to Royal Charities            888,307         888,307
Printing of Annual Report                   285,238         279,540
                                        -----------     -----------
  TOTAL EXPENSES                          5,318,001       5,192,346
                                        -----------     -----------
  NET INCOME                            Zm1,277,419     Zm  571,873
                                        ===========     ===========
Earnings per uncommon share:
Continuing operations                   Zm     2.72     Zm     1.54
Discontinuing operations                      (0.03)          (0.02)
                                        -----------     -----------
  NET INCOME PER UNCOMMON SHARE         Zm     2.69     Zm     1.52
                                        ===========     ===========

FrobozzCo International Retained Earnings Statement
(Zorkmid Amounts in Millions)
                                         Year end         Year end
                                            778              777
Retained earnings at year opening       Zm1,204,445     Zm1,162,556
Net income                                1,277,419         571,873
Dividends paid on uncommon stock           (894,017)       (529,971)
Dividends paid on unpreferred stock             (24)            (13)
                                        -----------     -----------
Retained earnings at year end           Zm1,587,823     Zm1,204,445
                                        ===========     ===========

FrobozzCo International Balance Sheet
(Zorkmid Amounts in Millions)
                                         Year end         Year end
                                            778              777
Assets:
Cash                                    Zm  393,459     Zm  219,067
Inventories                                 566,790         465,634
Loans to Royal Family                     1,125,000         900,000
Executive Party Fund                        107,374         132,252
Plant and Equipment                         778,833         596,025
Other assets                                325,939         294,606
                                        -----------     -----------
 TOTAL ASSETS                           Zm3,297,395     Zm2,610,584
                                        ===========     ===========

Liabilities:
Short term loans                        Zm  456,872     Zm  388,431
Accrued payroll deductions                  594,311         435,923
Deferred bribes                             216,343         209,575
Other liabilities                            95,647          80,293
                                        -----------     -----------
  Total Liabilities                       1,363,173       1,114,222
                                        -----------     -----------
Shareholder's equity:
Uncommon stock                              345,287         291,054
Unpreferred stock                             1,112             858
Retained earnings                         1,587,823       1,204,445
                                        -----------     -----------
  Total shareholder's equity              1,934,222       1,496,357
                                        -----------     -----------
   TOTAL LIABILITIES AND EQUITY         Zm3,297,395     Zm2,610,579
                                        ===========     ===========

[Picture]
Original Headquarters Building
       Constructed 667


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FROBOZZCO INTERNATIONAL
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