Based on the given financial report/income statement, please answer the two questions:
Question 1. What were the company's net revenues for the last three reporting periods?
Question 2. What was the change in dollars in the company's net income from its most recent reporting period to the previous reporting period?
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Riordan Manufacturing, Inc.
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Consolidated Balance Sheet
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Fiscal Year Ending
September 30th
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2004
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2003
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Assets
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Current Assets
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Cash
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$357,216
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$85,632
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Accounts Receivable
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$5,657,216
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$6,556,160
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Current Portion of Notes Receivable
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$117,888
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$13,184
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Inventories
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$7,854,112
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$8,074,880
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Deferred Income Taxes - net
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$328,832
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$349,184
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Prepaid Expenses and Other Items
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$328,192
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$336,128
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Total Current Assets
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$14,643,456
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$15,415,168
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Notes Receivable, less current portion
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$177,408
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$431,104
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Investment in Joint Venture
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$133,504
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$139,136
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Property, Plant and Equipment - net
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$18,511,360
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$19,205,120
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Intangible Assets - net
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$336,128
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$395,136
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Other Assets
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$54,400
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$51,840
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Total Assets
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$33,856,256
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$35,637,504
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Liabilities and Stockholders' Equity
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Current Liabilities
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Current Portion of Long-Term Debt
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$1,106,304
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$1,737,728
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Accounts Payable
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$3,573,248
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$2,676,096
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Accrued Liabilities
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$1,350,144
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$1,257,344
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Income Taxes Payable
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$164,864
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Total Current Liabilities
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$6,029,696
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$5,836,032
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Bank Line of Credit
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$487,936
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$245,760
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Long-Term Debt - less current portion
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$2,535,552
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$4,793,856
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Deferred Income Taxes - net
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$3,107,072
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$3,283,328
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Total Liabilities
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$12,160,256
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$14,158,976
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Common Stock
Stated par value is $.01.
20,000,000 shares authorized.
Issued and Outstanding 15,801,332 and 16,620,875 respectively, net of treasury shares.
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$29,055,488
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$29,491,328
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Other Accummulated Comprehensive Losses
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($202,496)
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($163,840)
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Accumulated Deficit
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($7,156,992)
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($7,848,960)
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Total Stockholders' Equity
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$21,696,000
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$21,478,528
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Total Liabilities and Stockholders' Equity
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$33,856,256
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$35,637,504
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Income Statement
For the 12 months ending September 30, 2004
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2004
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2003
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2002
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Sales
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$46,044,288
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$43,418,370
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$39,481,276
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Direct Cost of Goods Sold
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$37,480,050
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$34,517,604
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$30,953,320
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Gross Margin
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$8,564,238
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$8,900,766
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$8,527,956
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Operating Expenses
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Sales, Marketing & Other
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$920,886
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$1,085,459
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$1,105,476
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Depreciation
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$349,937
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$329,980
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$312,612
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Quality Assurance
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$1,095,854
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$1,033,357
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$1,085,459
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Research & Development
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$828,797
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$868,367
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$1,065,994
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General & Administrative
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$1,524,066
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$1,085,459
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$829,107
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Machining & Systems
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$598,576
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$477,602
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$434,294
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Total Operating Expenses
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$5,318,115
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$4,880,225
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$4,832,943
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Profit Before Interest & Taxes
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$3,246,122
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$4,020,541
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$3,695,013
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Non-Operating Expenses
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Interest Expense
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$230,221
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$217,092
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$197,406
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Taxes
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$1,025,406
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$1,293,173
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$1,189,186
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Total Non-Operating Expenses
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$1,255,628
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$1,510,265
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$1,386,593
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Net Profit After Taxes
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$1,990,495
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$2,510,276
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$2,308,420
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