publicly held company on October 1, 1970, and was soon listed on the New York Stock Exchange. The first stock split occurred in May 1971 at a price of $47 per share. By this time, Walmart was operating in five states: Arkansas, Kansas, Louisiana, Missouri, and Oklahoma; it entered Tennessee in 1973 and Kentucky and Mississippi in 1974. As the company moved into Texas in 1975, there were 125 stores with 7,500 employees and total sales of $340.3 million. In the 1980s, Walmart briefly experimented with a precursor to the Supercenter, the Hyper-Mart. Four stores combined features of discount stores, supermarkets, pharmacies, video arcades and other amenities. Walmart continued to grow rapidly, and by the company's 25th anniversary in 1987, there were 1,198 Walmart stores with sales of $15.9 billion and 200,000 associates. One reason for Walmart's success between 1980 and 2000 is believed to be its contiguous pattern of expansion over time, building new distribution centers in a hub and spoke framework within driving distance of existing Supercenters. 1987 also marked the completion of the company's satellite network, a $24 million investment linking all stores with two-way voice and data transmissions and one-way video communications with the Bentonville office. At the time, the company was the largest private satellite network, allowing the corporate office to track inventory and sales and to instantly communicate to stores. By 1984, Sam Walton had begun to source between 6% and 40% of his company's products from China. In 1988, Walton stepped down as CEO and was replaced by David Glass. Walton remained as chairman of the board. During this year, the first Walmart Supercenter opened in Washington, MO. With the contribution of its superstores, the company surpassed Toys "R" Us in toy sales in 1998. 1990–2005: Retail rise to multinational status While it was the third-largest retailer in the United States, Walmart was more profitable than rivals Kmart and Sears by the late 1980s. By 1990, it became the largest U.S. retailer by revenue. Prior to the summer of 1990, Walmart had no presence on the West Coast or in the Northeast (except for a single Sam's Club in New Jersey which opened in November 1989), but in July and October that year, it opened its first stores in California and Pennsylvania, respectively. By the mid-1990s, it was the most powerful retailer in the U.S. and expanded into Mexico in 1991 and Canada