WestBond Enterprises' sales for the three-month period ended Dec. 31, 2003, reached a record $1,349,691 compared with $955,960 for the same period last year. This represents a 41-per-cent increase. For the nine months year to date, sales totalled $3,795,403 compared with $2,700,968 last year.
Net income for the nine months ended Dec. 31, 2003, was $237,820, or two cents per share, which is 37 pr cent higher than for the same period last year. The company is pleased to report that although sales are slightly behind projections because of the delayed startup of the bathroom tissue line, all other product categories have exceeded sales projections. The bathroom tissue line is scheduled for start-up trials in early March, 2003.
The following summary financial information has been extracted from the interim unaudited consolidated financial statements for the three- and nine-month periods ended Dec. 31, 2003, which are available on SEDAR.com or from WestBond.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
OPERATING RESULTS
Three months ended Dec. 31
2003 2002
Sales $1,349,691 $ 955,960
Gross profit 413,688 324,504
Selling
expenses 123,061 73,389
General and
administrative
expenses 163,571 131,075
Income before
tax 127,056 120,040
Future income
tax expense 47,485 44,030
Net income 79,571 76,010
Net income
per share 0.01 0.01
OPERATING RESULTS
Nine months ended Dec. 31
2003 2002
Sales $3,795,403 $2,700,968
Gross profit 1,166,533 891,870
Selling
expenses 326,699 209,523
General and
administrative
expenses 465,629 407,715
Income before
tax 374,205 274,632
Future income
tax expense 136,385 101,673
Net income 237,820 172,959
Net income
per share 0.02 0.02
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