Delta, BC, July 28, 2004, WestBond Enterprises Corporation (“WestBond”) is pleased to announce that it’s net income for the year ended March 31, 2004 was 56% more than last year. The more profitable results are due mainly to increased sales, which were 38% higher in 2004 than 2003.
The following summary financial information has been extracted from WestBond’s consolidated financial statements for the year ended March 31, 2004. The full financial statements, including the notes thereto, the auditors’ report thereon, and management’s discussion and analysis are available on www.SEDAR.com. These items will be included in WestBond’s 2004 annual report, which will be mailed to shareholders on August 16, 2004.
| FINANCIAL RESULTS | | Years ended March 31 | | 2004 | 2003 | | $ | $ | | Operating results | | | | Sales | 5,069,320 | 3,663,261 | | Cost of sales | 3,515,964 | 2,496,425 | | Gross profit | 1,553,356 | 1,166,836 | | Selling and marketing expenses | 443,587 | 288,629 | | General and administrative expenses | 626,528 | 564,952 | | Net income before tax | 483,241 | 313,255 | | Future income tax expense | 175,876 | 115,939 | | Net income | 307,365 | 197,316 | | ========= | ========= | | Net income per share, basic and diluted | 0.03 | 0.02 | | | | March 31, | | 2004 | 2003 | | $ | $ | | Financial Position | | Current assets | 1,306,768 | 1,109,307 | | Other assets | 2,138,389 | 1,460,028 | | Total assets | 3,445,157 | 2,569,335 | | Current liabilities | 1,032,775 | 887,136 | | Long-term liabilities | 664,254 | 261,618 | | Shareholders' equity | 1,748,128 | 1,420,581 | | ========= | ========= |
For further information, please contact:
Gennaro Magistrale, President, (604) 940-3939, e-mail: GMagistrale@WestBond.ca
Doren Quinton, Investor Relations, (250) 376-8989, e-mail: info@WestBond.ca
A. Salman Jamal, Syndicated Capital Corp., (604) 694-1994, e-mail: info@syndicatedcc.com
WestBond is listed on the TSX Venture Exchange and trades under the symbol “WBE”
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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