WestBond Enterprises Corporation ("WestBond") is pleased to announce that net income for the three months ended September 30, 2004 was $59,721, or $0.006 per share.
Sales for the period totalled $1,533,592, compared to $1,305,502 for the same period last year, representing an increase of 18%. Sales of long-term care, clinical and personal hygiene products make up the increase.
The following summary financial information has been extracted from the interim consolidated financial statements for the three and six month periods ended September 30, 2004, which are available on www.sedar.com. The comparative figures for 2003 have been restated for the retroactive change in accounting policy for employee and director stock options required by new accounting regulations.
| Three months ended
September 30 | Six months ended
September 30 | | 2004 | 2003 | 2004 | 2003 | | Operating results | $ | $ | $ | $ | | Sales | 1,533,592 | 1,305,502 | 2,880,942 | 2,445,712 | | Gross profit | 448,834 | 403,571 | 855,206 | 752,184 | | Selling expenses | 138,003 | 111,689 | 257,854 | 203,638 | | General and administrative expenses | 205,082 | 171,654 | 363,149 | 319,015 | | Income before tax | 105,749 | 120,228 | 234,203 | 229,531 | | Future income tax expense | 46,028 | 45,788 | 93,392 | 88,900 | | Net income | 59,721 | 74,440 | 140,811 | 140,631 | | Net income per share | 0.006 | 0.008 | 0.014 | 0.015 | | Cash Flows | | | Operating activities | 103,937 | 94,090 | 327,820 | 188,766 | | Investing activities | (90,676) | (476,137) | (267,969) | (523,061) | | Financing activities | (119,006) | 393,574 | (78,821) | 337,044 | | (Decrease) increase | (105,745) | 11,527 | (18,970) | 2,749 | | September 30
2004 | March 31
2004 | | Financial Position | $ | $ | | Current assets | 1,521,658 | 1,306,768 | | Plant and equipment | 2,333,088 | 2,138,389 | | Total assets | 3,854,746 | 3,445,157 | | Current liabilities | 1,190,497 | 1,032,775 | | Term loans | 437,475 | 512,481 | | Future income tax liabilities | 245,166 | 151,773 | | Shareholders' equity | 1,981,608 | 1,748,128 |
WestBond is a producer of high quality disposable paper products marketed through medical and industrial distributors and operates a manufacturing facility in Delta, British Columbia, Canada.
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