WestBond Enterprises Corporation (“WestBond”) is pleased to announce that net income for the nine months ended December 31, 2005 was $130,081, or $0.013 per share.
Sales for the period totalled $4,677,764, compared to $4,149,694 for the same period last year, representing an increase of 12.7%. Sales of all product lines increased.
The following summary financial information has been extracted from the interim consolidated financial statements for the three and nine month periods ended December 31, 2005, which are available on www.sedar.com.
| | Three months ended
December 31 | Nine months ended
December 31 | | | 2005 | 2004 | 2005 | 2004 | | Operating results | $ | $ | $ | $ | | Sales | 1,598,479 | 1,268,752 | 4,677,764 | 4,149,694 | | Gross profit | 383,833 | 321,141 | 1,188,397 | 1,176,347 | | Selling expenses | 172,196 | 107,655 | 435,433 | 365,509 | | General and administrative expenses | 182,250 | 164,201 | 519,998 | 527,350 | | Income before tax | 29,387 | 49,285 | 232,966 | 283,488 | | Income tax | 16,858 | 24,458 | 102,885 | 117,850 | | Net income | 12,529 | 24,827 | 130,081 | 165,638 | | Net income per share | 0.001 | 0.002 | 0.013 | 0.017 | | Cash Flows | | | Operating activities | 157,977 | 8,485 | 489,470 | 336,305 | | Investing activities | (118,940) | (42,336) | (760,940) | (310,305) | | Financing activities | (41,310) | 32,504 | 311,268 | (46,317) | | (Decrease) increase | (2,273) | (1,347) | 39,798 | (20,317) | | | | Financial Position | December 31
2005
$ | March 31
2005
$ | | Current assets | 1,784,282 | 1,677,379 | | Plant and equipment | 2,980,907 | 2,350,018 | | Total assets | 4,765,189 | 4,027,397 | | Current liabilities | 1,493,139 | 1,267,228 | | Term loans | 596,745 | 362,469 | | Future income tax liabilities | 391,390 | 298,662 | | Shareholders' equity | 2,283,915 | 2,099,038 |
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