WestBond Enterprises has released its financial results for the quarter ended June 30, 2002, reporting an increase in after-tax earnings of 124 per cent over the same period last year. Net income totalled $77,030 or one cent per share for this quarter, compared with $34,414 for the period ended June 30, 2001. Sales also increased 15.5 per cent to $798,788 during the first three months as compared with last year. Both increases are a result of higher margins and sales generated by equipment which formed the first phase of WestBond's aggressive capital expansion started last year.
The increase in revenue and profits is due to new personal hygiene products coming on-line as well as increases in almost every product category in the medical market. The second phase of the expansion will add new products to the existing line and further enhance the profit position of the company. The following summary financial information has been extracted from the interim consolidated financial statements for the three months ended June 30, 2002, which are available in PDF format on the SEDAR Web site at www.sedar.com.
FINANCIAL HIGHLIGHTS
Three months ended June 30
2002 2001
Sales 798,788 691,458
Gross profit 297,551 216,303
Selling expenses 54,088 50,281
General and
administrative
expenses 123,160 109,595
Income before tax 120,303 56,427
Future income
tax expense 43,273 22,013
Net income 77,030 34,414
Net income per share,
basic and
fully diluted 0.01 0.00
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