WestBond Enterprises Corporation (“WestBond”) is pleased to announce that net income for the three months ended September 30, 2006 was $37,747, or $0.004 per share.
The following summary financial information has been extracted from the interim consolidated financial statements for the three and six month periods ended September 30, 2006, which are available from the Company’s website at www.westbond.ca and on www.sedar.com.
| | Three months ended
September 30 | Six months ended
September 30 | | | 2006 | 2005 | 2006 | 2005 | | Operating results | $ | $ | $ | $ | | Sales | 1,641,014 | 1,487,265 | 3,297,236 | 3,079,285 | | Gross profit | 420,348 | 369,377 | 826,975 | 804,564 | | Selling expenses | 191,523 | 126,393 | 374,531 | 263,237 | | General and administrative expenses | 168,577 | 175,424 | 349,645 | 337,748 | | Income before tax | 60,248 | 67,560 | 102,799 | 203,579 | | Income tax | 22,501 | 31,423 | 42,724 | 86,027 | | Net income | 37,747 | 36,137 | 60,075 | 117,552 | | Earnings per share | 0.004 | 0.004 | 0.006 | 0.011 | | Cash Flows | | Operating activities | 173,667 | 346,168 | 79,845 | 331,493 | | Investing activities | (72,538) | (557,339) | (100,289) | (642,000) | | Financing activities | (102,867) | 268,043 | (1,111) | 352,578 | | (Decrease) increase | (1,738) | 56,872 | (21,555) | 42,071 | | | September 30
2006 | March 312006 | | Financial Position | $ | $ | | Current assets | 1,914,146 | 1,937,741 | | Plant and equipment | 2,998,949 | 3,014,802 | | Total assets | 4,913,095 | 4,952,543 | | Current liabilities | 1,712,129 | 1,748,140 | | Term loans | 413,307 | 535,599 | | Future income tax liabilities | 427,392 | 384,668 | | Shareholders' equity | 2,360,267 | 2,284,136 |
WestBond also wishes to thank Frank Barker for his services to the Company over the past few years. Mr. Barker has resigned as a director of the Company.
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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