WestBond Enterprises Corporation is pleased to report that after tax earnings for the six months ended September 30, 2002 were more than triple the same period last year. Net income totalled $96,949 or $0.01 per share, compared to $31,371 for the same period last year. Sales increased 35% to $1,745,008 during the six month period as compared to last year. Sales for the three months ended September 30, 2002 were $946,220, an increase of 56% over the same period last year and an increase of 18% over the three months ended June 30, 2002.
The following summary financial information has been extracted from the interim consolidated financial statements for September 30, 2002, which are available in pdf format on the SEDAR website at www.sedar.com. Please contact the company if you would like a printed copy.
FINANCIAL HIGHLIGHTS
Three months ended Sept. 30
2002 2001
Operating results
Sales $ 946,220 $ 605,302
Gross profit 269,815 157,937
Selling expenses 82,046 39,124
General and
administrative
expenses 153,480 123,456
Income (loss)
before tax 34,289 (4,643)
Future income
tax expense
(recovery) 14,370 (1,600)
Net income
(loss) $ 19,919 $ (3,043)
Net income (loss)
per share $0.00 $(0.00)
FINANCIAL HIGHLIGHTS
Six months ended Sept. 30
2002 2001
Operating results
Sales $1,745,008 $1,296,760
Gross profit 567,366 374,240
Selling expenses 136,134 89,405
General and
administrative
expenses 276,640 233,051
Income (loss)
before tax 154,592 51,784
Future income tax
expense (recovery) 57,643 20,413
Net income
(loss) $ 96,949 $ 31,371
Net income (loss)
per share $0.01 $0.00
WestBond is located in Delta, British Columbia and is a leading converter of disposable paper products used for personal hygiene in medical and industrial markets.
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