Symbol: WBE.V
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| Year-End Earnings Increase 285% Over Last Year |
| June 17th 2003 |
WestBond Enterprises Corporation (“WestBond”) is pleased to announce that net income for the year ended March 31, 2003 increased by 285% over last year to $197,316 or $0.02 per share.
Sales for the year totalled $3,663,261, compared to $2,651,412 last year, representing an increase of 38%. All product categories showed healthy increases over last year and the gross profit increased by 58% as operating efficiencies continued to improve. The sales and net income were lower than originally projected because of the delayed start-up of the new equipment.
The company is looking forward to the start up of the new machines that have been under construction for the last several months. One of the machines commenced operations in March 2003 while the other machine should be commissioned over the next few months. The new equipment will allow WestBond to substantially diversify its product line and will result in greater gains in market share of the Personal Hygiene line.
The outlook for the next fiscal year for WestBond is positive. The addition of the new products will position the company in a market that very few converters can service. Not only are the products of the highest quality, but WestBond’s service level will offer small to medium sized distributors the ability to compete on a more profitable level. Sales for the year ending March 31, 2004 are projected by management to be close to $5.5 million, which should yield net income of $0.04 per share, after tax. This projection assumes that current sales levels continue and are increased later this summer with sales of new products from the new equipment.
The following summary financial information has been extracted from the consolidated financial statements for the year ended March 31, 2003.
| | Year ended | March 31, | | | 2003 | 2002 | | Operating results | $ | $ | | Sales | 3,663,261 | 2,651,412 | | Gross Profit | 1,166,836 | 737,549 | | Selling expenses | 288,629 | 178,035 | | General and administrative expenses | 564,952 | 453,600 | | Income before tax | 313,255 | 105,914 | | Future income tax expense | 115,939 | 54,614 | | Net income | 197,316 | 51,300 | | Net income per share | 0.02 | 0.01 | | Cash Flows | | Operating activities | 161,040 | 257,874 | | Investing activities | (468,636) | (137,250) | | Financing activities | 317,675 | (121,195) | | Increase (decrease) | 10,079 | (571) | | | March 31, 2003 | March 31, 2002 | | Financial Position | $ | $ | | Current assets | 1,109,307 | 695,014 | | Plant and equipment | 1,435,925 | 1,073,816 | | Future income tax assets | 24,103 | 140,042 | | Total assets | 2,569,335 | 1,908,872 | | Current liabilities | 887,136 | 530,793 | | Term loans | 261,618 | 154,814 | | Shareholders' equity | 1,420,581 | 1,223,265 |
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