WestBond Enterprises' earnings rise to $172,959 in 2002
2003-02-20 18:49 EST - News Release
Mr. Gennaro Magistrale reports
WESTBOND ANNOUNCES THIRD QUARTER YTD EARNINGS
Net income for the nine-month period ended Dec. 31, 2002, increased by 292 per cent over the same period last year to $172,959 or two cents per share. For the three months ended Dec. 31, 2002, the net income was $76,010 or one cent per share, an improvement of 497 per cent over the same quarter in the previous year.
Sales for the nine-month period totalled $2,700,968, compared with $1,982,253 last year, representing an increase of 36 per cent. All product categories showed healthy increases over last year and the gross profit increased by 63 per cent as operating efficiencies continued to improve.
The company is looking forward to the startup of the new machines that have been under construction for the last several months. One of the machines is expected to commence operations in early March, 2003, while the other machine should be commissioned over the following three 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 12 months for WestBond appears very 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. Year-end sales are still projected by management to be close to $4-million.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
FINANCIAL SUMMARY
Three months ended Dec. 31
2002 2001
Operating
results
Sales $955,960 $685,493
Gross profit 324,504 172,923
Selling
expenses 73,389 39,159
General and
admin expenses 131,075 110,902
Income before
tax 120,040 22,862
Future income
tax expense 44,030 10,136
Net income $76,010 $12,726
Net income per
share $0.01 $0.00
FINANCIAL SUMMARY
Year ended Dec. 31
2002 2001
Operating
results
Sales $2,700,968 $1,982,253
Gross profit 891,870 547,163
Selling
expenses 209,523 128,564
General and
admin expenses 407,715 343,953
Income before
tax 274,632 74,646
Future income
tax expense 101,673 30,549
Net income $172,959 $44,097
Net income per
share $0.02 $0.00 |
