Shearhart Corporation -
Shearhart six-month results
Shearhart Corporation
SHW
Shares issued 9,011,360
1999-08-03 close $0.71
Friday Aug 13 1999
Ms. Georgina Lee reports
While the industry growth data for the first half of 1999 would suggest a relatively
flat market for major appliances in Ontario, Shearhart Corp. continues to excel in
all areas of the business.
Shearhart Corp. has achieved a record sales volume of $31,964,421, coupled
with record net earnings of $589,534 for the period. This translates into a
17.4-per-cent increase in shareholder income per common share over 1998, and
a net income per common share of 6.5 cents.
Statistically, the second half of the year for the industry is the most profitable and
to be heading into the second half with this kind of edge, would only suggest a
banner finish.
FINANCIAL HIGHLIGHTS
Six months ended June 30
1999 1998
Total
revenue $31,964,421 27,916,318
---------- ----------
Cost of
merchandise
and operating
expenses 30,710,548 26,827,342
Interest on
long-term debt 26,245 59,643
Depreciation
and amortization 97,750 50,925
---------- ----------
Income before
income tax and
minority
interest 1,139,878 978,408
Provision for
income tax 508,000 420,000
---------- ----------
Income before
minority
interest 631,878 558,408
Minority
interest (42,344) (56,258)
---------- ----------
Net income for
the period $ 589,534 502,150
========== ==========
Net income per
share 6.5 cents 5.6 cents |
