Shearhart Corporation -
Shearhart three-month report
Shearhart Corporation
SHW
Shares issued 9,011,360
1999-10-01 close $0.99
Wednesday Oct 6 1999
Mr. Tony Meschino reviews the company
While the industry growth data for the first half of 1999 would suggest a relatively
flat market for major appliances in Ontario, the company continues to excel in all
areas of its business.
Statistically speaking, 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.
CONSOLIDATED STATEMENT OF INCOME
Three months ended June 30
1999 1998
Total revenue $31,964,421 $27,916,318
---------- ----------
Deduct
Cost of
merchandise
and operating
expenses 30,710,548 26,827,342
Interest on
long-term debt 26,245 59,643
Depreciation
and
amortization 87,750 40,925
---------- ----------
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 common
share 6.5 cents 5.6 cents |
