BRAMPTON, ON--
Home & Rural Appliances, a division of Shearhart Corporation -
trading on the Alberta Stock Exchange posted record sales and
profits for 1998 and for the first quarter of 1999. The net
profit for 1998 rose by 17.9%. The first quarter net profit rose
by 86.9%.
Furthermore, the April 1999 written sales were an all time high
of any month ever recorded.
Home & Rural Appliances was selected as the 1999 recipient of the
"Consumers Choice Gold Award For Business Excellence" in the
category of Home Appliance Sales and Service by The Gallup
Organization.
For additional information, please contact our investor's
relations officer, Georgina Lee at (905) 790 7970 extension 261.
For the year ended December 31, 1998 and 1997
1998 1997
------------ ------------
Total revenue $ 59,861,368 $ 48,488,705
Deduct
Cost of merchandise & operating
expenses 56,814,439 45,790,408
Interest on long term debt 99,601 180,057
Depreciation and amortization 133,683 96,000
------------ ------------
Income before income tax and minority
interest 2,813,645 2,422,240
Provision for income tax 1,255,000 1,041,000
----------- -----------
Income before minority interest 1,558,645 1,381,240
Minority interest (101,695) (146,087)
------------ ------------
Net income for the period $ 1,456,950 $ 1,235,153
------------ ------------
Net income per common share $ 0.16 $ 0.14
------------ ------------
For the three months ended March 31, 1999 and 1998
1999 1998
----------- ------------
Total revenue $ 14,525,641 $ 11,648,764
Deduct
Cost of merchandise & operating
expenses 14,181,680 11,462,231
Interest on long term debt 18,963 23,482
Depreciation and amortization 43,875 20,175
------------ ------------
Income before income tax and
minority interest 281,123 142,876
Provision for income tax 124,000 61,000
------------ ------------
Income before minority interest 157,123 81,876
Minority interest (24,309) (10,816)
------------ ------------
Net income for the period $ 132,814 $ 71,060
------------ ------------
Net income per common share $ .015 $ .007
------------ ------------
|
