June 2003 Interim Financials; Sales up 43% Over Last Year
9/1/03
WestBond Enterprises Corporation ('WestBond') is pleased to announce that net income for the three months ended June 30, 2003 was $76,431, or $0.01 per share. This is approximately 10% higher than projected for the period and approximately the same as for the same period last year.
Sales for the period totalled $1,140,210, compared to $798,788 for the same period last year, representing an increase of 43%. Personal hygiene products make up most of the increase in sales.
The focus for the next six months will be to increase distribution and sales for all product categories, but mainly the personal hygiene line.
The following summary financial information has been extracted from the consolidated financial statements for the three months ended June 30, 2003.
Three months
ended June 30,
2003 2002
Operating results $ $
Sales 1,140,210 798,788
Gross profit 348,943 297,551
Selling expenses 91,949 54,088
General and administrative expenses 137,451 123,160
Income before tax 119,543 120,303
Future income tax expense 43,112 43,273
Net income 76,431 77,030
Net income per share 0.01 0.01
Cash Flows
Operating activities 94,676 147,233
Investing activities (46,924) (103,404)
Financing activities (56,530) 87,234
(Decrease) increase (8,778) 131,063
June 30, March 31,
2003 2003
Financial Position $ $
Current assets 1,232,478 1,109,307
Plant and equipment 1,454,172 1,435,925
Future income tax assets - 24,103
Total assets 2,686,650 2,569,335
Current liabilities 948,560 887,136
Term loans 222,069 261,618
Future income tax liabilities 19,009 -
Shareholders'equity 1,497,012 1,420,581
WestBond is located in Delta, British Columbia and is a leading converter of disposable paper products used for personal hygiene in medical and industrial markets.
WestBond is listed on the TSX Venture Exchange and trades under the symbol 'WBE'
Certain statements in this press release may constitute 'forward looking'statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements use such words as 'may', 'will', 'expect', 'believe', 'plan'and other similar terminology.
CONTACT: TEL: (604) 940-3939 WestBond Enterprises Corporation
Gennaro Magistrale, President
EMAIL: GMagistrale@WestBond.ca
TEL: (250) 376-8989 WestBond Enterprises Corporation
Doren Quinton, Investor Relations
EMAIL: info@WestBond.ca |
