WestBond Enterprises Corporation ("WestBond") announces that net income for the nine months ended December 31, 2004 was $165,638, or $0.017 per share.
Sales for the period totalled $4,149,694, compared to $3,795,403 for the same period last year, representing an increase of 9%. Sales of long-term care and personal hygiene products make up the increase, while clinical, airline and other product categories decreased. Sales in all categories, other than airline products, were hampered by temporary, cyclical paper shortages during the quarter ended December 31, 2004. The peak of the cycle appears to be over and fewer shortages are anticipated over the next several months. WestBond is increasing paper inventories to lessen the impact of future shortages.
The following summary financial information has been extracted from the interim consolidated financial statements for the three and nine month periods ended December 31, 2004, which are available on www.sedar.com. The comparative figures for 2003 have been restated for the retroactive change in accounting policy for employee and director stock options required by new accounting regulations.
| ||Three months ended
|Nine months ended
|General and administrative expenses||164,201||170,618||527,350||489,633|
|Income before tax||49,285||118,917||283,488||348,448|
|Future income tax expense||24,458||47,485||117,850||136,385|
|Net income per share||0.002||0.007||0.017||0.021|
|Cash Flows|| |
|Financing activities||32,504 ||(20,206)||(46,317)||316,838|
| ||December 31
|Plant and equipment||2,340,093||2,138,389|
|Future income tax liabilities||269,623||151,773|