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Year-End Earnings Increase 285% Over Last Year
June 17th 2003
WestBond Enterprises Corporation ("WestBond") is pleased to announce that net income for the year ended March 31, 2003 increased by 285% over last year to $197,316 or $0.02 per share.

Sales for the year totalled $3,663,261, compared to $2,651,412 last year, representing an increase of 38%. All product categories showed healthy increases over last year and the gross profit increased by 58% as operating efficiencies continued to improve. The sales and net income were lower than originally projected because of the delayed start-up of the new equipment.

The company is looking forward to the start up of the new machines that have been under construction for the last several months. One of the machines commenced operations in March 2003 while the other machine should be commissioned over the next few months. The new equipment will allow WestBond to substantially diversify its product line and will result in greater gains in market share of the Personal Hygiene line.
The outlook for the next fiscal year for WestBond is positive. The addition of the new products will position the company in a market that very few converters can service. Not only are the products of the highest quality, but WestBond's service level will offer small to medium sized distributors the ability to compete on a more profitable level. Sales for the year ending March 31, 2004 are projected by management to be close to $5.5 million, which should yield net income of $0.04 per share, after tax. This projection assumes that current sales levels continue and are increased later this summer with sales of new products from the new equipment.

The following summary financial information has been extracted from the consolidated financial statements for the year ended March 31, 2003.

 Year endedMarch 31,
Operating results$$
Gross Profit1,166,836737,549
Selling expenses288,629178,035
General and administrative expenses564,952453,600
Income before tax313,255105,914
Future income tax expense115,93954,614
Net income197,31651,300
Net income per share0.020.01
Cash Flows
Operating activities161,040257,874
Investing activities(468,636)(137,250)
Financing activities317,675(121,195)
Increase (decrease)10,079(571)
 March 31, 2003March 31, 2002
Financial Position$$
Current assets1,109,307695,014
Plant and equipment1,435,9251,073,816
Future income tax assets24,103140,042
Total assets2,569,3351,908,872
Current liabilities887,136530,793
Term loans261,618 154,814
Shareholders' equity1,420,5811,223,265

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