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Masters Limited Releases Year End Figures
" The balance sheet of Masters Limited exhibits the strength of the Company. Total assets as at January 31st 2002 amounted to $16,284,969 compared with $16,364,739 at the same time last year. However, liabilities amounted to only $841,262 compared with $2,816,527 as at January 31st, 2001 as a result of the repayment of the mortgage on our real estate (out of the proceeds from the sale of investments). Shareholder' equity has increased from $13,007,389 ($11.28 pre share) to $15,022,328 ($13.25 per share). It should be noted that the real estate is recorded at written-down value based on historical cost; the investment in the affiliated company (the owner of Clarendon House) is based on fixed assets valued at written-down historical cost. There are also provisions for possible losses on realizing receivables and inventories in the Company's balance sheet; these provisions reflect the conservative attitude of the Board of Directors.
Earnings for the year amounted to $2,367,339 or $2.07 per share compared with $1,053,597 or $0.91 cents per share last year. However, it must be noted that there is a non-recurring gain included in this year's earnings i.e. the net profit form the sale of investments in the amount of $1,180,390 ($1.03 per share)."
The Company went on to note that at the Directors declared a dividend in the amount of $0.15 cents per share to shareholders of record as at April 19th, 2002 and payable on April 30th, 2002. they also declared a second dividend of $0.15 cents per share to shareholders of record as at November 15th, 2002 and payable November 30th , 2002.