"It is with pleasure that I am able to report to you that the positive trends experienced over the last few years have continued during the first half of this fiscal year. Sales at $10.6 million were a twelve percent improvement over the same period last year. While in a similar trend the net income realized was at $1.04 million or an improvement of ten percent. It should be noted that last year the reported net income of $1.32 million included a gain of $0.38 million from the sale of a land asset.
After consideration of the latest results and taking account of the present favourable cash position of $4.1 million, your Directors declared a dividend of $4.25 per common share.
As mentioned in the fiscal 2002 annual report a provision was made to install a new Auto Stak Lumber Storage unit at West Retail Yard. The project is started and completion of the installation is planned for the end of October 2002. Similarly, additions and improvements in both plant and equipment in the Manufacturing Division have started and are ongoing.
Although our present position in the market is positive, I would caution that during the send six-month period of this fiscal year a general slowdown appears likely. While ongoing major projects and other works in hand will sustain our share of the market, it is anticipated that this will in all probability be in a diminished market.
Our success as always is attributed to our loyal customers and our conscientious and industrious staff, and as such, I wish to express my thanks on behalf of all of the shareholders."
Signed
John R. Berg
President