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S.A.L. Limited Reports Half Year Earnings To Shareholders
"Once again, I am pleased to be able to report to you that your company's trading record over the first half of fiscal 2004 has proved to be very satisfactory. Sales at $10.94 million show a three percent improvement over the same period last year. While in a similar upward trend the net income realized of $1.23 million is an improvement of over eighteen percent on last year.
After consideration of the latest results and taking account of the present favourable cash position of $3.7 million, your Directors have voted to declare a dividend of $6.50 per common share.
Our expectations for the second half of this fiscal year are slightly less positive. This follows a trend that has been experienced in past years where the second period undergoes a drop in trade. That said, I am confident that the final net income for the year will end up ahead of last year.
I take this opportunity to thank our loyal customers for once again giving us the opportunity to service their requirements, and on behalf of all of the shareholders to commend all of the staff for a job well done."
Signed
John R. Berg
President