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Masters Limited Releases Year End Figures
"The balance sheet of Masters Limited exhibits the ongoing strength of the Company. Total assets as at January 31, 2004 amounted to $19,091,526 compared with $17,329,784 at the same time last year. Liabilities amounted to $1,110,137 compared with $808,509 a year ago. Shareholders' equity has increased from $16,219,340 ($14.40 per share) to $17,798,898 ($15.80 per share).
We remind shareholders 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 costs. The Board of Directors of Masters Limited have not made any estimates of the current realizable value of the Company's real estate holdings. It should also be mentioned that in the current financial year, i.e. The year ending January 31st, 2005, the Company expects to complete a new warehouse, presently being constructed on the Bull's Head site; the estimated cost of construction plus fixtures and equipment is expected to total $2.5 million.
There are provisions for possible losses on realizing receivables and inventories in the Company's balance sheet; these provisions reflect the continuing conservative attitude to the valuation of these assets by the Board of Directors.
Earnings for the year amounted to $1,917,481 or ($1.70 per share) compared with $1,812,282 ($1.60 per share) last year. For the year ended January 31st, 2003, there was a net gain on the sale of investments in the amount of $291,587 ($0.26 per share) with no such non-recurring transactions in this reporting financial year. Therefore, earnings on the continuing core business of the Company amounted to $1,917,481 ($1.70 per share) for this reporting year-end versus $1,521,305 ($1.35 per share) a year ago.
Although the Board of Directors resolved that the Company would buy back up to 100,000 of its shares, volumes during the year were such that no shares were acquired. This resolution has been renewed as from today's date and the Company will continue to make an offer for its shares through the Bermuda Stock Exchange at prices which it considers attractive.
The Board of Directors expressed their appreciation for the contribution from the Company's management and staff."
The Company went on to note that the Directors declared a dividend in the amount of $0.15 cents per share and an extra dividend of $0.20 per share to shareholders of record as at April 2nd, 2004, and payable on April 15th, 2004. The Board of Directors also declared a second dividend of $0.15 cents to shareholders of record as at November 5th, 2004 and payable on November 18th, 2004.