This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Masters Limited Releases Interim Report To Shareholders
Net income for the period amounted to $896,969 compared with $768,339 for the same six months for the previous financial period; an increase in earnings for this year in the amount of $83,018 (16.7%). The increase in earnings arose from a 1% improvement in margin from the retail division, and better earnings reported by our affiliate.
Sales were essentially flat in the period to July 31st, 2004 amounting to $5,290,771 as compared with $5,281,920 in the prior year. Gross margin on sales for the same period amounted to $2,332,745 in 2004 as compared with $2,270,667 in 2003; an increase of $62,078 (2.7%).
Expenses in the first half of the current financial period totaled $2,119,490 compared with $2,106,656 for the same period last year, a 0.6% increase demonstrating the Company's firm control over costs. The biggest increase came from payroll, where direct costs rose 3.8% and benefits an astounding 9.2% higher than the prior year. We saw increases during the period in Payroll Tax of ¾%, a further 25% on Company pension, and 9% on health insurance. These will have full effect in the second half of the financial year, along with the August increase in Government Pension contributions.
The 1 for 5 Rights Issue at $12.00 per share closed on August 4, was fully subscribed, and has been incorporated into these accounts. Share capital has been increased by the 224,852 units issued, and Share Premium by $2.4 million. We have also seen completion of the new warehouse, and will be taking possession of the space in the immediate future.
Whilst sales showed positive growth in the early part of the current year, there was a noticeable slowing in the second quarter. This is likely to continue into the third quarter when comparing current figures to those artificially inflated by the 2003 hurricane. We are therefore cautious about the very important Christmas selling season wherein the Company usually earns the most significant portion of its profits.
Susan D. Wilson, C.A., JP.,
President and Chief Executive Officer