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Devonshire Industries Announces Financial Year Results
Hamilton, Bermuda: 10th August 2005 - The Bermuda Stock Exchange (BSX) today received the following Letter to Shareholders from Miles Outerbridge of Devonshire Industries regarding the 31 March 2005 year end results:
Sales are marginally off over the prior year and net income is down by $144,031.00 or 24.5% through a combination of higher expenses. These expenses included the painting of the exterior buildings, internal renovations of the Retail Shop and equipment repairs.
Cash deposits for the year were down by $231,470.00 or 21% due in part to an increase in plant equipment purchases and building improvements.
A decision was made by management in September 2004 to increase the store hours on Saturdays from 8:00 am to 5:00 p.m. This commenced in mid October 2004 and we have been including this increase in store hours in all of our advertisements to be able to better serve our existing and new customers.
Over the last two years, the company has been working with two of the largest roof installers of non-traditional roofing systems, to supply them with their roof coatings. After much testing of these coatings, by our Technical Director, we are now in a position to supply these products to all of our existing and new customers.
Financial Highlights
|
|
|
2005 |
2004 |
% Change |
|
|
|
|
|
|
|
Net Sales |
|
$2,991,928 |
$3,001,196 |
-0.31% |
|
Operating Expense |
|
$1,015,136 |
$968,409 |
4.83% |
|
Net Revenue from |
|
|
|
|
|
Operations prior to |
|
|
|
|
|
Discontinued Ops. |
|
$288,657 |
$352,603 |
-18.14% |
|
Other Income |
|
$62,240 |
$112,325 |
-44.59% |
|
|
|
|
|
|
|
Net Income |
|
$350,897 |
$464,928 |
-24.53% |
|
Earnings Per Share |
|
$0.80 |
$1.06 |
-24.53% |
|
Dividends Paid |
|
439,000 |
$439,000 |
Nil |
|
Dividends Per Share |
|
$1.00 |
$1.00 |
Nil |
|
Total Assets |
|
$3,070,170 |
$3,142,445 |
-2.30% |
|
Net Assets |
|
$2,926,304 |
$3,013,407 |
-2.89% |
|
Book Value Per Share |
|
$6.67 |
$6.86 |
-2.89% |
Signed by:
Miles Outerbridge
Chairman