Sales for the six months ended 31st July 1`99 amounted to $1,561,982 compared with $1,548,315 in the same period last year.
The company stated that lower earnings in the first half of this year when compared with last year, are due to a 13% increase in cost of goods sold - which the Company has not been able to match with an increase in the price of products sold. Combined with increased payroll costs, which is in part due to staff turnover.
Current assets at 31st July 199 including cash in the bank of $298,971, amounted to $347,646 compared with current assets of $228,681 and cash of $190,254 at this time last year. Liabilities at 31st July 1999 amounted to $166,931 compared with liabilities of $411,337 including a bank loan of $229,957 last year (which was repaid by the end of the year).
Fixed assets and leasehold improvements, after provision for depreciation and obsolescence amounted to $1,305,050 at 31st July 1999, compared with $1,428,675 a year ago.
Shareholders equity as at 31st July 199 amounted to $1,485,765 or $2.33 per share compared with $1,246,019 or $1.93 per share a year ago.