Sales in the first six months of this year amounted to $1,548,315 compared with sales of $1,626,594 including Burnaby Street sales of $170,690 in the first half of last year. Sales in every month since the beginning of this year are on average 5.4% higher than those in the same period last year suggesting we should meet our expectations for the year.
Current assets, including cash in the bank of $190,252 at 31st July 1998, amounted to $228,680 compared with current assets of $260,122 and cash of $228,670 at this time last year.
Fixed assets and leasehold improvements, after provision for depreciation and obsolescence, amounted to $1,428,675 at 31st July 1998 compared with $1,575,877 a year ago. Liabilities at 31st July 1998 amounted to $408,262 including a bank loan of $229,957, compared with liabilities of $908,327 and a bank loan of $704,336 a year ago. In August 1998 the bank loan was further reduced by $100,000 to $119,059.
Shareholders equity as at 31st July 1998 amounted to $1,249,092 or $1.94 per share compared with $927,472 or $1.43 per share a year ago.