"Net income for the six month period amounted to $407,710 compared with $376,909 for the same six month period a year ago. This represents an increase of 8% - which is attributed in equal parts to improved performances from both the retail and property divisions of the Company.
Net sales to July 31st, 1999 amounted to $5,473,062 as compared to $5,349,425 for the same period last year, an increase of $123,637 or 2%. gross margin on sales for the same periods amounted to $2,054,862 in 1999 as compared with $1,976,574 in 1998, an increase of $78,288 or 4%.
Expenses in the first half of the current financial period amounted to $2,224,941 compared with $2,139,529 for the same period last year. this increase of $85,412 or, 4% is due to increased personnel expenses.
The Directors feel optimistic that the second half of the financial year will produce results at least equivalent to the same period last year; this would result in annual earnings equivalent to last year's record performance.
The Board of Directors today declared a dividend of $0.10 per share to shareholders of record as at October 29th , 1999 and payable on November 15th , 1999 which together with the dividend paid in April 1999 will total $0.30 per share for the current financial year.