Sales for the year increased by $1,630,517 (+16.9%) to a total of $11,284,752 while total gross margin dollars increased by $785,309 (+22.2%) to a total of $4,977,654. These substantial increases in sales and gross margin resulted from a full year of operating the new and expanded retail facility at Bull's Head. In the previous financial year, the facility had only been operational for about one half of the period.
Additional staff and operating costs were incurred as a result of the expanded facility and increased sales; these increases amounted to $468,242 or 14%. Rental income for the year amounted to $647,653 compared with $606,833 for the previous year. Depreciation, amortization and interest totaled $638,862 compared with $509,845 for the previous year. Expenses associated with the rental income are included in the staff, operating, depreciation and interest expenses of the total company and are not segregated.
Total assets at January 31st, 1999 amounted to $15,611,338 and shareholders' equity has increased from $10,968,849 or $9.45 per share to $11,669,978 or $10.05 per share.
Mrs. Wilson today stated that the investment in the new facility at Bull's Head had certainly been a worthwhile effort. The strength of Bermuda's economy and in particular the construction industry activity had also has a positive effect on the annual results, in addition to the new facility. The one time special dividend of 10 cents a share paid in April, 199 was directly attributed to these financial results.