"The unaudited financial figures for the six month period ended 30th September, 2002, with comparative figures for the previous period, are as follows:
Financial Highlights: 2001 / 2002
Revenue $4,682,211 $5,127,593
Expenses $4,178,341 $4,436,851
Net Profit $ 503,870 $ 690,742
Income per share $0.40 $0.55
The increase in revenue compared to last year is due to a rate increase approved by The Corporation of Hamilton, effective 1st January 2002. The Volume of loose cargo has also increased by 9.7% over the previous year. containerized cargo has remained almost constant with a .9% increase. Expenses have climbed as a result of wage increases, the need for more gang hours to handle the increase in cargo as well as repairs and maintenance on the machinery.
Our forecast is that cargo will continue to arrive at similar levels for the second half of the year.
The company has continued to pay quarterly dividends at the rate of $.10 per share."
Bruce Lines
President and Chief Executive Officer