Financial Information
Consolidated Statement of Retained Earnings For the years ended Oct 31, 2006 and Oct. 31, 2005
| |
2006 |
2005 |
| |
$ |
$ |
| Retained Earnings, beginning of year |
1,681,642 |
871,428 |
| Net income for the year |
1,492,336 |
810,214 |
| |
|
|
| Retained earnings, end of year |
$3,173,978 |
$1,681,642 |
Consolidated Statement of Income For the years ended Oct 31, 2006 and Oct. 31 2005
| |
2006 |
2005 |
| |
$ |
$ |
| Sales |
20,964,877 |
17,227,494 |
| Cost of Sales |
4,506,042 |
3,688,697 |
| Gross Profit |
16,458,835 |
13,538,797 |
| |
|
|
| Expenses |
|
|
| Selling |
7,611,097 |
5,966,172 |
| General and administrative |
3,630,579 |
3,202,301 |
| |
11,241,676 |
9,168,473 |
| Income from operations
before other expenses |
5,217,159 |
4,370,324 |
| |
|
|
| Other expenses: |
|
|
| Amortization: |
|
|
| Property, plant and equipment |
1,821,279 |
2,185,598 |
| Deferred charges |
9,591 |
9,592 |
| Intangible assets |
754,173 |
752,577 |
| Interest (Note 8) |
82,072 |
96,850 |
| Foreign exchange |
40,347 |
35,145 |
| |
2,707,462 |
3,079,762 |
| |
|
|
| Income before income taxes |
2,509,697 |
1,290,562 |
| Income taxes (Note 9) |
1,017,361 |
480,349 |
| Net income for the year |
$1,492,336 |
$810,214 |
| |
|
|
| Basic earnings per share, ( Note 12) |
$0.12 |
$0.07 |
| Fully diluted earnings per share, ( Note 12) |
$0.12 |
$0.07 |
See accompanying notes to financial statements.
