Financial Information
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
| 2005 | 2004 | |
| $ | $ | |
| Operating activities | (Note 3) | |
| Net income for the year | 810,214 | 303,600 |
| Items not involving cash: | ||
| Amortization: | ||
| Property, plant and equipment | 2,185,597 | 1,598,352 |
| Deferred charges | 9,591 | 10,404 |
| Intangible assets | 752,577 | 490,412 |
| Future income taxes | (605,767) | 102,684 |
| Stock Compensation | 54,747 | 105,281 |
| 3,206,959 | 2,610,733 | |
| Changes in non-cash components of working capital: | ||
| Accounts receivable | 167,736 | (164,801) |
| Inventory | (519,364) | 87,393 |
| Prepaid expenses and deposits | 10,929 | 47,933 |
| Accounts payable and accrued liabilities | 159,398 | 986,929 |
| Income taxes | 181,551 | 255,248 |
| Deferred Revenue | 326,400 | 375,104 |
| Unearned revenue | (14,822) | 40,845 |
| 311,828 | 1,628,651 | |
| 3,518,787 | 4,238,574 | |
| Investing activities | ||
| Additions to property, plant and equipment (net) | (2,616,996) | (2,531,268) |
See accompanying notes to financial statements.
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
| 2005 | 2004 | |
| (Note 3) | ||
| Revenue | 17,227,494 | 14,393,779 |
| Cost of Sales | 3,688,697 | 3,320,404 |
| Gross Profit | 13,538,797 | 11,073,375 |
| Expenses | ||
| Selling | 5,966,172 | 4,812,790 |
| General and administrative | 3,202,301 | 3,210,444 |
| 9,168,473 | 8,023,234 | |
| Income from operations | ||
| before other expenses: | 4,370,324 | 3,050,140 |
| Other expenses: | ||
| Amortization: | ||
| Property, Plant and Equipment | 2,185,598 | 1,598,352 |
| Deferred charges | 9,592 | 10,404 |
| Intangible assets | 752,577 | 490,412 |
| Interest (Note 9) | 96,850 | 146,740 |
| 35,145 | ||
| 3,079,762 | 2,245,908 | |
| Income before income taxes | 1,290,563 | 804,232 |
| Income taxes (Note 10) | 480,349 | 500,632 |
| Net income for the year | $810,214 | $303,600 |
| Basic net income per common share, ( Note 13) | $ 0.07 | $ 0.03 |
| Diluted net income per common share, ( Note 13) | $ 0.07 | $ 0.03 |
See accompanying notes to financial statements.
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Testimonials
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We have had your service for more than 15 years and are more than pleased. Your service technicians in the Barrie area have been great.
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