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1998/99 First Quarter Report - July 31, 1998
Changes in Financial Position
(Unaudited)
(expressed in United States Dollars)
Please follow the link below for a printable copy in Microsoft Excel format:
1st
Qtr. '99 Financials.xls
(download may take a few seconds-thanks for your patience!)
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| Three months ended July 31 |
1998
US$ |
1997
US$ |
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Operating Activities
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Net Earnings for the
Period |
3,611,006 |
3,006,912 |
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Items Not Affecting
Working Capital: |
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Depreciation and Amortisation |
2,026,037 |
1,828,885 |
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(Profit)/Loss on Disposal of Fixed Assets |
(45,596) |
1,020 |
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5,591,447 |
4,836,817 |
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Net Increase in
Non-Cash Working
Capital Balances Related to Operations |
(6,932,395) |
(2,977,232) |
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(1,340,948) |
1,859,585 |
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Financing Activities
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Increase/(Decrease)
in Long-Term Debt |
10,000,000 |
0 |
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Dividends Paid |
(283,750) |
(257,500) |
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Proceeds of Share
Issues |
407,767 |
538,205 |
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Increase/(Decrease)
in Deferred Assets |
(804,904) |
32,188 |
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9,319,113 |
312,893 |
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Investing Activities
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Purchase of
Investments |
(62,490) |
(22,335) |
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Proceeds on Sale of
Fixed Assets |
11,787 |
11,369 |
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Purchase of Property,
Plant and Equipment |
(5,551,233) |
(2,491,663) |
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(5,601,936) |
(2,502,629) |
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Increase/(Decrease)
In Net Cash |
2,376,229 |
(330,151) |
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Net
Cash - Beginning of Year |
3,847,513 |
8,255,033 |
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Net
Cash - End of Period |
6,223,742 |
7,924,882 |
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NOTES:
1. These unaudited financial statements include all adjustments which, in management's
opinion, are necessary for a fair presentation.2. The closing
rate of exchange on July 31, 1998 as reported by the Bank of Canada for the conversion of
U.S. dollars into Canadian dollars was Cdn. $1.5119 per US$1.00. The official exchange
rate for the conversion of Cayman Islands dollars into U.S. dollars as determined by the
Cayman Islands Currency Board is fixed at CI$1.00 per US$1.20. Thus, the rate of exchange
as of July 31, 1998 for conversion of Cayman Islands dollars into Canadian dollars was
Cdn. $1.8143 per CI$1.00.
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