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1998/99 Second Quarter Report - October 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:
2nd
Qtr. '99 Financials.xls
(download may take a few seconds-thanks for your patience!)
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| Six months ended October 31 |
1998
US$ |
1997
US$ |
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Operating Activities
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Net Earnings for the
Period |
7,927,493 |
6,490,773 |
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Items Not Affecting
Working Capital: |
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Depreciation and Amortisation |
4,052,074 |
3,657,867 |
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(Profit)/Loss on Disposal of Fixed Assets |
(98,899) |
24,429 |
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11,880,668 |
10,173,069 |
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Net Increase in
Non-Cash Working
Capital Balances Related to Operations |
(6,329,765) |
(2,770,732) |
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5,550,903 |
7,402,337 |
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Financing Activities
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Increase/(Decrease)
in Long-Term Debt |
25,000,000 |
500,000 |
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Dividends Paid |
(4,661,891) |
(3,840,586) |
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Proceeds of Share
Issues |
441,289 |
910,329 |
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Redemption of
Preference Shares |
(3,000,000) |
(3,000,000) |
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Proceeds on Sale of
Fixed Assets |
24,525 |
87,893 |
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Increase/(Decrease)
in Deferred Assets |
(1,078,508) |
161,736 |
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16,725,415 |
(5,180,628) |
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Investing Activities
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Purchase of
Investments |
(97,892) |
(62,839) |
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Purchase of Property,
Plant and Equipment |
(10,113,136) |
(5,011,632) |
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(10,211,028) |
(5,074,471) |
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Increase/(Decrease)
In Net Cash |
12,065,290 |
(2,852,762) |
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Net
Cash - Beginning of Year |
3,847,513 |
8,255,033 |
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Net
Cash - End of Period |
15,912,803 |
5,402,271 |
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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 October 31, 1998 as reported by the Bank of Canada for the conversion
of U.S. dollars into Canadian dollars was Cdn. $1.5429 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 October 31, 1998 for conversion of Cayman Islands dollars into Canadian dollars was
Cdn. $1.8515 per CI$1.00.
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