In a move consistent with the company's stated objective of further strengthening its balance sheet, the company has renegotiated a $1-million non-secured, non-interest-bearing debenture which was to become due on July 27, 2004. The term of the debenture has now been extended to Dec. 1, 2006, and the company will pay interest of prime plus 2 per cent on the debenture as of July 27, 2004.
Fourth quarter consolidated results
Sales for the fourth quarter ended Dec. 31, 2002, were $14,796,466 compared with $13,501,737 for the same period last year, an increase of 9.5 per cent. Gross profit margins for the fourth quarter declined to 17.8 per cent from 20.3 per cent for the same period last year.
EBITDA (earnings before losses from discontinued operations, interest, taxes, depreciation and amortization) before special items for the fourth quarter was a loss of $1,228,402 compared with a loss of $314,435 for the same period last year. EBITDA after special items for the fourth quarter was a loss of $2,335,480 compared with a loss of $413,622 for the same period last year. Net loss after discontinued operations for the period was $1,966,352 compared with a net loss after discontinued operations of $1,688,560 in the same period last year.