DELTA, British Columbia, Feb. 22, 2023 (GLOBE NEWSWIRE) -- WestBond Enterprises Corporation (TSX-V: WBE) reports that sales for the three months ended December 31, 2022 totalled $2,359,853 (an 18.1% decrease from the same period in 2021). Net income also decreased accordingly, showing a loss of $19,050 (-$0.001 per share), compared to a profit of $218,549 ($0.006) per share for the same quarter in 2021. The decrease in sales and profits were directly related to the acute shortage of production staff and weather and machine related downtime. These results show shipped orders. Booked unshipped orders amounted to $1.3 million at the end of this quarter.
Gennaro Magistrale, President and CEO states, “The Company is pleased to report that as of the date of this news release, production staff is almost back to pre Covid levels. The new staff additions will greatly help in reducing the back log in unshipped orders and increase monthly sales. We are also installing new equipment that will expand our product lines, increase our efficiencies and further our advantage in the supply of quality paper products to the industry. As such, the allocation of additional financial resources to these critical projects will result in the temporary suspension of the quarterly dividend.”
The quarterly report and other information are available on the company’s website at www.westbond.ca and on SEDAR at www.sedar.com.
For further information please contact:
Gennaro Magistrale
Chief Executive Officer, President and Director
WestBond Enterprises Corporation
101 – 7403 Progress Way, Delta, B.C. V4G 1E7
Tel: (604) 940-3939
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the Company’s intentions. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the ability to sustain or develop markets and increase profitability. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, changes in operating performance, availability of and prices for raw materials, availability of trained labour, foreign currency exchange rate fluctuations, unexpected competition and other technical, market and economic factors. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that is incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
