Cassiar Asbestos Corporation Limited

Consolidated Statements of Operations
and Retained Earnings for the year ended December 31

Operations 1978 1977
Revenue:
Asbestos fibre sales $ 80,774,633  $115,077,217
Expenses:
Cost of sales (Note 3) 47,998,134 63,153,448
Transportation and warehousing 10,689,304 14,832,870
Administration, selling and general 4,408,566 4,601,143
Exploration 547,120 404,942
Interest on borrowings — current 756,305 552,549
— long-term —_— 360,869
64,399,429 83,905,821
Income before taxes 16,375,204 Si,1711 3918
Taxes:
Current 750,000 9,042,451
Deferred 3,800,000 2,563,000
4,550,000 11,605,451
‘Net income for the year $ 11,825,204  $ 19,565,945
Net income per share $2.15 $3.56
Retained Earnings
Balance at beginning of year $ 53,382,252 $ 36,841,307
Net income for the year 11,825,204 19,565,945
65,207,456 56,407,252
Dividends, $0.55 per share 3,025,000 3,025,000
Balance at end of year $ 62,182,456 $ 53,382,252