Cassiar Asbestos Corporation Limited

and its subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS

Revenue:

Asbestos fibre sales
Other sales

Investments

Expenses:

For the Year Ended December 31, 1974
(with comparative figures for the year ended December 31, 1973)

OPERATIONS
1974

$53,187,426
894,564
3,219
54,085,209

Cost of sales including non-recurring depreciation adjust-

ment of $4,000,000 (note 1)
Transportation and warehousing .
Administration, selling and general expenses
Exploration and research expenses (note 1)

Interest on borrowings (note 2) _ .

Profit (loss) before income taxes

40,450,016
10,153,591
3,110,920
1,121,580
1,434,882
56,270,989
~ (2,185,780)

Taxes (note 3):

Current

Deferred

Net profit (loss) for the year

Earnings (loss) per share

Balance at beginning of year as previously reported
Adjustment of prior years’ income (note 1)
Balance at beginning of year as restated

Net profit (loss) for the year

500,000
(540,000)
(40,000)

$ (2,145,780)
(39.0¢)

RETAINED EARNINGS
$20,767,695
(1,085,000)
19,682,695
(2,145,780)
17,536,915
825,000
$16,711,915

PAGE FOURTEEN

1973
(restated )

$49,611,809
634,659
3,048
50,249,516

31,428,905
10,363,519
2,791,533
379,674
857,411
45,821,042

4,428,474

125,000
1,435,000
1,560,000

$ 2,868,474

52.2¢

$21,019,221
(905,000)
20,114,221
2,868,474
22,982,695
3,300,000

$19,682,695