Consolidated Statement of Operations

and Retained Earnings

for the year ended December 31

Operations

Revenue: Asbestos fibre sales

1979

$ 83,219,947 | $ 80,774,633

1978

Expenses: | Cost of sales (Note 2) 48,953,111 48,370,134 © Transportation and warehousing 10,610,358 10,689,304 Administration, selling and general 3,643,931 4,036,566 | Exploration 319,866 547,120 Interest 553,178 756,305 —

64,080,444 64,399,429

Income before taxes 19,139,503 16,375,204 |

|

Taxes: | Current 1,818,000 750,000. Deferred 5,329,000 3,800,006 \

7,147,000 4,550,00

Net income for the year $ 11,992,503 | $ 11,825,204 |

Net income per share $2.18 | $2.15 —

e e Retained Earnings Balance at beginning of year $ 62,182,456 $ 53,382,252 Net income for the year 11,992,503 | 11,825,204 74,174,959 65,207,456

Dividends, $0.70 per share (1978, $0.55 per share) 3,850,000 3,025,000

Balance at end of year $ 70,324,959 | $ 62,182,456

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