Komet Manufacturing Inc. "Komet" (TSX-V: AQD) disclosed its financial results for its second quarter of 2008, ended March 31, 2008.
During this quarter, Komet recorded net income of $59,205. This is slightly down from the second quarter of 2007 when net income was $93,873. This decline is mainly attributable to the temporary slowdown in sales experienced by superstore retailers in Canada, which is the Company's primary clientele.
The Company's manufacturing costs and sales and administration expenses totalled $2,136,899 during the same period, which compares to the $2,620,956 recorded for the same quarter in 2007.
Furthermore, Komet recorded revenues of $2,296,648 from current business activities. At the same date last year, the Company recorded revenues of $2,837,962. This decline is also attributable to the slowdown mentioned above.
In addition, cash and cash-equivalents reached $1,098,356 for the six-month period ended March 31, 2008. As at March 31, 2007, there was a deficit of $39,421. Interest revenues generated by the Company's temporary investments over the last quarter were $12,743, whereas they were $151 over the same period last year. -- www.cnxmarketlink.com
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