|
Article Excerpt
M2 PRESSWIRE-31 December 2004-Hyduke Energy Services Inc.: Hyduke Energy Services Inc., Consolidated Financial Statements (unaudited) Six month period ended October 31, 2004(C)1994-2004 M2 COMMUNICATIONS LTD
RDATE:12302004
Edmonton, Alberta CANADA /FSC/ - Hyduke Energy Services Inc. (HYD - TSX Venture), National Instrument 51-102 Continuous Disclosure Obligations
Notice
Pursuant to Part 4.3 (3) of National Instrument 51-102, these unaudited consolidated financial statements of Hyduke Energy Services Inc. for the six month period ended October 31, 2004 have not been reviewed by the Company's auditors.
Hyduke Energy Services Inc.
Consolidated Balance Sheets
(unaudited)
October 31, April 30,As at
2004 2004---------------------------------------------------------------------------
ASSETS
Current
Cash $260,810 $145,570
Accounts receivable 10,587,004 9,471,341
Inventory 4,911,627 4,764,006
Work in progress 6,149,068 2,728,925
Prepaid expenses and other assets 216,329 218,250
Due from related party 81,308 169,884
------------------------------------------------------------------------
22,206,146 17,497,976 Capital assets
5,795,052 5,753,687Goodwill
2,399,973 2,399,973Other intangible assets
607,238 992,772 --------------------------------------------------------------------------
$31,008,409 $26,644,408 --------------------------------------------------------------------------LIABILITIES AND SHAREHOLDERS' EQUITY Current
Bank indebtedness (note 3) $7,210,074 $7,199,144
Accounts payable and accrued liabilities 9,618,663 5,429,726
Income taxes payable 542,104 764,900
Advances from shareholder 99,978 99,978
Current portion of long-term debt(note 3) 3,488,853 4,169,052 ---------------------------------------------------------------------------
20,959,672 17,662,800
Future income taxes 567,086 567,086Long-term debt (note 3) 912,267 1,152,185
--------------------------------------------------------------------------
22,439,025 19,382,071
-------------------------------------------------------------------------
Shareholders' equity
Share capital 7,340,743 7,340,743
Contributed surplus 16,504 16,504
Retained earnings (deficit) 1,212,137 (94,910)
-----------------------------------------------------------------------
8,569,384 7,262,337
-----------------------------------------------------------------------
$31,008,409 $26,644,408
-----------------------------------------------------------------------Approved On Behalf Of The Board Director "Eugene Wirsta" Director "Boris Makowecki"
Hyduke Energy Services Inc.
Consolidated Statements of Income and Retained Earnings
(unaudited)
Six months ended October 31 2004 2003 -------------------------------------------------------------------------
Sales $28,540,216 $21,568,498
Cost of sales 23,744,877 16,844,198
------------------------------------------------------------------------
Gross margin 4,795,339 4,724,300
Expenses (schedule 1) 1,821,141 1,701,992 ------------------------------------------------------------------------
Income from operations 2,974,198 3,022,308
Other expenses (schedule 2) 879,735 1,013,307
------------------------------------------------------------------------...
|
