WestBond Enterprises Corporation
TSX VENTURE : WBE

WestBond Enterprises Corporation

July 28, 2015 16:41 ET

WestBond Files Financial Statements

DELTA, BRITISH COLUMBIA--(Marketwired - July 28, 2015) - WestBond Enterprises Corporation ("WestBond") (TSX VENTURE:WBE) announces that it has filed its consolidated financial statements for the year ended March 31, 2015.

Sales were $7,349,416, up 11.4% over last year. WestBond incurred a loss of $431,223 for the year. Three non-recurring expenses impacted the loss: $172,209 in relocation expenses, $96,200 in stock option expense and $264,998 in losses on forward currency exchange contracts.

During the year WestBond entered into forward currency exchange contracts to hedge its euro denominated commitments to purchase equipment to ensure that fluctuating exchange rates did not cause the commitments to exceed the available financing. The contracts ensured that the commitments were successfully economically hedged at forward rates and were accounted for as hedges. During the preparation of the Company's year-end financial statements it was determined that the contracts did not meet the overly stringent accounting standards for hedge accounting. Consequently, WestBond is restating the comparative September 30, 2014 and December 31, 2014 interim consolidated financial statements to reflect that the contracts did not meet the standards for hedge accounting. At September 30, 2014 plant and equipment has decreased by $150,855 and net loss for the quarter and year-to-date has increased by $150,855. At December 31, 2014 plant and equipment has decreased by $177,505, net loss for the quarter has increased by $26,650 and net loss for the year-to-date has increased by $177,505.

The consolidated financial statements and related management discussion and analysis are available on SEDAR and WestBond's website.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • WestBond Enterprises Corporation
    Gennaro Magistrale
    Chief Executive Officer, President and Director
    (604) 940-3939
    www.WestBond.ca