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<SEC-DOCUMENT>0000950144-03-010010.txt : 20030814
<SEC-HEADER>0000950144-03-010010.hdr.sgml : 20030814
<ACCEPTANCE-DATETIME>20030814132557
ACCESSION NUMBER:		0000950144-03-010010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030814
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		03845580

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g84483e8vk.htm
<DESCRIPTION>CONSOLIDATED WATER 8/14/2003
<TEXT>
<HTML>
<HEAD>
<TITLE>Consolidated Water 8/14/2003</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<HR size="1" noshade color="#000000" style="margin-top: -10px">






<P align="center"><FONT size="3">SECURITIES AND EXCHANGE COMMISSION</FONT>

<P align="center"><FONT size="2">Washington, D.C. 20549</FONT>

<P>
<HR width="50%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="4">FORM 8-K</FONT>

<DIV align="center"><FONT size="2">CURRENT REPORT</FONT></DIV>

<P align="center"><FONT size="2">PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</FONT>

<P align="center"><FONT size="2">August&nbsp;14, 2003<BR>
(Date of earliest event reported)</FONT>

<P align="center"><FONT size="5">CONSOLIDATED WATER CO. LTD.</FONT>

<DIV align="center"><FONT size="2">(Exact name of Registrant as specified in its charter)</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Cayman Islands, B.W.I.<BR>
(State of incorporation or<BR>
organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
0-25248<BR>
(Commission File No.)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">Not Applicable<BR>
(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Trafalgar Place, West Bay Road<BR>
P.O. Box 1114 GT<BR>
Grand Cayman, Cayman Islands, B.W.I.<BR>
(Address of principal executive offices)</FONT>

<P align="center"><FONT size="2">(345)&nbsp;945-4277<BR>
(Registrant&#146;s telephone number, including area code)</FONT>

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>







<P align="left"><FONT size="2"><B>ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS</B></FONT>

<P align="left"><FONT size="2"><B>(c)&nbsp;Exhibits</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibit is furnished as part of this Current Report on Form
8-K:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Exhibit&nbsp;No</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Title</B></FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consolidated Water Co. Ltd. Press Release, issued August&nbsp;14, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>ITEM 9. REGULATION FD DISCLOSURE</B></FONT>

<P><FONT size="2">In accordance with guidance from the Securities and Exchange Commission in
Release No.&nbsp;33-8216, this information is being furnished under both Item&nbsp;9
(&#147;Regulation&nbsp;FD Disclosure&#148;) and Item&nbsp;12 (&#147;Results of Operations and Financial
Condition&#148;). This information shall not be deemed to be &#147;filed&#148; for the
purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), or incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION</B></FONT>

<P><FONT size="2">See Item&nbsp;9 above.
</FONT>
<P align="center"><FONT size="2">2</FONT>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2">SIGNATURE</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
CONSOLIDATED WATER CO. LTD.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By: /s/ Frederick W. McTaggart</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Name: Frederick W. McTaggart</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Title: President</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Date: August&nbsp;14, 2003</FONT>

<P align="center"><FONT size="2">3</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Exhibit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Description</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated August&nbsp;14, 2003</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>




</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>g84483exv99w1.txt
<DESCRIPTION>EX-99.1 PRESS RELEASE
<TEXT>
<PAGE>
                                                                    Exhibit 99.1

FOR IMMEDIATE RELEASE

                       CONSOLIDATED WATER CO. LTD. REPORTS
                     HIGHER EARNINGS FOR SECOND QUARTER AND
                               FIRST HALF OF 2003

GEORGE TOWN, Cayman Islands, B.W.I. (August 14, 2003) -- Consolidated Water Co.
Ltd. (Nasdaq National Market: "CWCO"), which develops and operates seawater
conversion plants and water distribution systems in areas where natural supplies
of drinking (i.e., potable) water are scarce, today reported its operating
results for the second quarter and first half of 2003.

For the three months ended June 30, 2003, the Company's revenue increased 44% to
approximately $4.8 million, compared with $3.3 million in the second quarter of
2002. Net income rose 25% to $1,013,041, or $0.23 per diluted share, in the most
recent quarter, from $811,259, or $0.20 per diluted share, in the year-earlier
period. The weighted average number of fully-diluted shares outstanding
increased 7% to 4,369,010 in the second quarter of 2003, compared with 4,097,902
in the prior-year quarter.

Revenue for the six months ended June 30, 2003 increased 35% to a record of
approximately $8.8 million, compared with $6.5 million in the corresponding
period of the previous year. Net income increased 17% to $2,031,165, or $0.47
per diluted share, versus $1,737,760, or $0.43 per diluted share, in the
prior-year period. The weighted average number of fully-diluted shares
outstanding increased 6% to 4,310,270 in the first half of 2003, compared with
4,077,390 in the six months ended June 30, 2002.

"While retail water sales to customers in the Cayman Islands remained relatively
flat due to continued softness in international tourism, our second quarter
results benefited from the accretive impact of the acquisitions completed in
February 2003," commented Rick McTaggart, President of Consolidated Water Co.
Ltd. "Specifically, bulk water sales totaled $1.5 million in the most recent
quarter, compared with less than $400,000 in the prior-year period, reflecting
contributions from acquired water production facilities in the Cayman Islands
and Barbados. We also recorded $382,241 in revenue derived from the provision of
reverse osmosis plant design, construction, facility management and engineering
services to third-party customers, whereas no service revenues were included in
our operating results for the second quarter of 2002."

"While our gross profit increased 57% in the most recent quarter as a result of
the acquisitions, general and administrative expenses more than doubled, also as
a result of the acquisitions, along with increases in office rental and
insurance costs. Higher interest and other financing expenses resulting from the
acquisitions were partly offset by our share of the earnings contributed by new
affiliates, allowing Consolidated to report record net income for both the
second quarter and first half of 2003."

"The successful completion of a public stock offering on July 3, 2003, followed
by the exercise of our underwriters' over-allotment option in early August, has
allowed us to repay the bridge financing debt incurred to complete the
acquisitions, and we expect interest costs to decline




<PAGE>

substantially during the second half of the year," continued McTaggart. "We also
expect to reduce general and administrative expenses as we assimilate the
corporate functions of our recent acquisitions."

"On July 30, 2003, we purchased from Bacardi & Co. an additional 13.5% of the
shares of Waterfields Company Limited, which operates a reverse osmosis seawater
conversion plant in Nassau (on the island of New Providence in the Bahamas),
along with a management services agreement to operate the plant," noted Jeffrey
Parker, Chairman and Chief Executive Officer of the Company. "This brings our
current ownership in Waterfields to approximately 26.2%. We hope to complete a
tender offer, conducted outside the United States, for most of the remaining
Waterfields shares before the end of the current quarter, which will allow us to
include the revenue and earnings from the 2.6 million gallon-per-day (US) Nassau
plant in our consolidated operating results. Since New Providence, the most
populated island in the Commonwealth of the Bahamas, currently imports water by
barge in order to meet residential and commercial demand, we believe future
increased production from the Waterfields facility will be welcomed by the
plant's customer, the Water & Sewerage Corporation of the Bahamas Government."

"In light of the acquisition-related costs that were incurred during the first
half of 2003, along with the impact of the post-9/11 slowdown in Caribbean
tourism upon our traditional retail water business on Grand Cayman, we are very
pleased with the achievement of record revenue and earnings for the first half
of 2003," continued Parker. "Based upon currently available information, and
assuming the successful completion of the Waterfields tender offer, we expect
second half earnings to compare more favorably with prior-year reported results
than was the case during the first two quarters of the year."

On July 31, 2003, the Company paid a quarterly cash dividend of $0.105 to
shareholders of record on June 30, 2003. The Company has paid dividends to
owners of its common and redeemable preferred shares since 1985. The Board of
Directors has established a policy, but not a binding obligation, that it will
seek to maintain a dividend payout ratio in the range of 50% to 60% of net
income.

THE COMPANY WILL HOST AN INVESTOR CONFERENCE CALL AT 11:30 AM EDT TODAY, AUGUST
14, 2003, TO DISCUSS ITS OPERATING RESULTS FOR THE MOST RECENT QUARTER, THE
OUTLOOK FOR THE FUTURE, AND RELATED ISSUES. TO PARTICIPATE IN THE CONFERENCE
CALL, PLEASE DIAL 800-915-4836 (U.S.A. & CANADA) OR 973-317-5319 (OTHER CALLERS)
A FEW MINUTES BEFORE 11:30 A.M. EDT. A REPLAY OF THE CONFERENCE CALL WILL BE
AVAILABLE UNTIL AUGUST 21, 2003, BY DIALING 800-428-6051 (973-709-2089 FOR
INTERNATIONAL CALLERS) AND ENTERING THE ACCESS ID NUMBER 303310.

Consolidated Water Co. Ltd. is engaged in the development and operation of
seawater conversion plants and/or water distribution systems in areas of the
world where naturally occurring supplies of potable water are scarce or
nonexistent. The Company currently operates water production and/or distribution
facilities in the Cayman Islands, the British Virgin Islands, Barbados, Belize
and the Commonwealth of the Bahamas.

The common stock of Consolidated Water Co. Ltd. is traded on the Nasdaq National
Market under the symbol "CWCO". Additional information on the Company is
available on its website at http://www.consolidated-water.com.

THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD-LOOKING"
STATEMENTS, USUALLY CONTAINING THE WORDS "BELIEVE", "ESTIMATE", "PROJECT",
"INTEND", "EXPECT" OR SIMILAR EXPRESSIONS. THESE STATEMENTS ARE MADE PURSUANT TO
THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. FORWARD-LOOKING



                                       2
<PAGE>

STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THE FORWARD-LOOKING STATEMENTS. FACTORS THAT
WOULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO,
CONTINUED ACCEPTANCE OF THE COMPANY'S PRODUCTS AND SERVICES IN THE MARKETPLACE,
CHANGES IN ITS RELATIONSHIP WITH THE GOVERNMENTS OF THE JURISDICTIONS IN WHICH
IT OPERATES, THE ABILITY TO SUCCESSFULLY SECURE CONTRACTS FOR WATER PROJECTS IN
OTHER COUNTRIES, THE ABILITY TO DEVELOP AND OPERATE SUCH PROJECTS PROFITABLY,
THE SUCCESSFUL COMPLETION OF THE COMPANY'S TENDER OFFER FOR SHARES OF
WATERFIELDS COMPANY LIMITED, THE COMPANY'S ABILITY TO MANAGE GROWTH AND OTHER
RISKS DETAILED IN THE COMPANY'S PERIODIC REPORT FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION. BY MAKING THESE FORWARD-LOOKING STATEMENTS, THE COMPANY
UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR REVISIONS OR CHANGES
AFTER THE DATE OF THIS RELEASE.


                    For further information, please contact:

      Frederick W. McTaggart, President at (345) 945-4277 or via e-mail at
                       info@cwco.com http://www.cwco.com
                                       or
   RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or
                        via e-mail at info@rjfalkner.com

                          (Financial Highlights Follow)





                                       3
<PAGE>
                           CONSOLIDATED WATER CO. LTD.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      (Expressed in United States Dollars)

<TABLE>
<CAPTION>

                                                                                                  June 30,          December 31,
                                                                                                    2003               2002
                                                                                                 -----------        -----------
                                                                                                 (Unaudited)
<S>                                                                                                <C>                    <C>
                                                   ASSETS
CURRENT ASSETS
    Cash and cash equivalents                                                                      4,038,433              568,304
    Accounts receivable                                                                            2,463,187            1,406,947
    Inventory                                                                                        943,518              388,131
    Prepaid expenses and other assets                                                                407,452              370,429
    Deferred expenditures                                                                          1,573,857              887,856
    Current portion of loans receivable                                                            1,080,127                   --
                                                                                                 -----------          -----------
TOTAL CURRENT ASSETS                                                                              10,506,574            3,621,667

Loans receivable                                                                                   3,776,074                   --
Property, plant and equipment, net                                                                21,711,438           20,253,646
Investments in affiliates (Note 4)                                                                10,501,278               12,450
Intangible assets (Note 6)                                                                         6,045,990            1,619,874
Goodwill                                                                                           2,673,733                   --
                                                                                                 -----------          -----------
TOTAL ASSETS                                                                                     $55,215,087          $25,507,637
                                                                                                 ===========          ===========
                                    LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
    Dividends payable                                                                                506,209              508,444
    Accounts payable and other liabilities                                                         1,874,123            1,143,850
    Current portion of long term debt (Note 7)                                                     9,893,269              518,275
                                                                                                 -----------          -----------
TOTAL CURRENT LIABILITIES                                                                         12,273,601            2,170,569

Long term debt (Note 7)                                                                           17,368,571            2,074,609
Security deposits and other liabilities                                                              136,235              136,235
                                                                                                 -----------          -----------
TOTAL LIABILITIES                                                                                 29,778,407            4,381,413
                                                                                                 -----------          -----------
STOCKHOLDERS' EQUITY
    Redeemable preferred stock, $1.20 par value. Authorized                                          100,000
    shares; issued and outstanding 22,751 shares as at June 30, 2003 and
    19,740 shares at as December 31, 2002                                                             27,301               23,688
    Class A common stock, $1.20 par value. Authorized  9,840,000 shares;
    issued and outstanding 4,275,568 shares as at June 30, 2003 and
    3,993,419 shares at as December 31, 2002                                                       5,130,682            4,792,103
    Class B common stock, $1.20 par value. Authorized 60,000 shares;
    issued and  outstanding nil shares as at June 30, 2003 and nil shares
    as at December 31, 2002                                                                               --                   --
                                                                                                 -----------          -----------
    Stock and options earned but not issued                                                           97,115              424,841
    Additional paid-in capital                                                                    10,518,210            7,354,395
    Retained earnings                                                                              9,663,372            8,531,197
                                                                                                 -----------          -----------
TOTAL STOCKHOLDERS' EQUITY                                                                        25,436,680           21,126,224
                                                                                                 -----------          -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                       $55,215,087          $25,507,637
                                                                                                 ===========          ===========

</TABLE>



                                       4
<PAGE>


                           CONSOLIDATED WATER CO. LTD.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
                      (Expressed in United States Dollars)

<TABLE>
<CAPTION>


                                                          Three Months Ended                          Six Months Ended
                                                                 June 30,                                  June 30,
                                                  ---------------------------------           ---------------------------------
                                                      2003                  2002                 2003                  2002
                                                  -----------           -----------           -----------           -----------
<S>                                                 <C>                   <C>                   <C>                   <C>
Retail water sales                                  2,862,424             2,897,128             5,681,376             5,756,027
Bulk water sales                                    1,505,716               394,801             2,510,857               720,708
Service revenue                                       382,241                    --               576,873                    --
                                                  -----------           -----------           -----------           -----------
TOTAL REVENUE                                       4,750,381             3,291,929             8,769,106             6,476,735
                                                  -----------           -----------           -----------           -----------

Retail cost of sales                               (1,214,120)           (1,543,129)           (2,433,996)           (2,964,816)
Bulk cost of sales                                 (1,041,637)             (254,005)           (1,778,106)             (498,770)
Service cost of sales                                (143,139)                   --              (260,707)                   --
                                                  -----------           -----------           -----------           -----------
TOTAL COST OF SALES                                (2,398,896)           (1,797,134)           (4,472,809)           (3,463,586)
                                                  -----------           -----------           -----------           -----------

GROSS PROFIT                                        2,351,485             1,494,795             4,296,297             3,013,149

General and administrative expenses                (1,328,090)             (658,246)           (2,356,716)           (1,236,984)
                                                  -----------           -----------           -----------           -----------

INCOME FROM OPERATIONS                              1,023,395               836,549             1,939,581             1,776,165
                                                  -----------           -----------           -----------           -----------

Other income (expenses):
    Interest income                                    16,740                    --                32,371                 6,040
    Interest expenses                                 (31,181)             (558,884)              (52,272)
                                                                                                                       (367,491)
    Other income                                      100,345                 5,891               191,608                 7,827
    Equity in earnings of affiliates                  255,572                    --               448,002                    --
                                                  -----------           -----------           -----------           -----------

                                                        5,166               (25,290)              113,097               (38,405)
                                                  -----------           -----------           -----------           -----------

NET INCOME BEFORE INCOME TAXES                      1,028,561               811,259             2,052,678             1,737,760

     Income taxes                                     (15,520)                   --               (21,513)                   --
                                                  -----------           -----------           -----------           -----------

NET INCOME                                        $ 1,013,041           $   811,259           $ 2,031,165           $ 1,737,760
                                                  ===========           ===========           ===========           ===========

BASIC EARNINGS PER SHARE                          $      0.24           $      0.20           $      0.48           $      0.44
                                                  ===========           ===========           ===========           ===========

DILUTED EARNINGS PER COMMON SHARE                 $      0.23           $      0.20           $      0.47           $      0.43
                                                  ===========           ===========           ===========           ===========

DIVIDENDS DECLARED PER SHARE                      $     0.105           $     0.105           $      0.21           $      0.21
                                                  ===========           ===========           ===========           ===========

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
USED IN THE DETERMINATION OF:

     Basic earnings per share                       4,273,574             3,978,827             4,198,056             3,951,172

     Diluted earnings per share                     4,369,010             4,097,902             4,310,270             4,077,390

</TABLE>




                                       5

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</DOCUMENT>
</SEC-DOCUMENT>
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