The preparation of these unaudited interim consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments necessary to state fairly the results for the periods presented. Actual results could differ materially from these estimates and the operating results for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the full fiscal year ending April 30, 2011.
2. Recently Issued Accounting Standards
International Financial Reporting Standards
Canadian public companies will be required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), for financial years beginning on or after January 1, 2011. Effective May 1, 2011, the Company will adopt IFRS as the basis for preparing its consolidated financial statements. The Company will issue its financial results for the quarter ended July 31, 2011 prepared on an IFRS basis and provide comparative data on an IFRS basis as required.
3. Shareholders' equity and other comprehensive income
The following are the changes in shareholders' equity for the year ended April 30, 2011 and for the year ended April 30, 2010:
---------------------------------------------------------------------------
Accumu-
lated
other
Contri- compre-
Common Common buted Retained hensive
shares shares surplus earnings income Total
(number) ($) ($) ($) ($) ($)
---------------------------------------------------------------------------
Balance at April
30, 2010 11,763,626 $126,573 $3,452 $22,702 $1,614 $154,341
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Net income - - - 25,030 - 25,030
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Dividends - - - (11,827) - (11,827)
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Employee and
Director Stock
Option Plan 112,203 3,186 (966) - - 2,220
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Employee and
Director Stock
Purchase Plan 13,474 155 (23) - - 132
---------------------------------------------------------------------------
Restricted share
unit plan - (1,225) (860) - - (2,085)
---------------------------------------------------------------------------
Stock-based
compensation - - 1,989 - - 1,989
---------------------------------------------------------------------------
Dividend
reinvestment
plan 10,895 332 - - - 332
---------------------------------------------------------------------------
Other
comprehensive
income - - - - (766) (766)
---------------------------------------------------------------------------
Balance at April
30, 2011 11,900,198 $129,021 $3,592 $35,905 $ 848 $169,366
---------------------------------------------------------------------------
----------------------------------------------------------------------------
Accumu-
lated
other
Contri- compre-
Common Common buted Retained hensive
shares shares surplus earnings income Total
(number) ($) ($) ($) ($) ($)
---------------------------------------------------------------------------
Balance at April
30, 2009 10,184,323 $ 94,741 $3,753 $11,607 $ 446 $110,547
---------------------------------------------------------------------------
Net income - - - 21,750 - 21,750
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Dividends - - - (10,655) - (10,655)
---------------------------------------------------------------------------
Employee and
Director Stock
Option Plan 119,475 2,144 (882) - - 1,262
---------------------------------------------------------------------------
Employee and
Director Stock
Purchase Plan 22,328 496 (337) - - 159
---------------------------------------------------------------------------
Restricted share
unit plan - (601) (271) - - (872)
---------------------------------------------------------------------------
Stock-based
compensation - - 1,189 - - 1,189
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Equity financing 1,437,500 29,793 - - - 29,793
---------------------------------------------------------------------------
Other
comprehensive
income - - - - 1,168 1,168
---------------------------------------------------------------------------
Balance at April
30, 2010 11,763,626 $126,573 $3,452 $22,702 $1,614 $154,341
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4. Earnings per Share
