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West 49 Inc resolves Q3 financial statements

14
Dec '05
Specialty retailer West 49 Inc reported a correction to its financial statements for the third quarter ended October 29, 2005, released on Thursday, December 8, 2005.

Upon further review of its statements, the Company determined the wrong weighted average shares outstanding had been used in the calculation of its basic earnings per share for the period.

As a result, basic earnings per share for the three months ended October 29, 2005 changed from $0.056 per share, or $0.06 after rounding up, to $0.051 per share, or $0.05 per share after rounding down.

Net income for the period is unaffected and the change has no impact on fully diluted earnings per share, which were reported correctly at $0.05 per share. A corrected version of the Company's financial statements and MD&A will be filed on www.sedar.com.

West 49 Inc is a specialty retailer of apparel, footwear and accessories, with an emphasis on skateboarding, snowboarding and surfing. The Company targets "Generation Y" customers (ages 10 through 18). West 49 operates 65 stores in seven provinces. It also owns Off The Wall, fashion-forward young women's clothing retailer with 10 stores.

West 49 Inc


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