or 85 cents per share in the year ended January 31.

And the company's financial results released on Friday also showed sales rose 16.9 percent to $11.28 million in the twelve month period from $9.65 million the previous year.

Total gross margin dollars increased by 22.2 percent to $4.98 million.

But the positive results were largely boosted by the retailer's full year of operations in 1998 in the new and expanded Bull's Head shop.

In the previous twelve months Masters was only operational for about half of the year because of the building's complete overhaul.

A statement from the company said additional staff and operating costs went up 14 percent as a result of the expanded outlet and the ensuing higher sales.

Rental income for the year amounted to $647,653, up slightly from $606,833 the previous year.

Total assets on the final day of the fiscal year were $15.61 million while shareholders' equity rose from $10.97 million to $11.67 million or $10.05 per share.

Masters president Susan Wilson said the investment in the expanded Bull's Head facility had "certainly been a worthwhile effort''.

She said the strength of Bermuda's economy and in particularly the construction industry activity had also had a positive effect on the annual results.