yesterday reported improved profit over a year ago.

The company, which held its annual general meeting on Tuesday, reported net income for the year ended March 31, 1995 rose 14 percent to $440,952 from $386,728 a year earlier.

The gains were the result of staff and management meeting the challenges of the marketplace, company president Mr. M.E.H. Outerbridge said in his letter to shareholders dated June 30.

He also said he was confident the company would continue to prosper "provided we have economic stability in the local business community and that the Island returns to business as usual after the referendum.'' Mr. Outerbridge also said the company has developed new products to meet the demanding needs of the Island environment.

"In light of the local environment, we have had a reasonably successful year,'' general manager Mr. John Carey said yesterday.

Net income per share rose to $1.01 from 88 cents.

"Sales were up moderately and a large portion of the success rests with the staff,'' said Mr. Carey.

Sales nudged up three percent to $2.83 million compared to $2.74 million a year earlier.

Administrative and selling expenses rose nine percent to $979,725 compared to $897,202.

Retained earnings rose marginally from $1.84 million a year ago to $1.87 million.

Other income, which includes investments and interest, rose 38 percent to $102,317 compared to $73,579.

Lower cash and time deposits at year end, $704,598 compared to $783,735 a year ago, were the result of the higher dividend paid mid-year which included a special 25 cent per share dividend, the company said.

Assets were $3.07 million, up slightly from $3.03 reported in 1994.