year ended January 31, a 47.6 percent increase over the previous year.

Earnings from operations increased 86.7 percent to $300,145 compared to last year, the company stated yesterday.

Masters President and Chief Executive Officer Susan Wilson noted renovations to the company's store on Dundonald Street were completed in June last year and helped boost sales.

"With the remodeled and expanded facility, increased product lines and competitive pricing, coupled with a thriving construction business and vibrant economy, the directors are cautiously optimistic that the 1998/99 financial year will produce even better earnings,'' she stated in a press release.

Directors also announced repurchase of up to 50,000 common shares over the next two years as they believe the current bid price of the stock does not reflect fair value.

The company's shares last traded at $6 on April 22.