Simmons Canada revenues slip 1.9% in '01
By Furniture Today Staff -- Furniture Today, March 10, 2002
MISSISSAUGA, Ontario — SCI Income Trust, parent of bedding producer Simmons Canada, said 2001 revenues slipped 1.9% while net income dropped 33.5% from the previous year.
Revenues were C$120.1 million, compared to C$122.5 million in 2000, while net income came to C$6.6 million, versus the prior year's C$9.9 million.
Pat Thody, chairman and chief executive officer of Simmons Canada, said, "2001 was a difficult year. We faced a number of operational interruptions that negatively affected our results, including the lockout at our Quebec plant, the Calgary plant expansion and startup, and the introduction of new computer software."
He also cited a drop in sales after the Sept. 11 terrorist attacks in the United States.
Thody said 2002 will be a stay-the-course year for Canada's largest producer of mattresses and foundations. "The plan is to manage the business we have," he said, adding there are a number of positive signs.
"Right now, our customers seem to be doing quite well, and housing sales and starts bode well for the furniture and bedding industry," Thody said.
SCI's 2001 results include those of its Simmons Upholstery Canada division, which it sold in January to Superstyle Furniture, a Toronto-based upholstery house.
| Year ended 12/31 | 2001 | 2000 | Change |
|---|---|---|---|
| Revenues | C$120,135,000 | C$122,452,000 | (1.9%) |
| Operating income | 11,993,000 | 16,682,000 | (28.1%) |
| Net income(b) | 6,583,000 | 9,902,000 | (33.5%) |
| Earnings per share | 0.86 | 1.29 | (33.3%) |
| (a) In Canadian dollars. (b) Includes pretax charges for restructuring and closure costs of C$461,000 in the 2001 year and C$541,000 in the 2000 year. | |||
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