Furniture maker Amisco reports loss
Fiscal fourth-quarter sales decline 18.3%
Larry Thomas -- Furniture Today, February 4, 2009
L'ISLET, Quebec — Metal furniture specialist Amisco Inds. reported a net loss of C$282,768 in the quarter ended Nov. 30 as sales fell 18.3%.
The company, which generates about 60% of its sales in the United States, said the U.S. housing slump and recession was largely responsible for the shortfall. Additionally, the exchange rate used to convert U.S. sales into Canadian dollars affected results, as the Canadian dollar weakened.
In the quarter — the fourth quarter of Amisco's fiscal year — net sales totaled C$5.8 million, compared with C$7.1 million in the same period in 2007.
The quarterly loss, which equals 7 cents per share, compares with net earnings of C$115,440 or 3 cents per share in the same quarter in 2007.
For the fiscal year ended Nov. 30, sales were C$23.9 million, down 19.2% from C$29.6 million in fiscal 2007.
The company recorded a net loss for fiscal 2008 of C$414,012 or 11 cents per share. In fiscal 2007, Amisco had net income of C$522,692 or 13 cents per share.
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