Amisco sales off 11.9% in '01
By Furniture Today Staff -- Furniture Today, March 3, 2002
L'Islet, Quebec — L'Islet, Quebec — Metal furniture maker Amisco reported sales of C$45.1 million in its fiscal year ended Nov. 30, down 11.9% from C$51.2 million the previous year. Net earnings were C$2.1 million, a drop of 46.2% from C$3.9 million a year earlier.
About 65% of shipments are to U.S. retailers, and the company said it was hurt by the demise of HomeLife. Gross margins slipped from 31.5% in fiscal 2000 to 29.8% in 2001, while net margins shrunk from 7.7% to 4.6%.
Amisco wrote off all its exposure to HomeLife in 2001, about US$780,000 or C$1.2 million, said Rejean Poitras, president and chief executive officer.
"In spite of these non-recurring circumstances, we successfully improved the company's profitability in the second half and delivered a solid performance in 2001," he said.
Amisco said it has completed a C$19 million capital expansion plan begun in mid-1998.
"This investment has been fully financed by our cash flow from operations," said Martin Poitras, chairman. "Today's stable home-building and resale market, combined with our enhanced efficiency, make us highly confident that we can increase our profitability during the current fiscal year."
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