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Simmons Canada sales flat

By Furniture Today Staff -- Furniture Today, November 4, 2001

MISSISSAUGA, Ontario — SCI Income Trust, parent of bedding and upholstery producer Simmons Canada, said its earnings declined 27.5% in the third quarter, although revenue was virtually unchanged from the same period a year earlier.

Revenue was C$35.1 million, compared with C$35 million a year ago. Net income of C$2.7 million was down from C$3.8 million.

Distributable cash flow also fell in the third quarter, to C$3.4 million or 44.4 cents per trust unit, from C$4.6 million or 60.4 cents in the 2000 period.

"Our revenue did not grow this third quarter compared to last year's third quarter and our unit volume decreased by 4%," said Pat Thody, chairman and chief executive officer. "The events of September have depressed consumer activity in most market segments."

For the year as a whole, Thody said Simmons no longer expects revenues to exceed last year. He added, "Based on our outlook, we expect our fourth quarter cash distribution to be significantly less than distributed for the fourth quarter of 2000."

For the nine months ended Sept. 30, revenue of C$93 million was up 2.6% from a year earlier and net income of C$5.8 million was down 28.3%. Distributable cash flow also dropped considerably, to C$6.7 million or 86.9 cents per trust unit, from C$9.9 million or $1.296 per unit last year.

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