Bestar posts C$1.07 million loss in 4Q
Staff -- Furniture Today, March 30, 2009
Lac-megantic, Quebec — Bestar, a producer of ready-to-assemble furniture, reported a fourth-quarter net loss of C$1.07 million as sales fell 10.9%.
Much of the loss was due to a writedown of the market value of Bestar's currency forward contracts, but the company said interest rates on new equipment financing and increased training expenses also contributed to the loss.
"We are continuing our efforts to standardize our raw materials and optimize our production capacity, particularly with the new equipment we have been using since last fall," said Paulin Tardif, CEO.
Sales in the fourth quarter totaled C$9.3 million, down from C$10.4 in the fourth quarter of 2007.
The fourth-quarter loss, which equals 8 cents per share, compares with a profit of C$50,000, or less than 1 cent per share, in the same period in 2007.
For the full year, sales were C$40.4 million, down 6.9% from C$43.4 million in 2007.
Last year's net loss came to C$1.61 million or 12 cents per share. In 2007, Bestar had a profit of C$250,000 or 2 cents per share.
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