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2003 revenues flat, profits down at Simmons Canada

By Furniture Today Staff -- Furniture Today, March 14, 2004

Mississauga, Ontario — Mississauga, Ontario— SCI Income Trust, parent of bedding manufacturer Simmons Canada, said revenues for 2003 were C$129 million, nearly flat with the C$130.9 million recorded in 2002.

Net income fell 18% to C$9.4 million from C$11.4 million the previous year. Cash distributions to unitholders also dropped last year to C$7.9 million, 21.2% less that the C$10 million paid out in 2002.

"Our performance in 2003 was disappointing compared to 2002," said Terry Pace, president and CEO. "Bedding unit volumes were down 3% from 2002. Increasingly aggressive competition coupled with retail pricing pressures, inflationary cost increases and pension expenses put downward pressure on margins."

He said 2003 began with a soft first quarter, influenced by world events, but improved slowly. Figures for the fourth quarter won't be published until SCI's annual report is released, although Pace said the year ended on a high note.

"Our fourth quarter was strong, with unit volume and sales exceeding last year's fourth quarter by 2.5% and 5%, respectively," he said. "We are encouraged by our product lineup and the customer programs already in place. We look forward to improved conditions in 2004."

Simmons Canada(a)
Earnings per share are fully diluted, and all figures in parentheses are loses or declines.
Year ended 12/31	2003	2002	Change
Revenues	C$129,032,000	C$130,870,000	(1.4%)
Operating income	14,881,000	18,093,000	(17.8%)
Net income	9,364,000	11,422,000	(18.0%)
Earnings per share	1.21	1.48	(18.2%)
(a) In Canadian dollars.

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