Amisco's 1Q earnings rise 6.9%
By Furniture Today Staff -- Furniture Today, April 13, 2003
L'Islet, Quebec — L'Islet, Quebec— Metal furniture specialist Amisco said sales were up 4.1% and earnings rose 6.9% from a year ago in its first quarter ended March 1.
Management said it was satisfied with the results, given the current geopolitical and economic climate.
"The housing market is still strong, but consumer confidence is shaken," said Rejean Poitras, president and chief executive officer.
Amisco, which sells more than 65% of its production to the United States, reported earnings of C$416,000 on sales of C$10.7 million in the quarter.
Selling and administrative expenses declined slightly as a percentage of sales, which pushed the net profit margin to 3.9% from 3.8% in the same quarter a year earlier.
"To optimize our sales, we strive to constantly improve our products' quality, design and prices, and reduce our delivery times," Poitras said. "Our beds, and since recently our stool lines, are shipped within 10 working days — a great advantage that enhances Amisco's positioning in the industry."
| Amisco(a) | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| Quarter ended 3/1 | 2003 | 2002 | Change |
| (a) In Canadian dollars. (b) Based on average shares outstanding of 3.8 million in the 2003 quarter and 4.1 million in the 2002 quarter. |
|||
| Sales | C$10,743,000 | C$10,320,000 | 4.1% |
| Operating income | 645,000 | 554,000 | 16.4% |
| Net income | 416,000 | 389,000 | 6.9% |
| Earnings per share (b) | 0.11 | 0.09 | 22.2% |
Amisco 1Q sales down 11.9%
04/27/2006Amisco’s sales drop 23% in first quarter
04/02/2008
