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Simmons Canada reports 2002 gains

By Furniture Today Staff -- Furniture Today, April 13, 2003

Mississauga, Ontario — SCI Income Trust, parent of bedding producer Simmons Canada, reported revenues for 2002 were up 8.9% to C$130.9 million while net income advanced 54.3% to C$11.4 million.

Cash distributions to unit holders for the year came to C$10 million, or C$1.30 per unit, up 27.8% from C$7.8 million, or C$1.02 per unit, in 2001.

In 2001, the company reported net income of C$7.4 million, after a change in accounting for amortization of a license agreement and goodwill, on revenues of C$120.1 million.

SCI did not issue results for the fourth quarter of 2002.

"Our performance in 2002 rebounded strongly from the previous year as our bedding unit volumes grew 8%," said Terry Pace, president and chief executive officer of Simmons Canada. "Our mix of product improved and there were no Quebec plant labor lockout costs to absorb as in the prior year.

"While the last quarter of 2002 reflected reduced consumer participation in the marketplace, we look forward to a successful 2003 based on the strong dealer reaction to our new product offerings," he said.

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