Furniture producer Samson Holding reports $18.5 million loss
Asset impairment charge to blame; sales slide 8.3%
Larry Thomas -- Furniture Today, April 30, 2009
HONG KONG - Samson Holding, parent company of Lacquer Craft Mfg. in China, as well as U.S. companies including Universal Furniture and Legacy Classic, reported a net loss of $18.5 million for 2008 as sales slid 8.3%.
In an annual report filed with the Hong Kong Stock Exchange, the company said the loss was due largely to an asset impairment charge of $59.3 million.
Samson, which generates most of its sales in the United States and gives its financial statements in U.S. dollars, said its core businesses had an operating profit of $40.9 million.
Sales for the year totaled $466.6 million, down from $508.7 million in 2007.
Last year's net loss, which equals 6 cents per share, compares with a profit of $55 million or $2 per share in 2007.
"Despite the dreadful news in the global economy, we believe that we are in a much better position than our competitors in the furniture industry," Chairman Samuel Kuo wrote in the report. "We also believe that the consolidation in the furniture industry will present more opportunities for our group."
Samson Holding is the parent company of Lacquer Craft, Universal, Legacy Classic, Craftmaster and Pennsylvania House. The company acquired U.K.-based case goods producer Willis & Gambier last October.
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Samson's sales slip 8.3% in 2008, report says
May 11, 2009
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