Shermag doubles 3Q net income
By Furniture Today Staff -- Furniture Today, March 2, 2003
Sherbrooke, Quebec — Full-line manufacturer Shermag doubled net income to C$4.3 million as net revenue advanced 17.2% to C$47.4 million in its third quarter ended Jan. 3.
For the nine months, net revenue was up 19.6% to C$131.7 million, while earnings rose 162.7% to C$11.2 million.
Sales to U.S. retailers accounted for 73.4% of shipments in the third quarter, up from 71% last year. Canadian shipments slipped from 29% to 26.6%.
President and Chief Executive Officer Jeff Casselman attributed the gains to improved operational efficiencies that protected margins in a price competitive environment. "We also were blessed with good business conditions in the quarter," he said.
He noted that despite deflationary pressure on retail prices, the company's gross margins returned to their traditional levels during the third quarter.
Cassleman said he anticipates a strong fourth quarter but expects growth to slow as the incoming order rate eases.
| Shermag(a) | |||
|---|---|---|---|
| Owns Mobilier Shermag, Mobilier HPL, Nadeau and Scanway Chanderic | |||
| Earnings per share are fully diluted. | |||
| Quarter ended 1/3 | 2003 | 2002 | Change |
| (a)In Canadian dollars. | |||
| Revenues | C$47,449,000 | C$40,499,000 | 17.2% |
| Operating income | 8,187,000 | 5,573,000 | 46.9% |
| Net income | 4,255,000 | 2,113,000 | 101.4% |
| Earnings per share | 0.32 | 0.16 | 100.0% |
| 9 months ended 1/3 | 2003 | 2002 | Change |
| Revenues | C$131,653,000 | C$110,105,000 | 19.6% |
| Operating income | 22,317,000 | 13,919,000 | 60.3% |
| Net income | 11,169,000 | 4,251,000 | 162.7% |
| Earnings per share | 0.83 | 0.32 | 159.4% |
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