Amisco earnings up 36.6% for year
By Furniture Today Staff -- Furniture Today, February 16, 2003
L'Islet, Quebec — L'Islet, Quebec— Metal furniture maker Amisco said sales in its fiscal year ended Nov. 30 rose 5.6% to C$47.7 million and earnings shot up 36.6% to C$2.8 million.
Sales grew in both Canada and the United States, where Amisco has struggled to regain ground following the bankruptcy of one of its largest customers in 2001.
Canadian sales totaled C$16.4 million in fiscal 2002, compared to C$15.5 million in 2001, while U.S. sales rose from C$29.6 million in 2001 to C$31.3 million last year. Sales to U.S. retailers now account for 65% of Amisco's volume.
"Several factors favored the residential sector and the furniture industry in 2002, including the decline in interest rates and the resurgence of cocooning in response to economic and geopolitical uncertainties," said President and Chief Executive Officer Réjean Poitras.
The company lowered its administrative expenses, raising net profit margins from 4.6% in 2001 to 5.9% in 2002.
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