Shermag says 3Q earnings will be less than last year
By Furniture Today Staff -- Furniture Today, February 6, 2005
Sherbrooke, Quebec — Full-line furniture producer Shermag said earnings in its third quarter ended Dec. 31 will be less than in last year's comparable period.
The company anticipates earnings in the latest quarter will be 15 to 18 Canadian cents per share. Third-quarter earnings last year were 26 Canadian cents per share on gross revenues of C$59.6 million.
Shermag attributed the drop to the stronger Canadian dollar and weak performance in its juvenile products division.
"The company continued to face a stronger Canadian dollar, resulting in a negative earnings impact on sales made in the United States," said President and CEO Jeff Casselman. "As well, competition in glider rockers, particularly from Asian-based manufacturers, continued to exert downward pressure on our sales and margins."
Shermag expects to release full third-quarter results on Feb. 10.
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