SCI 3Q earnings up 14.4%
9-month revenue up 5.7%
By Furniture Today Staff -- Furniture Today, November 22, 2005
MISSISSAUGA, Ontario -- SCI Income Trust, parent of bedding producer Simmons Canada, reported revenues in the third quarter rose 4.4% to C$37 million from C$35.5 million in last year's comparable quarter, as net income increased 14.4% to C$3.2 million from C$2.8 million a year ago.
President and CEO Terry Pace attributed the revenue gain to promotions and continued strong hospitality sales, noting that last year’s third quarter was “softer than normal.”In the nine months, revenue was C$103.9 million, up 5.7%, and net income rose 5.4% to C$8.3 million.
“Management continues to believe that 2005 will compare favorably with 2004,” Pace said, but recent volatility in the polyurethane foam market might hurt performance, although the extent is uncertain. “Suppliers of foam-based materials, a significant component of our raw material, have recently informed all of their customers that they are temporarily restricting shipments,” he said. “Further, suppliers have informed us of price increases in excess of 50% effective Nov. 1. We are working on strategies to address the impact of these price increases.”
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SCI 3Q earnings up 14.4%
Dec 4, 2005
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