Amisco 3Q sales slip 19.5%; net loss tops C$100,000
Metal bed specialist blames decline in U.S. dollar, Asian competition
By Furniture Today Staff -- Furniture Today, October 2, 2006
L’ISLET, Quebec — Metal furniture specialist Amisco Inds. said sales of C$9.1 million in its third quarter were down 19.5% from the same period a year earlier.
Amisco posted a net loss of C$106,266, or 3 Canadian cents per share, for the three months ended Sept. 2, compared with earnings of C$646,246, or 10 cents per share, a year earlier.
The company blamed the sales drop and net loss on a decline in the value of the U.S. dollar against the Canadian dollar, and on Asian competition.
For the nine months, sales were down 15.5% to C$27.2 million, and the company had a net loss of C$162,641, or 4 Canadian cents per share, compared with earnings of $1.5 million, or 36 cents per share, a year ago.
Canadian sales slipped to C$3.1 million in the third quarter from C$3.6 million a year earlier because of reduced orders from a few large customers. U.S. sales fell to C$6 million from C$7.7 million, primarily because of the weaker U.S. dollar; in U.S. dollars, sales were only down by $203,000. The conversion rate in the latest quarter was US$1 to C$1.2464, compared with US$1 to C$1.5521 a year earlier.
The company recorded a quarterly gross profit of C$1.6 million, versus C$2.9 million in the third quarter of 2005, for gross profit margins of 17.5% and 25.6%, respectively. Cost controls helped reduce selling and administrative expenses 19% and 7.9%, respectively.
Amisco said its financial position was solid as of Sept. 2, with assets of C$21 million, versus C$23.3 million on Nov. 30, 2005. The company had a current ratio of 2.15, and had no long-term debt. Shareholder equity totaled C$16 million, equivalent to C$3.92 per share.
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