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Samson Holdings sales slip 0.6% in first half but profits grow

HONG KONG — Samson Holdings, parent company of Chinese case goods and upholstery producer Lacquer Craft, said its sales fell slightly in the first half of 2012, but profits increased due to lower cost of sales and reduced marketing expenses.

In a report filed with the Hong Kong Stock Exchange, the company said sales totaled $205.4 million in the six months ended June 30. That was down 0.6% from $206.7 million in the first half of 2011.

Net income was $5.66 million or 18.6 cents per share. That was up from $3.51 million or 11.5 cents per share in the same period last year, a gain of 61.3%.

The company, whose U.S. brands include Universal, Legacy Classic, Craftmaster and Pennsylvania House, said its branded furniture sales increased in the first half of the year, but that was offset by a drop in OEM sales.

Sales of products at middle price points were hit especially hard, but Samson said it was encourages by the success of the Paula Deen and Smartstuff licensed goods, as well as the new Lacquer Craft hospitality furniture division.

"Although the results during the first half of 2012 are encouraging, the economic conditions have not improved. With no clear sign of economic recovery in the U.S.A. and the U.K., we remain very cautious about the business condition going forward," the company said in the report.

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