Bestar sees big gains in first half
Move into components, new collections pay off
By Furniture Today Staff -- Furniture Today, August 3, 2007
LAC-MEGANTIC, Quebec – Getting into the component business has paid off for ready-to-assemble furniture producer Bestar as sales for both the second quarter and first half of the year have improved dramatically.
Revenue for the quarter ending Jun. 30, totalled C$11.1 million, a 67.6% gain over the C$6.6 million generated for the same period of 2006. For the six months of 2007, revenue reached C$22.3 million, up from C$15.2 million for the comparable period last year – an increase of 47.2%.
“This increase is due mostly to the success of our diversification into the components market as well as the success of new furniture collections in our traditional market,” said Paul Tardif, president and CEO.
Net earnings for the second quarter were C$79,000 or one Canadian cent per share, compared to a net loss of C$599,000 or five cents per share for the second quarter last year. For the six months, net earnings were C$183,000 or one cent per share, compared to a net loss of C$596,000 or five cents per share.
Tardif noted that in 2006, Bestar’s profitability was hampered by decreasing sales to a major account and interruptions in the supply chain following a fire suffered by its primary source for particle board and melamine.
Important challenges to growth remain, Tardif said, “especially in the context of the continually rising Canadian dollar versus its U.S. counterpart. We continue to strive for increased productivity, flexibility and competitiveness which should improve profitability and ensure the company’s viability.”
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