Bestar 2Q sales surge 67.6%
By Furniture Today Staff -- Furniture Today, August 19, 2007
Lac-Megantic, Quebec — The components business has paid off for ready-to-assemble furniture maker Bestar, as sales in the second quarter and first half improved dramatically.
Revenues in the quarter totaled C$11.1 million, a 67.6% gain over the C$6.6 million generated in 2006's first quarter. For the six months, revenues reached C$22.3 million, up from C$15.2 million 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 President and CEO Paul Tardif.
Net earnings in the second quarter were C$79,000, or 1 Canadian cent per share, compared to a net loss of C$599,000, or 5 cents per share, in the comparable quarter last year. For the six months, net earnings were C$183,000, or 1 cent per share, compared to a net loss of C$596,000, or 5 cents per share, in the prior year.
Tardif said 2006 profits were hampered by decreasing sales to a major account, and supply chain interruptions following a fire at its primary source for particleboard and melamine.
Important challenges remain, he 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."
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