Bestar revenue declines 13.7% in quarter
By Furniture Today Staff -- Furniture Today, September 15, 2008
LAC MEGANTIC, Quebec — Ready-to-assemble furniture producer and components supplier Bestar reported a 13.7% drop in gross revenues in the second quarter ended June 30, with a net loss of C$277,000 or 2 cents per share.
“We actually had more customers carrying more products than in the comparable 2007 period,” said President and CEO Paulin Tardif. “But with the current economic situation, these increases were not sufficient to offset the decrease in sales we experienced with many of our customers.
“The increased strength of the Canadian dollar also had a negative impact of more than C$400,000 on our U.S. sales compared to last year,” he said.
Gross revenue in the quarter came to C$9.6 million, compared with C$11.1 million in last year's second quarter. The net loss of C$277,000 reversed a net profit of C$79,000 in last year's period.
For the first six months, gross revenues totaled C$20.5 million, a drop of 8.3% from the C$22.4 million recorded in last year's first half. The six-month net loss stood at C$380,000, compared with a net profit of C$183,000 in the first half of 2007.
