Amisco's 1Q sales decline 15.8% to C$7.5M
By Furniture Today Staff -- Furniture Today, June 4, 2007
L'Islet, Quebec — L'Islet, Quebec— Metal furniture specialist Amisco Inds. said sales dropped 15.8% in its first quarter ended March 3, and the company incurred a net loss of C$93,424 or 2 Canadian cents per share.
Sales in the latest quarter came to C$7.5 million, compared with C$8.9 million in last year's first quarter. A year ago, Amisco posted a net profit of C$103,067 or 2 cents per share.
In Canada, sales slipped from C$2.7 million in the first quarter of 2006 to C$2.5 million in this year's initial period. In the United States, sales fell from C$6.2 million to C$4.9 million.
Amisco attributed the 19.7% drop in U.S. sales to currency exchange rates and a decline in orders from various large customers.
President and CEO Réjean Poitras said, "Like other Canadian furniture manufacturers, Amisco has been faced with the same challenges for several years: a strong Canadian dollar, many Asian imports and a rapid transformation of the retail market."
He also cited the slowdown in the U.S. housing market, which is dampening demand for furniture.
