Amisco 4Q sales fall 12.3%
Michael J. Knell -- Furniture Today, February 18, 2008
L'Islet, Quebec — L'Islet, Quebec— Metal furniture specialist Amisco reported lower sales and earnings in the fiscal fourth quarter, amid souring economic conditions and the continuing challenges posted by an ever-stronger Canadian dollar.
Sales of C$7.1 million in the three months ended Nov. 30 were down 12.3% from the same period the previous year.
Canadian sales dropped 7% from a year earlier to C$2.9 million, while U.S. sales fell 16.4% to C$4.1 million. In U.S. dollars, sales south of the border were only down 10.9%, but the change in exchange rate meant the volume in Canadian dollars took a bigger hit.
Fourth quarter earnings declined 36.5% to C$115,440 or 2.9 cents per share.
Sales for the fiscal year ended Nov. 30 were down 16.1% from the previous year to C$29.6 million. But earnings rose sharply to C$522,592 or 12.9 cents per share, compared with C$19,214 or 0.47 cents per share in fiscal 2006. The income growth arose from a change in the fair value of financial assets held for trading, the company said.
In Canada, 2007 sales were down 8.1% to C$11.3 million, and in the United States the figure fell 20.4% to C$18.3 million. In U.S. dollars, sales declined by 16.2% in the United States.
