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Bestar reports Q2 sales uptick PDF Print E-mail
Written by HGO Staff   

LAC-MEGANTIC, Quebec (18 August 2011) - The successful launch of a promising new collection bolstered ready-to-assemble furniture specialist Bestar's sales for the second quarter and helped narrowed its net loss, the company has report.

For the period ending June 30, Bestar had revenues of $7.8 million, a 9.1% gain over the $7.2 million reported for same period last year. The net loss narrowed to $130,243 or one cent per share, compared to the prior period's loss of $736,941 or six cents per share.

"Sales in Canada rose by 35.5%, driven by a seasonal introduction of a new promising collection with a major customer," the company said in a statement, adding, "However, U.S. sales declined 14.9%. One third of this decline is attributable to the falling U.S. dollar."

Bestar also noted the results for the second quarter of 2010 was negatively impacted "by the abrupt end of a promotion with a major customer."

Bestar president Daniel Mercier cautioned shareholders not to expect great gains over the remaining months of 2011.

"The strength of the Canadian dollar coupled with a weak North American economic recovery in our business segment will limit growth perspective for the next few months," he wrote in his note.

"Bestar's management continue to execute its action plan for the recovery of its financial position. Given that no significant improvement in sales is expected for several months, every effort, including the search for strategic partners, will continue to be made to maintain and improve the current situation," he continued, adding, "Although our results are still below expectations, the restructuring of our operations progressively undertaken during 2010 allows us to publish, for a fourth consecutive quarter, better results than the previous quarters."

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