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 Home / Article: Amisco sales falls 15.8% in first quarter

Amisco sales falls 15.8% in first quarter

 25 April 2007      

L'ISLET, Quebec - Metal specialist Amisco Industries recorded net sales of $7.5 million for the first quarter ended 03 March 2007, down 15.8 per cent from $8.9 million in the first quarter of 2006.

The company incurred a net loss of $93,424 or two Canadian cents per share, compared to a net profit of $103,067 or two cents per share in the same period a year earlier.

In Canada, sales went from $2.7 million in the first quarter of 2006 to $2.5 million in the first quarter of the current fiscal year. In the United States, sales fell from $6.2 million in the first quarter of 2006 to $4.9 million for the first quarter this year.

"This 19.7 per cent decrease is due primarily to the reduction in the rate used to convert them into Canadian dollars and a decline in orders from various large-scale customers. U.S. sales were recognized at an average conversion rate of 1.2300 in the first quarter of 2007, compared with 1.3459 in the first quarter of 2006," Amisco said in a statement.

"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," said Réjean Poitras, president and chief executive officer.

"What's more, the real estate sector in the U.S. is showing major signs of a slowdown, which is affecting the demand for furniture. To reduce the impact of these macro-economic factors, we regularly launch new products and constantly strive to improve our plant's productivity," he continued.

"Also, we recently introduced wood bedroom furniture manufactured in Asia and complementary to our metal beds; deliveries have just started," Poitras said.

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