BSNS WIRE) Curtis International LTD. Announces Year-End Fiscal 2000 Result
Curtis International LTD. Announces Year-End Fiscal 2000 Results
Business Editors
TORONTO--(BUSINESS WIRE)--Aug. 30, 2000--
Net Income Increase of 22.7 % Total Sales Increase of 8.4 %
CURTIS (Nasdaq:CURT) reported revenue and net income for its
fourth quarter, and year-end of Fiscal 2000.
Year end Net income increased by 22.7 % from $1,343,757 in Fiscal
1999 to $1,649,105 in Fiscal 2000. Fourth Quarter Net income in Fiscal
2000 was $176,776 for an increase of 13.1 % from $156,280 in Fiscal
1999. Year end revenues were $42,612,215 for Fiscal 2000, an increase
of 8.4 % over Fiscal 1999 revenue of $39,309,062. Fourth quarter 2000
revenues were $6,415,945 versus $6,011,615 an increase of 6.7 %.
Curtis' President, Aaron Herzog said, "We are pleased to see that
we have managed to increase sales sufficiently to recover the sales
lost to one of our primary customers in Canada. As previously
announced this customer decided to de-emphasize its reliance on
consumer electronics. In the past, they represented approximately 25 %
of our sales. Our sales have increased, through increased volume to
other customers, and especially to new customers in the United States.
With this more diversified customer base we expect a return to the
sales growth we have seen in the past.
"Operating expenses remain in line with prior years' expenses. The
costs of installing a new management information system have been
offset by savings in interest, and selling costs."
Curtis, develops, markets and distributes a broad range of
consumer audio and telecommunication products. Its recent entry into
the U.S. market has been highly successful. The Company's customers
include mass merchandisers such as Bradlees, Dollar General, Bi-Way
Stores and Family Dollar; drug store chains such as Rite-Aid, London
Drugs, Thrifty Payless, Jean Coutu and Kerr Drugs; specialty marketers
such as QVC, The Home Shopping Network, Shop at Home; consumer
electronic retailers such as Future Shop Fry's and ABC Warehouse; and
appliance and department stores such as Boscov.
This press release contains forward-looking statements that, it
not verifiable historical fact, may be viewed as forward-looking
statements that could predict future events or outcomes with respect
to Curtis International Ltd. and its business. The predictions
embodied in these statements will involve risks and uncertainties and
accordingly Curtis' actual results may differ significantly from the
results discussed or implied in such forward-looking statements.
--30--jsk/in*
CONTACT: Curtis International LTD.
Eugene Balogh, 416/674-2123
KEYWORD: CANADA
INDUSTRY KEYWORD: TELECOMMUNICATIONS COMPUTERS/ELECTRONICS RETAIL
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