MAAX Inc. Announces Third-Quarter Results
SAINTE-MARIE, QUEBEC--JANUARY 11, 2001 - 08:32 EST
MAAX Inc. announces its results for the
third quarter ended November 30, 2000. For the first nine months
of the current fiscal year, sales totaled $372.4 million, up
11.63% over $333.6 million for the corresponding period of the
previous fiscal year. MAAX has achieved internal sales growth of
7.30% over the past nine months. The Company posted net income of
$19.7 million or $0.83 per share on a weighted average number of
23,754,719 shares outstanding, compared with $0.87 per share for
the first three quarters of last year. Operating cash flows
reached $35.4 million or $1.49 per share, up 7.6% from $32.9
million or $1.39 per share last year.
For the three-month period ended November 30, 2000, MAAX's sales
rose 4.73% to $113.8 million, up from $108.7 million for the same
period of last year. Net income fell to $4.2 million, compared
with $6.4 million for the third quarter of the previous fiscal
year, a decrease of 34.56%. Earnings per share totaled $0.18, as
compared with $0.27 last year. MAAX generated operating cash
flows of $9.8 million or $0.41 per share, compared with $10.8
million or $0.45 per share for the third quarter of fiscal 2000.
On a segmented basis, third-quarter sales of bathroom and kitchen
products totaled $99.7 million, up 5% over last year, while sales
of spas amounted to $14.1 million, up 2.7% over the third quarter
of the previous fiscal year.
In the third quarter, the Company's profitability and sales were
affected by the following factors:
Higher transportation expenses and raw material costs as a result
of soaring oil and natural gas prices. Also customer inventory
reduction program and economic and business conditions have
weakened further than anticipated.
André Héroux, MAAX's President and Chief Operating Officer,
pointed out that the Company's optimization process has taken
longer than expected but he foresees an improvement in profit
margins as of the first quarter of next fiscal year.
Outlook
Management remains optimistic with regards to MAAX's growth
potential for the coming year. The Company expects to gain market
share in its two business sectors across North America in 2001
from its strategies implemented in 2000.
Placide Poulin, Chairman and Chief Executive Officer said that
MAAX's strategy is based first and foremost on the Company's
profitability and sales growth. The company's improved
productivity, optimized re-engineering processes, sales price
increases and the deployment of a marketing plan aimed at
increasing its share of the U.S. market, should all have a
positive impact on MAAX's performance in the coming months.
MAAX Inc. is a leading North American manufacturer of bathroom
products and accessories, spas and kitchen cabinets. With 2,700
employees, MAAX operates 23 plants and seven distribution centres
throughout Canada, the United States and Europe. The Company's
common shares are traded on the Toronto Stock Exchange under the
MXA ticker symbol. |
