NEWS: Maax 2nd-Qtr Profit Rises, Says to Meet 2004 Targets
07:50 EST Wednesday, Oct 15, 2003
TORONTO (Reuters) - Maax Inc. , a Canadian maker of kitchen cabinets and bathroom fixtures, said on Wednesday its second-quarter profit rose as sales jumped in Canada and the United States.
Quebec-based Maax reported net income of C$11.4 million ($8.5 million), or 47 Canadian cents a share (46 Canadian cents diluted), in the quarter ended on Aug. 31, up from C$9.9 million, or 41 Canadian cents a share (40 Canadian cents diluted), in the year-earlier quarter.
Sales rose to C$166.9 million during the quarter, up from C$147.2 million for the same period a year earlier.
Eight analysts polled by Reuters Research had forecast a profit of 45.5 Canadian cents per share and revenues of C$173 million.
An increase in the Canadian dollar, which hit multi-year highs last week, led to a C$13 million revenue shortfall and a 4.5 Canadian cents a share hit on earnings per share during the quarter, the company said.
The company also said in that it was confident it could meet its financial objectives, including earnings per share growth of 10 percent to 15 percent for the fiscal year ending Feb. 28, 2004, as it capitalizes on the "favorable trends holding in the home improvement industry."
Maax, which said last month it was up for sale and indicated it was looking south of the border for bidders, provided no new details on the process.
MAAX, which traded in a 52-week range of C$14.15 to C$23.49 on the Toronto Stock Exchange, closed on Tuesday in Toronto at its high of C$23.49 |
