Annual General Meeting 2000, MAAX: Excellent Outlook for Fiscal 2001 and Record Results for the First Quarter.Business Editors SAINTE-MARIE Saint-Marie is the name of several places. Marie is French for Saint Mary. In Metropolitan France Sainte-Marie is the name or part of the name of several communes:
At the Annual General Meeting of Shareholders of MAAX MAAX Inc. , is a company producing bathroom products, kitchen cabinets and outdoor spas. The company was founded by Placide Poulin in 1969 as Modern Fibreglass Inc.. On March 11, 2004, MAAX was sold to a group of investors comprising J.W. Childs Equity Funding III, Inc. Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MXA MXA McIntosh Xaba and Associates MXA Malcolm X Academy (Detroit, Michigan) MXA Mobile Exercise Area .), Mr. Placide Poulin Placide Poulin (born 1938 in Saint-Jules, Quebec, Canada) is a Canadian businessman. He was the founder of MAAX Inc., a company producing bathroom products, kitchen cabinets and outdoor spas. An influential man in the Beauce, Poulin is a member of the Parti libéral du Québec. , Chairman of the Board and Chief Executive Officer, indicated that the Company had accomplished a huge task during the fiscal year ended February February: see month. 29, 2000, by integrating the seven businesses acquired in the last two years. He also mentioned that MAAX achieved this result while posting increases of 38.0 % in sales which totalled $431.9 million, and 26.5 % in net income which amounted to $24.3 million or $1.03 per share before non-recurring expenses. He concluded his retrospective LAW, RETROSPECTIVE. A retrospective law is one that is to take effect, in point of time, before it was passed. 2. Whenever a law of this kind impairs the obligation of contracts, it is void. 3 Dall. 391. of the past year by pointing out that MAAX has injected in·ject·ed adj. 1. Of or relating to a substance introduced into the body. 2. Of or relating to a blood vessel that is visibly distended with blood. injected 1. introduced by injection. 2. congested. some $200 million in business acquisitions and the purchase of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → over the last three fiscal years. The Company now has the infrastructures to generate a solid return on these investments which have contributed to positioning it as the No. 1 in bathroom products and spas in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , the No. 5 in bathroom products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and the No. 4 in spas all across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , while emerging as a future player in the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. bathroom product market and the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. kitchen cabinet market as well. First-Quarter Results MAAX also announced its results for the three-month period ended May 31, 2000, which gave rise for the fifth consecutive year to its best quarterly performance ever. The Company benefited from internal growth of 14.9 % and the contribution of its new European subsidiary to close the first quarter with a 20.8 % increase in sales which amounted to $133.4 million, up from $110.4 million last year. Net income rose 8.8 % to $7.4 million or $0.31 per share, compared with $6.8 million or $0.29 per share for the first quarter of the previous year. Operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. totalled $12.2 million or $0.52 per share, up 11.3 % over the first quarter one year ago. Geographically, Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. sales rose 9.1 % to $40.1 million. Sales in the United States grew by 18.9 % to reach $86.3 million. International and European sales amounted to approximately $7.0 million. The SaniNova plant in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). yielded results in line with the
expectations at the time of its acquisition.On a segmented basis, the two business sectors (since kitchen cabinets are now combined with bathroom products) both contributed to the Company's growth. Including the acquisitions, sales of bathroom products and kitchen cabinets rose 17.7 % to $109.8 million. Revenues from spas totalled $23.6 million, an increase of 38.3 %. Transfer of C.E. Cabinets' Ville d'Anjou The D'Anjou pear, sometimes referred to as the Beurré d'Anjou or simply Anjou, is a short-necked cultivar of European Pear. It is thought to have originated in the early to mid-19th century, either in Belgium or in the vicinity of Angers in central France, previously Plant The first quarter of fiscal 2001 gave rise to the transfer of C.E. Cabinets' Ville d'Anjou plant to its plant in Laval Laval, city, Canada Laval, city (1991 pop. 314,398), coextensive with Île-Jésus (94 sq mi/243 sq km), S Que., Canada, between the Rivière des Mille Îles and the Rivière des Prairies, just NW of Montreal. , which covers an area of 237,000 square feet as a result of its expansion. Investments of some $10 million will have been earmarked for this purpose during fiscal 2000 and 2001. Once the expansion is complete, the plant will have a manufacturing capacity of $100 million on a yearly basis.
Outlook
Management of MAAX disclosed the following financial goals for the
current fiscal year:
* sales of over $500 million;
* internal growth of 12 % to 15 %;
* income before interest, income taxes, depreciation and
amortization of 16.5 % as a percentage of sales;
* a net margin of over 6 %; and
* a return on equity of over 15 %.
Mr. Andre Heroux, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , explained that to attain these goals MAAX is banking essentially on the benefits of specializing each plant and optimizing the integration plan completed last year, which will have a positive impact on profit margins. What's more, the launch of new lines of faucets and bathroom furniture and the introduction of innovative products such as the new Looney Tunes(TM) collection will contribute favourably to the Company's growth in sales and margins. MAAX will also continue to evaluate any potential acquisition likely to strengthen its position in North America and in Europe so as to meet its future growth objectives. Mr. Poulin concluded by indicating that MAAX will focus every effort on achieving a net margin of 8 % over the medium term. As far as sales are concerned, he estimates that the Company has the operational and organizational infrastructures to reach the one billion dollar mark by 2005 as this target corresponds to an average annual growth rate of 18 %, whereas it has increased its sales by an average of 44 % annually in the last five years. MAAX Inc. is among the leading North American manufacturers of bathroom products and accessories, spas and kitchen cabinets. The Company's shares trade on the floor of the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors MXA.
MAAX INC.
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) Period ended May 31,
2000 (in thousands of dollars except per share data)
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THREE MONTHS SIX MONTHS
2000 1999
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Sales $133,395 $110,388
Operating expenses 114,105 94,074
Amortization, financial expense, and
research and development costs 7,062 5,375
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121,167 99,449
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Income before income taxes and goodwill
amortization 12,228 10,939
Income taxes 4,134 3,559
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Income before goodwill amortization 8,094 7,380
Goodwill amortization, net of income taxes
of $168 in 2000 and $169 in 1999 685 567
Net income $7,409 $6,813
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Income per share
Before goodwill amortization $0.34 $0.31
Net income per share $0.31 $0.29
Fully diluted income per share
Before goodwill amortization $0.33 $0.30
Net income per share $0.30 $0.27
Weighted average of outstanding shares 23,718,221 23,664,731
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MAAX INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited)
"May 31, 2000"
(in thousands of dollars)
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2000 1999
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ASSETS
Current assets $187,389 $134,320
Fixed assets 115,462 78,328
Goodwill 128,349 109,304
Other assets 6,606 6,607
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$437,806 $328,559
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $90,295 $60,005
Long-term liabilities 120,432 59,131
Shareholders' equity 227,079 209,423
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437,806 $328,559
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SEGMENTED INFORMATION (UNAUDITED)
Period ended May 31, 2000
(in thousands of dollars)
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THREE MONTHS
2000 1999
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By business segment:
Net sales
Bathroom and kitchen $109,811 $93,334
Spas 23,584 17,053
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$133,395 $110,387
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Income before income taxes:
Bathroom and kitchen $9,154 $8,849
Spas 2,222 1,354
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$11,376 $10,203
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