Bestar: Back to Profitability in 2005.LAC-MEGANTIC, Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. -- Bestar Be`star´ v. t. 1. To sprinkle with, or as with, stars; to decorate with, or as with, stars; to bestud. [ imp. & p. p. os> ( ) r>.] Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BES) - Gross revenue for year ended Decembre 31, 2005 totalled C$38,672,000, a decrease of 11.6% compared to the C$43,728,000 of year 2004. "Delayed introduction of our new products, growing Asian competition and an average exchange rate of C$0.08 higher than in 2004 explain this decrease." comments Mr. Jacques Jacques [ʒɑk] (French for Jacob and James) can refer to: People with the surname of Jacques:
Earnings before other items and income taxes reach C$37,000 for 2005, compared with a loss before other items and income taxes of C$2,254,000 for 2004. "Excluding C$1,386,000 in restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs, 2005 shows an improvement of C$905,000 in operating results despite a decrease in sales of C$5 millions." highlights Mr Hetu. "We also have increased our cash position by C$2,995,000 at C$4,758,000 on December 31, 2005. This represents a little more than C$0.36 per outstanding common share, or 40% more than the market value per share on February 20, 2006" continues Bestar's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Net earnings for 2005 fiscal year totalled C$174,000 or C$0.01 per share compared with a net loss of C$442,000 or C$(0.04) for 2004. "Investment income of C$260,000 in 2005 and of C$1,275,000 in 2004 improved the results of these two fiscal years." explains Mr. Hetu. Fourth quarter results Gross revenue for thefourth quarter of 2005 totalled C$9,392,000 compared with C$9,670,000 for the same quarter in 2004. Earnings before other items and income taxes stand at C$509,000 for the quarter ended December 31, 2005, compared with a loss before other items and income taxes of C$1,204,000 for the same period in 2004. Net earnings for the last three months of 2005 totalled C$319,000 or C$0.02 per share where the last quarter of 2004 showed a net loss of 894,000$ or C$(0.07). Adjustments to our Commission de la Sante et de la Securite du Travail TRAVAIL. The act of child-bearing. 2. A woman is said to be in her travail from the time the pains of child-bearing commence until her delivery. 5 Pick. 63; 6 Greenl. R. 460. 3. (CSST CSST Corrugated Stainless Steel Tubing CSST Commission de la Santé et de la Sécurité du Travail du Québec (French: Occupational Health and Safety Commission, Quebec, Canada) CSST Client-Server Software Testing ) allowance, and the reversal of volume rebate rebate, partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. allowances due to lower sales from some customers impacted 2005 fourth quarter results by approximately C$400,000. On the other hand, 2004 fourth quarter results where impacted by restructuring costs in the amount of C$944,000." comments Mr. Hetu. "2005 results clearly demonstrate the effectiveness of the actions put forward in the restructuring plan as well as the soundness of the decisions that were made while reviewing our cost structure. In the future, this, systematic process of continuing improvement will allow the company to constantly adapt to the reality of the market through the efforts of the entire staff. 2006 will remain a challenging year, as pressures from emerging countries and the srenght of the Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents will continue. As a direct result of these challenges, we will start the first quarter of 2006 with a significant decrease in sales with a key customer, as Asian products will temporarily take the floor spaces we traditionally occupy. We anticipate to regain this space at the end of the second quarter, with products currently under development. Meanwhile, at the end of 2005, the Board of Directors created a Business Development Committee. Their mandate is to study all opportunities of merger, acquisition, strategic partnership and/or subcontracting, related to the diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of our product line and the development of new market segments" concludes Bestar's CEO, Mr Jacques Hetu. Results Summary
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(Results in thousands of dollars, except earnings per share)
Q1 Q2 Q3 Q4 Total
Revenue(i) 2003 12,211 10,285 11,274 10,512 44,282
2004 11,403 9,895 12,760 9,670 43,728
2005 9,948 9,055 10,277 9,392 38,672
Net earnings 2003 1,095 (443) (388) (10) 254
(loss) 2004 (246) (652) 1,350 (894) (442)
2005 (107) 180 (218) 319 174
Earnings (loss)
per common share 2003 0.10 (0.04) (0.03) (0.01) 0.02
2004 (0.02) (0.06) 0.10 (0.07) (0.04)
2005 (0.01) 0.01 (0.02) 0.02 0.01
Fully diluted
earnings (loss)
per common share 2003 0.10 (0.04) (0.03) (0.01) 0.02
2004 (0.02) (0.06) 0.10 (0.07) (0.04)
2005 (0.01) 0.01 (0.02) 0.02 0.01
Total Assets 2003 34,814 33,084 31,034 30,722 30,722
2004 30,507 29,987 29,515 28,228 28,228
2005 28,215 28,335 28,502 27,578 27,578
Total Liabilities 2003 20,726 19,438 17,777 17,475 17,475
2004 17,506 16,479 14,774 14,256 14,256
2005 14,281 14,153 14,470 13,160 13,160
Weighted average
of outstanding
shares (in
thousands) 2003 11,088 11,088 11,088 11,088 11,088
2004 11,088 11,738 13,038 13,038 12,231
2005 13,038 13,038 13,038 13,038 13,038
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(i) In conformity with new accounting standards, transportation
earnings are hereafter presented in the Revenue item. Comparative
figures have been reclassified to reflect the consequences of
this modification.
Company Profile Established in 1948, Bestar Inc. is involved in the design, manufacturing and distribution of a wide range of models of ready-to-assemble furniture Ready-to-assemble (RTA) furniture, also known as "knock-down furniture" or "flat packs", is furniture supplied as a kit of flat parts and fasteners to be assembled, usually by the end user, with simple tools. and furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. that meet consumer needs in terms of quality, design and functional requirements See information requirements and functional specification. (specification) functional requirements - What a system should be able to do, the functions it should perform. . The Company which has been public since 1986, carries out its operations frommanufacturing facilities located in Lac-Megantic. Disclosure This press release may contain prospective information and declarations on the future performance of the Company. These declarations are based on suppositions and uncertainties and the best possible evaluation of future events by management and are subject to certain risk factors such as fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. exchange rates, increasing Asian competition and increases in costs of raw materials and transportation. Information for Shareholders Shareholders can obtain information regarding this press release by accessing the CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. news file at www.cdn-news-com or on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review at www.sedar.com. The Management report and completed Financial Statements for the 2005 fiscal year, as well as all other regulatory documents, will be submitted, at the latest, March 31, 2006, through the SEDAR database at www.sedar.com. Meeting of Shareholders The Annual Meeting of Shareholders of Bestar Inc will be held on Wednesday, May 10, 2005 at 1:30 p.m., at the Motel Le Quiet, 3284 Laval Street in Lac-Megantic. Bestar Inc. (TSX:BES) |
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