CFM INTERNATIONAL INC. ANNOUNCES EARNINGS FOR THE SIX MONTH PERIOD ENDED MARCH 31, 1995.MISSISSAUGA, ONTARIO--(BUSINESS WIRE)--APRIL 25, 1995--CFM INTERNATIONAL (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CFM) CFM International Inc. today announced second quarter results that represent continued substantial year-to-date growth in revenues, earnings and cash flow. Consolidated net income for the six month period ended March 31, 1995 increased to $4.5 million or 30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to $3.3 million for the six month period ended March 31, 1994. Sales for the first six months of 1995 increased at rates comparable to last year, increasing 22.2 percent to $21.5 million, compared to $17.6 million in the prior period. The Company's operations exhibit seasonal fluctuation. Approximately 65 percent of the Company's sales are generated during the peak first and fourth quarter. Consolidated net income for the second quarter increased to $1,063,000 or 7 cents per share, compared to $873,000 in the prior period. Revenues increased to $7.2 million up 5.9 percent from $6.8 million reported in the prior period. Expansion of the Company's distribution 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. continued to progress well during the quarter, however, the Company did not achieve the sales growth anticipated in Canada in its internal budge targets. This is attributable in part to the unusually mild winter experienced in 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. resulting in lower than expected unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. across the industry. In addition, the Company's Western Canada distributor has experienced financial difficulties which required them to deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. their inventory levels during the quarter. Western Canada markets account for approximately 20 percent of CFM's sales. During the quarter, sales to this distributor were nominal. This has prompted a re-evaluation of the distribution process to Western Canada. CFM has moved swiftly to ensure that the dealers and utilities in Western Canada continue to be serviced in accordance with the Company's high service standards. This process is well underway. CFM International Inc. is one of the largest manufacturers of gas (both natural gas and propane) fireplaces and related components in Canada. The Company designs, engineers and manufactures a full line of innovative gas fireplace products and conducts ongoing research and development aimed at improving the design and efficiency of its gas fireplaces. The Company's market position is due primarily to continual product development together with an ability to effectively market its products to a wide range of consumers through strategic relationships with gas utilities, strong regional distributors and local dealers. CONTACT: Colin M. Adamson President & 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. CFM International Inc. or Rich Blum Vice President & CFO See Chief Financial Officer. CFM International Inc. Tel: (905) 670-7777 Fax: (905) 670-4676 |
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