Curtis International LTD.: Announces Second Quarter Fiscal 2001 Results.Business Editors TORONTO--(BUSINESS WIRE)--Jan. 16, 2001 Curtis (Nasdaq:CURT) reported revenue and net income for its second quarter of Fiscal 2001, ended November 30, 2000. Second Quarter sales were $22,276,262 for Fiscal 2001, an increase of 19.6% from Fiscal 2000 sales of $18,624,623. Second Quarter Net income was a loss $(618,233). Curtis' President, Aaron Herzog said, "We had record sales for the Second Quarter and were on target for record Net Income when unfortunately the Chapter 11 filing of a major retailer in late December adversely affected us. We felt it was prudent to fully reserve against the loss we may suffer as a result, and the bad debt expense associated with this has negated what would have been an excellent quarter. We continue to be pleased with our continuing sales growth, and the successful expansion of our 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. customer base. By building relationships with a larger and more diversified customer base we hope to position Curtis for continued success in the future." Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. other then the above mentioned bad debt expense remain in line with prior years. Curtis develops, markets and distributes a broad range of consumer audio and telecommunication products. Its recent entry into the U.S. market has been highly successful. The Company's customers include mass merchandisers such as Ames, Dollar General, Bi-Way Stores, Wal-Mart and Family Dollar; drug store chains such as, London Drugs London Drugs is a large chain of Canadian retail stores that provides a wide range of products and health services. The store carries a range of merchandise from personal care products to electronics and computers. , Thrifty Payless Thrifty PayLess Holdings, Inc. was a pharmacy holding company that owned the Thrifty Drugs and PayLess Drug Store chains in the western United States. The combined company was formed when Los Angeles-based TCH Corporation, the parent company of , Jean Coutu and Kerr Drugs; specialty marketers such as QVC QVC Quality Value Convenience QVC Question Valid Command , The Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation). The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. , Shop at Home; consumer electronic retailers such as Future Shop, Fry's and ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Warehouse; and appliance and department stores such as Boscov. This press release contains forward-looking statements that, it not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Curtis International Ltd. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly Curtis' actual results may differ significantly from the results discussed or implied in such forward-looking statements. |
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