Curtis International LTD. Announces Third Quarter Fiscal 2001 Results.Business Editors TORONTO--(BUSINESS WIRE)--April 17, 2001 CURTIS (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CURT) Curtis (NASDAQ:CURT) reported revenue and net income for its third quarter of Fiscal 2001, for the three months ended February 28, 2001. Third Quarter sales were $3,311,221 for Fiscal 2001, a decrease of 53.9% from Fiscal 2000 sales of $7,175,725. Third Quarter Net income was a loss $(181,732). Curtis' President, Aaron Herzog said, "The third quarter is always a slow quarter for us, and coupled with the loss of several customers to insolvency, and a generally weak US economy our sales results were below expectations. We have managed to keep expenses in line thereby minimizing the loss for the quarter. We have also expanded our customer base, and this will position us to take advantage of the economy when it turns upward." Financial expenses were higher due to increased borrowing costs for the quarter. Bad debt allowances were also increased in line with increased risk. Other 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. 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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