Amisco Announces Fiscal 2008 Financial Results



    L'ISLET, QC, Feb. 3 /CNW Telbec/ - Amisco Industries Ltd. recorded net
sales of $23.9 million during the fiscal year ended November 30, 2008, down
19.2% from the previous year. The Company posted a net loss of $414,012 or
$0.1064 per share for fiscal 2008, compared with net earnings of $522,692 or
$0.1293 per share for fiscal 2007.
    In Canada, sales went from $11.3 million in 2007 to $10.4 million in
2008, a decrease of 7.9%. U.S. sales fell from $18.3 million in 2007 to $13.5
million in 2008, a decline of 26.2%. This sharp decline is attributable to the
real estate crisis and the recession in the United States, as well as the
reduction in the rate used to convert sales into Canadian dollars. In fact,
U.S. sales were recognized at an average conversion rate of 1.0827 in 2008,
versus 1.1848 in 2007. In U.S. dollars, sales declined by 19.3% in the United
States.
    Despite the reduction in net sales, the gross profit margin remained
stable, at 22.7% and 22.8% in 2007 and 2008 respectively. The sales decrease
lowered the gross profit, from $6.7 million in 2007 to $5.4 million in fiscal
2008.
    The Company recorded a loss before income taxes of $595,012 stemming
largely from a net loss in value of held-for-trading financial assets in 2008,
as opposed to pre-tax earnings of $745,692 resulting mostly from a net gain in
value of held-for-trading financial assets in 2007. Consequently, Amisco
recorded a net loss of $414,012 or $0.1064 per share for fiscal 2008, compared
with net earnings of $522,692 or $0.1293 per share last year. The weighted
average number of shares outstanding stood at 3,889,651 in 2008, versus
4,040,916 in 2007.

    Fourth Quarter of Fiscal 2007

    Net sales totalled $5.8 million during the quarter ended November 30,
2008, down from $7.1 million in the fourth quarter a year earlier. Canadian
sales amounted to $2.5 million, compared with $2.9 million in the fourth
quarter of fiscal 2007, a decrease of 13.4%. U.S. sales fell 20.3%, from $4.1
million in the fourth quarter of last year to $3.3 million. They were
recognized at an average conversion rate of 1.1373, compared with 1.1230 in
the fourth quarter of fiscal 2007. In U.S. dollars, sales declined by 21.3% in
the United States.
    Gross profit amounted to $1.5 million for the fourth quarters of fiscal
2007 and 2008. Despite the sales decrease, the gross profit margin improved
from 20.7% in the fourth quarter of 2007 to 26.1% in the same quarter of
fiscal 2008. Amisco posted a net loss of $282,768 or $0.0727 per share for the
fourth quarter of fiscal 2008, compared with net earnings of $115,440 or
$0.0290 per share for the same period of fiscal 2007. The weighted average
number of shares outstanding stood at 3,868,770 in the last quarter of 2008,
versus 3,976,244 in the last quarter of 2007.

    Amisco Industries Ltd. is a North American leader in the design and
manufacture of composite painted tubular and steel sheet residential
furniture. Founded in 1954, the Company manufactures beds, tables, chairs and
stools. Recognized for their quality, its products can be personalized -
finishes, colours, fabrics and dimensions - and shipped within less than 10
working days. Amisco employs about 150 people, serves some 700 customers and
records close to 60% of its business volume in the United States.

    Complete financial statements for the fiscal year ended November 30, 2008
will soon be filed on SEDAR (www.sedar.com).

    
    Financial Highlights
                                                            2008        2007
                                                            ----        ----
    Operations

    Net sales (000s)                                     $23,916     $29,599
      Canada (000s)                                      $10,416     $11,304
      United States (000s)                               $13,500     $18,295
    Gross profit (000s)                                   $5,441      $6,730
    Gross margin                                            22.8%       22.7%
    Cash flows from operations (000s)                     $1,803      $1,641
    Net earnings (net loss) (000s)                         $(414)       $523
    Net margin                                              (1.7)%       1.8%
    Earnings (loss) per share                           $(0.1064)    $0.1293

    Weighted average number
     of shares outstanding                             3,889,651   4,040,916

    Financial Position

    Total assets (000s)                                  $20,345     $21,188
    Working capital (000s)                                $7,118      $6,738
    Long-term debt                                           ---         ---
    Shareholders' equity (000s)                          $16,078     $16,851
    




For further information:

For further information: Réjean Poitras, Chairman of the Board,
President and Chief Executive Officer, 1-800-361-6360; Source: Amisco
Industries Ltd. (TSX: IAC)

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AMISCO INDUSTRIES LTD.

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