Weak footwear market affects results at ADS
08/12/2006
Canada-based manufacturer of nonwoven technical textiles ADS Inc. has reported a significant drop in sales in the third quarter. Sales fell to $14 million—22.6% lower than in the same period a year earlier.
The company attributed the decline to strong competition in the geosynthetics market, as well as the weakness of the footwear market which it said is still being adversely affected by the worldwide migration of manufacturing activities to
Third quarter net operating profit fell to $553,000, compared with $1.5 million, whilst net earnings decreased to $370,000 from $1 million in the same quarter last year.
For the first nine months, sales volume slipped to $38.8 million, down by $8.1 million on the same nine-month period of the last fiscal year, and net earnings fell to $1.8 million, compared with $2.7 million.
Share this story:
