Lower full year revenues at ADS - footwearbiz: Leading site for global

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Lower full year revenues at ADS

13/04/2007
 
Canadian technical textiles manufacturer ADS Inc. has posted sales of $10.1 million for its fourth quarter ended January 28, almost flat with the corresponding period last year. Sales for the full year were $48.9 million compared with $57.2 million in the preceding year. This decrease was said to be primarily due to a more competitive market for the installation of geomembranes and a lack of international opportunity for the distribution of geosynthetic products, affecting the company’s revenues by $4.7 million. The footwear industry's migration to Asia also negatively impacted the company's sales by more than $800,000 during the year.

For the fourth quarter it recorded a loss of $2.7 million compared with $817,000, as a result of a $2.5 million goodwill impairment. For the year, the company recorded a net loss of $1.7 million compared with net earnings of $2 million for the same period in the preceding year.


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