UNICAN’S SALES SLIP 7.3% IN 3rd QUARTER; CANADIAN CURRENCY’S WEAKENED STATE IMPACTS RESULTS
Unican Security Systems Ltd. announces sales for the nine months ended March 31 were $344.8 million compared to $351.3 million for the same period in fiscal 1999, a 1.9-percent decrease. However, excluding the impact of currency fluctuations, sales increased 4.6 percent. Earnings before interest, taxes, depreciation, amortization and reorganization expenses (EBITDA) for the nine-month time frame were $65 million, 18.9 percent of sales, compared to $62.5 million, or 17.8 percent of sales for the same period in the previous comparable cycle, an improvement of 4 percent. Net earnings for the nine-month period were $23.8 million compared to $17.3 million for the same period in 1999. Sales for the three months ended March 31 were $113.6 million compared to $122.6 million in 1999, a 7.3-percent decline.
“Our results for the quarter continued to be significantly impacted by the strength of the Canadian dollar against the U.S. dollar and the Euro compared to a year ago,” says Aaron Fish, chairman and CEO. “This situation persists and will likely negatively impact our financial results for the balance of this year. We continue to focus on improving the profitability of our electronics business.” Unican is a global supplier of access control products for both the hospitality and commercial sectors, as well as mechanical and electronic security products for the safe and vault industry.
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