For the three-month period ended June 28, 2002, sales of Sico
Inc. rose by 10.9% to $80.4 million. Earnings for the quarter
were recorded at $6.3 million compared with $5.2 million
last year, an increase of 21.1%.
Sales in the architectural sector rose 15.3%. According
to Pierre Brodeur, Sico’s president and CEO, integration
of Bètonel Ltèe, acquired in Sept. 2001, helped the growth
in the company’s results significantly.
Results for the industrial sector continued to be
adversely affected by the recession that has prevailed for
the past year in the North American transportation and
specialized equipment industry, according to the company.
For the six-month period, Sico posted a 12.4% increase
in sales, to $137.9 million. The company posted net earnings
of $7.9 million, up 51.1% over the $5.2 million posted
over the same period last year. This is the best six-month
period ever for Sico, according to the company.
Sales in the architectural sector rose 18.2% to $119.2
million under the combined effect of the Bètonel acquisition,
organic growth in sales of national brand products
in the retail market and a solid sales increase by the professional
sales sector in both Quebec and Ontario, according
to the company. Sales of private-label paints
decreased, however, due to a reduction in sales to a major
retail customer.
Sales in the industrial sector registered $18.7 million, a
14.3% decline from last year, due to the economic slowdown
affecting the North American coatings industry.
This was somewhat offset by a reduction in operating
expenses, according to the company