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    Financial News

    SICO POSTS RECORD GAINS

    ...

    08.10.05
    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
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