Sico Inc. achieved sales of $59.4 million for the three-month period ended March 28, 2003, up 1.6% over $58.4 million for the same quarter of the previous year. Excluding the sales of the Hancock store chain from the 2002 results, sales growth was 5.8%.
Notwithstanding Hancock sales, revenues for the architectural sector rose four percent to $48.8 million. This increase was mainly due to the company’s network of retailers, especially in western Canada. Sales in the industrial sector grew by 14.7% to $10.6 million. EBITDA amounted to $3.6 million compared with $4.2 million last year. Sico posted net earnings of $2 million, up 30.4% over $1.5 million in the prior year