Sico reported sales totaling $283.6 million (Canadian), compared to $257 million in 2002, an increase of 10.4% attributable to the acquisition of Para Inc. and internal growth in its architectural segment. Earnings before EBITDA were $22.3 million, compared with $23.3 million in 2002. Restructuring costs $3.0 million included $2.3 million attributed to the architectural sector and $2 million to the industrial sector. The company posted net earnings of $11.2 million, compared with $12 million in 2002. Excluding these costs, EBITDA would have been $3.7 million.
In fiscal 2003, architectural sales rose 13.3% to $243.5 million. This increase is mainly attributable to Para’s contribution for the last eight months of the year. In addition, performance was driven by the growth of national brand products in both the retail and professional painters markets, procurement synergies from the acquisition of Para and positive impact of a lower U.S. dollar related to Sico’s purchasing needs, according to the company.
Sico’s industrial sales were $40.1 million, down 4.3%. Sales were affected by weak market conditions in North America, especially in the specialized machinery market in the U.S., as well as the decline of the U.S. dollar in relation to the Canadian dollar. CW