Domco Tarkett Inc. announces results for the first quarter of 2003
Sales of hardwood flooring rose 12.2% to $31.7 million, compared with $28.3 million for the same period in 2002. It should be noted that the Hardwood Division accounted for 31.1 percent of consolidated net sales, up from 28.1 percent in the first quarter of 2002.
Earnings before interest, income taxes, depreciation and amortization (EBITDA) amounted to $5.6 million, compared with $6.4 million for the first quarter of 2002. Administrative, distribution and selling expenses were further reduced during the quarter. The corporation lowered them by more than $1 million to $22.1 million, or 21.7 percent of consolidated sales, down from $23.2 million or 23 percent of consolidated sales in the first quarter of 2002. However, the decline in the Hardwood Division's profit margin had a negative impact on EBITDA, due to the increase in raw material prices, primarily lumber.
Domco Tarkett Inc. posted net earnings of $1.4 million or $0.05 per share for the first quarter of 2003, compared with $1.5 million or $0.06 per share for the first quarter of 2002.