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Revenues for Bestar Inc. fell 17.2% during the third quarter, but the ready-to-assemble furniture maker generated a small profit. Revenue amounted to C$8.7 million. The company posted a profit of C$65,000, compared with a loss of C$160,000 in the comparable quarter of 2008.
http://www.furnituretoday.com/article/389577-Bestar_3Q_revenues_slip_17_2_.php?rssid=20041
LAC MEGANTIC, Quebec — Revenues for Bestar Inc. fell 17.2% during the third quarter, but the ready-to-assemble furniture maker generated a small profit.
TORONTO — Bestar's stock will shift to the Canadian National Stock Exchange this Friday, Nov. 6, and will be delisted from the Toronto Stock Exchange.
LAC-MEGANTIC, Quebec — Ready-to-assemble furniture specialist Bestar Inc. has announced that it will list its common shares on the Canadian National Stock Exchange (CNSX) as soon as possible.
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LAC MEGANTIC, QUEBEC, Nov 09, 2009 (MARKETWIRE via COMTEX) --
Bestar Inc. (CNSX: BES) - Gross revenues for the third quarter ending September 30th, 2009 are $8,702,000 CA, a decrease of 17.9% in comparison to $10,605,000 for the same quarter in 2008. Earnings before income taxes of $93,000 CA was realized for this third quarter while a loss before taxes of $228,000 CA was recorded for this same quarter in 2008. Net earnings for this 2009 third quarter are $65,000 CA or $ 0,00 per share in comparison to a net loss of $160,000 CA or $ (0.01) per share for the same quarter of 2008.
Gross revenues for the first nine months of 2009 total $28,790,000 CA , a decrease of 7.5% compared to $31,124,000 for the same period in 2008. Earnings before income taxes for these nine months of 2009 are $401,000 CA while a loss of $742,000 CA was reported for the same nine months in 2008. Net earnings for the first nine months total $272,000 CA or 0.02$ per share in comparison to a net loss of $540,000 CA or $(0.04) per share for the first nine months of 2008.
"The current economic recession continues to affect our furniture sales at several of our US customers. Despite the economic slowdown, a favorable exchange rate on sales, a reduction in fixed expenses and a reduction in our inventories since the beginning of 2009 have allowed Bestar to improve its overall financial condition ." commented Mr. Tardif.
"On October 31st the Company still did not meet the $2 million minimum value of publicly traded shares required to maintain trading on the Toronto Stock Exchange (TSX). As previously announced in our October 9th and November 3rd press releases and after studying the different possibilities to continue publicly trading shares, the Company decided that the Canadian National Stock Exchange (CNSX) was their best option. The Company then asked that Bestar'shares be de-listed from the TSX and listed on the CNSX. Since November 6th, 2009 Bestar shares are now traded on the CNSX, under the same symbol "BES" ." added Mr. Tardif.
"On an other note, in order to increase our inventories for the introduction of a new product at one of our major clients in December and a promotion of an existing product in the beginning of 2010, at the end of October, we have decided to end our work share program which was in place since the beginning of 2009"continued Mr. Tardif.
"Even tough we have begun to see encouraging signs of economic improvement, an increased demand for furniture, especially office furniture may be somewhat delayed. We take the opportunity of this economic slowdown to focus our efforts on standardization, increased productivity and going forward with Just-In-Time management systems. While growth perspectives are still uncertain, we are preparing the way and will be ready when the economic turnaround arrives," concluded Mr. Tardif.
Results Summary
-----------------------------------------------------------------------
--
(Results in thousands of dollars, except earnings per share)
Q1 Q2 Q3 Q4 Total
Revenue 2007 11,279 11,093 10,613 10,448 43,433
2008 10,950 9,569 10,605 9,304 40,428
2009 11,523 8,565 8,702 - 28,790
Net earnings (loss) 2007 104 79 17 50 250
2008 (103) (277) (160) (1,074) (1,614)
2009 206 1 65 - 272
Earnings (loss) per
common share 2007 0.01 0.01 0.00 0.00 0.02
2008 (0.01) (0.02) (0.01) (0.08) (0.12)
2009 0.02 - 0.00 - 0.02
Fully diluted earnings
(loss) per common
share 2007 0.01 0.01 0.00 0.00 0.02
2008 (0.01) (0.02) (0.01) (0.08) (0.12)
2009 0.02 0.00 0.00 - 0.02
Total Assets 2007 25,671 25,783 25,337 25,874 25,874
2008 26,390 28,751 28,512 28,937 28,937
2009 28,644 26,737 24,981 - -
Net debt (1) 2007 5,500 5,651 5,326 4,605 4,605
2008 6,742 8,987 9,259 8,198 8,198
2009 8,696 7,955 6,568 - -
Weighted average of
outstanding shares
(in thousands) 2007 13,038 13,038 13,038 13,038 13,038
2008 13,038 13,038 13,038 13,038 13,038
2009 13,038 13,038 13,038 - 13,038
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Note 1 : Net debt comprises bank loans and the long-term debt, net of cash.
Corporate Profile
Founded in 1948, Bestar Inc. designs, manufactures, and distributes a vast array of ready-to-assemble furnishings that meet customer needs in terms of quality, design, and functionality. During the last years Bestar has specialized in office furniture and distributes its products mainly in the United States and Canada. In order to offset a decrease in sales Bestar developed a new business plan in 2006 which includes the fabrication of components.
The company became public in 1986 and operates from its plant in Lac-Megantic, Quebec, Canada.
Bestar'shares are listed on the Canadian National Stock Exchange ("CNSX") under the symbol "BES"
Release Declaration
This press release may contain information and declarations on the future performance of the company that are, by nature, speculative. These declarations are based on suppositions, uncertainties and the best possible evaluation of future events by management. They are subject to certain risk factors such as exchange rates, the growing competition from emerging countries as well as fluctuating costs in raw material and shipping.
Shareholder Information
Shareholders may find this press release under the MARKETWIRE news file at www.marketwire.com , on SEDAR at www.sedar.com and on CNSX website at : www.cnsx.ca. The management report and comprehensive financial statements for the quarter ended September 2009 will be available, no later than November 13, 2009, through the SEDAR database at www.sedar.com and on our website at www.bestar.ca.
Contacts: Bestar Inc. Paulin Tardif Chairman of the Board President and Chief Executive Officer 819-583-1017
SOURCE: Bestar Inc.
Tags: bank california canada ceo corporate debt earnings manufacturer new product note plant president productivity products quebec revenue sales shipping taxes
Companies: Bestar Inc (BZSRF)
TORONTO, Nov. 2, 2009 (Canada NewsWire via COMTEX) --
The common shares of Bestar Inc. have been approved for listing on CNSX.
Bestar Inc. designs, manufactures, and distributes ready-to-assemble furniture.
It is understood the shares of the Company will be delisted from TSX at the close of business Friday, November 6, 2009
Listing and disclosure documents for Bestar Inc. will be available in the CNSX Listings Disclosure Hall
<<
Trading Date: Friday, November 6, 2009
Symbol: BES
CUSIP: 08659G 10 1
>>
Applications are being accepted for Market Makers for "BES".
SOURCE: Canadian National Stock Exchange (CNSX)
Radhika at (416) 572-2000 X 2435 or E-mail: radhika.ramkarran@cnsx.ca
Tags: business canada manufacturer market
LAC-MEGANTIC, QUEBEC, Nov 03, 2009 (MARKETWIRE via COMTEX) --
Bestar Inc. (CNSX: BES)(TSX: BES) today announced that the Canadian National Stock Exchange (the "CNSX") has accepted to list the common shares of Bestar. The company's common shares will be posted for trading on the CNSX at the opening of the market on November 6, 2009 under the symbol "BES".
As previously-announced (see Bestar's press release dated October 9, 2009), Bestar has been advised by the Toronto Stock Exchange (the "TSX") that the company was under review as the market value of its publicly-held securities has been below two million dollars for more than twenty consecutive trading days. The TSX has given Bestar until October 30, 2009 to comply with all of the listing requirements of the TSX. As the company's market value has not improved, at the request of the Corporation, the common shares of Bestar will be de-listed from the TSX at the close of business on November 6, 2009.
Management and the Board of Directors have determined that the CNSX is the most appropriate organized market on which the common shares of Bestar should trade at this stage of the company's development.
Shareholders of Bestar will be able to retrieve quotation for Bestar's common share using CNSX' website at cnsx.ca and the following financial information websites: globeinvestor.com; stockwatch.com; stockhouse.com; financialpost.com; and quotemedia.com.
The move from the TSX to CNSX does not require any action from the part of shareholders.
About Bestar
Founded in 1948, Bestar Inc. designs, manufactures, and distributes a vast array of ready-to-assemble furnishings that meet customer needs in terms of quality, design, and functionality. In recent years, Bestar has specialized in office furniture and distributes its products mainly in the United States and Canada. In order to offset a decrease in sales, Bestar developed a new business plan in 2006, which includes the fabrication of components.
The company became public in 1986 and operates from its plant in Lac-Megantic, Quebec, Canada. More information about Bestar can be found on our website at www.bestar.ca or under the company's issuer profile on SEDAR at www.sedar.com.
Contacts: Bestar Inc. Paulin Tardif Chairman of the Board President and Chief Executive Officer 819-583-1017
SOURCE: Bestar Inc.
Tags: business canada ceo manufacturer market plant president products quebec sales securities trade
TORONTO, ONTARIO, Nov 02, 2009 (MARKETWIRE via COMTEX) --
Bulletin 2009- 01101
The common shares of Bestar Inc. have been approved for listing on CNSX.
Bestar Inc. designs, manufactures, and distributes ready-to-assemble furniture.
It is understood the shares of the Company will be delisted from TSX at the close of business Friday, November 6, 2009.
Listing and disclosure documents for Bestar Inc. will be available in the CNSX Listings Disclosure Hall
Trading Date: Friday, November 6, 2009
Symbol: BES
CUSIP: 08659G 10 1
Applications are being accepted for Market Makers for "BES".
Contacts: Canadian National Stock Exchange (CNSX) Radhika Ramkarran Listings Coordinator (416) 572-2000 X 2435 radhika.ramkarran@cnsx.ca www.cnsx.ca
SOURCE: Canadian National Stock Exchange (CNSX)
mailto:radhika.ramkarran@cnsx.ca http://www.cnsx.ca
Tags: business canada manufacturer market
Companies: Bestar Inc (BZSRF)
Total : 429 View more »
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Lac-Megantic, Quebec— Ready-to-assemble furniture producer Bestar cited a lack a new product as a major reason for a 12.8% drop in first-quarter sales to C$9.95 million, compared with C$11.4 million in the same period last year. The net loss in the ...
http://www.infolink.com.au/n/Bestar-1Q-sales-drop-12-8-losses-cut-n762307
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http://www.variety.com/profiles/people/main/178360/Barbara+Bestar.html?dataSet=1
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