CPI Plastics Group posts 2005 loss of $10.5 million (April 17, 2006)
Mississauga, Ont.-based extruder CPI Plastics Group posted a loss of $10.5 million in 2005, reversing a profit of $...
Mississauga, Ont.-based extruder CPI Plastics Group posted a loss of $10.5 million in 2005, reversing a profit of $3.3 million the previous year, the company said in a press release.
The publicly-traded company attributed the loss to a $10.8 million goodwill impairment charge related to its film products business, which makes the Rack Sack household garbage system and a range of branded and private label household and industrial garbage bags.
CPI’s net sales for the year were $153.8 million, compared to $179.7 million for 2004.
“It continues to be a challenging environment for Canadian-based manufacturers with the appreciation of the Canadian dollar, extraordinarily high commodity prices and volatile energy costs,” Peter Clark, CPI’s president and chief executive officer, said.