Higher sales make Husky profitable once again
Husky Injection Molding Systems Ltd. ended fiscal 2003 on a happy note. For the year ended July 31, 2003, sales gre...
Husky Injection Molding Systems Ltd. ended fiscal 2003 on a happy note. For the year ended July 31, 2003, sales grew and Husky returned to profitability. The company reported net income of US$47 million on sales of US$816 million.
The company had a loss of US$14 million in fiscal 2002.
Sales for fiscal 2003 were up 40% from last year, primarily due to a high opening backlog of orders and strong order intake in the first half of the year. In North America, approximately two-thirds of the 35% increase in sales was due to strong PET demand. Orders for technical and general systems also increased.
However, the company’s outlook for 2004 is cautious. “Industry conditions continue to reflect widespread softness in capital spending and economic uncertainty,” reads the company’s statement of year-end results. “There are no indications currently that point to a rapid turnaround in global market conditions. Accordingly, the company expects that uncertain markets are likely to persist into calendar 2004.”
President and CEO Robert Schad notes that Husky is extending its sales and service network, especially in Asia, and that the company has made significant operational improvements in productivity and cost competitiveness. “We remain convinced that actively confronting the reality of our changing industry is the only way to succeed simply waiting for things to get better will lead us nowhere.”
Based in Bolton, ON, Husky is a global supplier of injection molding machines and services to the plastics industry.