Novik reports fourth quarter gain, net loss in 2005
Canadian PlasticsCanadian Plastics
In its first annual result since becoming a publicly traded company, Novik Inc., a Quebec manufacturer of polymer e...
In its first annual result since becoming a publicly traded company, Novik Inc., a Quebec manufacturer of polymer exterior coverings, reported a 15% revenue increase in the fourth quarter of 2005, but an overall net loss of $0.8 million for the fiscal year 2005.
St.-Augustin-de-Desmaures, Que.-based Novik credited greater U.S. market penetration for the fourth quarter increase, which brought its total revenues for the fiscal year 2005 to $11.3 million. This compares with revenues of $10 million for the previous fiscal year.
The fiscal year 2005 net loss is due to investment in new equipment, the construction of a 60,000 square foot factory, and the purchase of new management software, the company said.
Novik was registered on the TSX Venture Exchange on Oct. 4, 2005.