Sales up for molding machinery company, but losses continue
Reporting its second quarter fiscal 2005 financial results, equipment manufacturer and moldmaker Husky Injection Mo...
March 21, 2005 by Canadian Plastics
Reporting its second quarter fiscal 2005 financial results, equipment manufacturer and moldmaker Husky Injection Molding Systems Ltd. (Bolton, ON) noted that sales have increased 18% compared with the first half of fiscal 2004. However, the results for the quarter reflect a loss of US$2.8 million, "due to higher costs associated with people-related expenses, new product ramp-up, and the impact of a stronger Canadian dollar," explains Robert Schad, Husky’s president and CEO.
Year-to-date, Husky shows a net loss of US$16.1 million, compared with a net loss of US$6.1 million for the same period the previous year.
Sales increases were particularly strong in Latin America and Asia/Pacific, principally due to PET shipments. In North America, sales rose 21% in the second quarter due to higher shipments in packaging and automotive markets.
Schad notes that much of the non-PET growth comes from the Hylectric machine line. The hybrid line is gaining market acceptance, and Husky has booked its first orders for Hylectrics destined for the DVD case market.