Arriscraft International Income Fund released its financial results for the three and nine months ended September 30, 2006.
Highlights of Third Quarter are:
- Sales up 14.5% on growth in Canadian and U.S. markets
- Adjusted EBITDA up 17.4%
- Cash distributions reinstated during the quarter
- Trustees approve expansion of Georgia manufacturing facility
Dave Boles, President & CEO, commented, "We are pleased with the Fund's third quarter results. Sales were up on both sides of the border as demand for our products remained strong despite weakness in certain markets, such as Quebec. We believe that our geographic and product diversification are important elements in managing the cyclicality of the construction industry."
The Fund also announced that the Board of Trustees today approved an expansion of Arriscraft's manufacturing facility located in Fort Valley, Georgia. The Georgia plant commenced operations in 2002 and currently employs approximately 100 people. It presently supplies product primarily for commercial applications. Management believes that its expansion will provide the necessary production capacity to best support its traditional commercial business while accelerating the growth of Arriscraft's residential products business in the U.S.
Highlights of the expansion and its anticipated positive impact on Arriscraft's business are as follows:
- A 50,000 square foot expansion of the existing 55,000 square foot plant which will facilitate the addition of a second production line designated primarily for the manufacturing of residential building stone as well as Arriscraft's new "Thin Clad" and cast stone product lines. The projected completion date is the first quarter of 2008, although this timing could be extended by deferring certain aspects of the expansion if necessary.