Guildmaster reports 10.7% sales gain in fiscal year
Larry Thomas, Furniture/Today -- Home Accents Today, 12/1/2011 11:12:19 AM
SPRINGFIELD, Mo. — Furniture and accessories resource Guildmaster, whose shares are traded on the over-the-counter "pink sheets" market, said sales for the fiscal year ended June 30 totaled $12.51 million, an increase of 10.7% over the previous fiscal year.
The manufacturer and importer said it had net income of $340,868, a 66.8% jump over the previous year, when the company completed a recapitalization and had net income of $240,403.
As part of the recapitalization, nearly $3 million in debt was converted to common stock.
Steve Crowder, CEO, said the most recent fiscal year was its third consecutive profitable year.
"Our vertically integrated design, manufacturing and logistics model has allowed us to identify trends and develop product significantly faster than our competition," Crowder said. "We have been able to shorten delivery times by over 50% and reduce costs in the supply chain by owning our own factories versus our competition who import goods from overseas suppliers."
Guildmaster isn't required to file financial reports with the Securities and Exchange Commission, but does provide limited financial information to the OTC market.
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