LAC-MÃGANTIC, QC -- Bestar, a manufacturer of ready-to-assemble furniture, said concessions by union and nonunion employees alike helped it avert a worse year than the $850,000 it lost in 2010.
The company posted 2010 gross revenues of $33,739,380, a decrease of 9.2% compared to the revenues of $37,171,304 reported for 2009. A net loss of $849,161 was recorded for the year ended December 31, 2010, compared to a net loss of $64,226 for the fiscal year 2009.
'After a difficult beginning of year, new vigorous actions had to be taken to reverse this tangent," said Bestar's President Daniel Mercier. "At the early opening of the collective agreement, important changes were brought to the working conditions. Non-unionized employees have also consented to concessions. These factors contributed to avoid the layoff announced at the beginning of July 2010 and to limit the annual loss to the one registered at the end of the first semester of this year."
"The measures taken during the last year will also contribute to the improvement of the 2011 results," Mercier added. "Thus, we foresee a return to profitability in the first quarter of 2011, in spite of sales lower than those registered for the same quarter in 2010."
Other recent initiatives made by Bestar include a new logo and website, plus plans to introduce two new modular collections.
Posted by Rich Christianson
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