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Commercial Solutions says Q1 earnings sank 96 per cent to $56K (Commercial-Solut
Feb 14, 08 02:15PM
EDMONTON _ Industrial distributor Commercial Solutions Inc. (TSX:CSA) says its first-quarter earnings sank 96 per cent to about $56,000 from a year-ago $1.4 million as revenue fell 17 per cent amid a slowdown in Western Canada.
Sales for the quarter ended Dec. 31 decreased to $33.7 million from $40.7 million.
Earnings per share amounted to nil, versus seven cents per share a year earlier.
Commercial Solutions is a major distributor of bearings, power transmission, oilfield, industrial, safety, survey and resource-management equipment products.
"Commercial continues to be impacted by the cyclical slowdown in the western Canadian drilling industry and the forest industry," CEO Jim Barker said Thursday.
"We are driving costs out of our system and on several initiatives these costs will not return when this cyclical downturn reverses itself. We believe our strong competitive position will allow us to gain greater market share when our markets return."
Edmonton-based Commercial Solutions is one of Canada?s top independent industrial distributors, with 40 service centres and 369 employees across Canada.
On the Toronto stock market, Commercial shares were down six cents at $1.40.