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Technical textiles maker ADS revenues up in Q2

19 Sep '07

3 min read

This decline in net earnings for the first six months of the fiscal year is mainly attributable to a reduction of about $200,000 in tax expenses recorded by the Company in the second quarter last year, following a federal tax rate decrease.

"After several months of efforts, we are proud to have acquired the main assets of Beckwith Bemis Inc. With a rich history of more than 90 years in business, this Sherbrooke company is well established in its sector and its product line complements that of ADS. In the months to come, we intend to optimize the new opportunities for synergies presented by this acquisition. Notably, we would like to become a non-woven materials supplier for some of Beckwith Bemis' clients."

"In addition, we plan to make Beckwith Bemis a preferred supplier of the Company whenever possible. Furthermore, during the last quarter we began commercial production of a new product aimed at the automobile market. This innovative product, and the acquisition of the Beckwith Bemis assets, should provide two powerful growth engines for our business activities in the coming quarters," said Mr. Guy Drouin, President and Chief Executive Officer of ADS.

"The acquisition of Beckwith Bemis is expected to result in additional annual sales of about $12 million for ADS. As we achieved with this recent acquisition, we will continue our evaluation program to look for quality enterprises that offer opportunities for synergies and complementarity with the Company's current sectors of activity."

"With the purchase of Beckwith Bemis, we have brought ourselves closer to our goal of growing our revenues to more than $100 million within two years. Our annual sales are now approximately $70 million. We're continuing to pursue this goal, all while maintaining high profitability targets," added Mr. Drouin.

ADS Inc

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