Kingdom Select a loss of $ 9.3 million in the middle of a restructuring
Kingdom Select close facilities and will eliminate 600 jobs in the United States
Uni-Select (TSX: UNS) has displays on Wednesday a net loss of $ 9.3 million and lower adjusted earnings in the second quarter, while the company Boucherville approximately $ 35.2 million recorded in the accounting items related to restructuring. These include inventory liquidations, closures of establishments and severance.
The adjusted earnings slid to $ 15.6 million, or 72 cents per share, compared to nearly $ 16 million, or 74 cents per share, a year earlier.
The Uni-Select revenues for the three months ended June 30 also decline, falling to $ 476.2 million compared to $ 476.7 million a year earlier.
The company has cash and a net loss, while the net profit was $ during the second quarter of 2012. 14900000 On a per share basis, net loss was 43 cents, compared to a profit of 69 cents a year earlier.
Quebec society argued that sales decreased 1.6 percent due to store closures "falling within the strategic plan announced July 11, 2013."
Dated 30 June, 11 shops and a warehouse were farms. The relocation of the national distribution center in the United States has been supplemented and 156 positions were abolished, Has it precise.
To date, Uni-Select says these "initiatives" have resulted in a reduction in expenditures of approximately $ 10 million on an annualized basis, including $ 5 million "contribute to the results in 2013."
The company, a leading distributor of parts replacement, equipment, tools and accessories for motor vehicles in North America, had already indicated that the restructuring of its U.S. operations should be completed by the end of 2014 .
"We are pleased with the organic growth of our sales in the United States. We are convinced that our recent performance in the United States even as our new action plan will allow us to present the results in improvement in the coming quarters , "argued Richard G. Roy, President and CEO of Uni-Select.
"We remain committed to pursuing the objectives that we have already set forth is, reduce our debt and implement our strategy to diversify our sales work, increase our market shares and continue our development" has added Roy.
At the Toronto Stock Exchange, the company's share price gained Wednesday noon four hundred or less than one percent, trading at $ 20.03.
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