4 November 2004 – Lamar (MO): Home and office furniture manufacturer and distributor O’Sullivan Industries has posted a disappointing Q1 for fiscal 2005, ending 30 September, as a result of ongoing setbacks in market share and a weaker than expected back-to-school selling season.
Net sales for the quarter were $62.7 million, down 12.3 per cent from the $71.5 million reported in the Q1 of fiscal 2004.
The organisation reported a net loss of $8.6 million, compared to the loss of $7.3 million recorded in the same period last year.
Bob Parker, president/CEO of O’Sullivan Industries, said: "We have completed a comprehensive strategic planning process that will focus the organisation on the opportunities available in specific consumer market areas.
"We believe our strategic efforts will begin to show a slight improvement in results by the end of fiscal 2005. However, we anticipate the second quarter will be a challenge," he added.