Far West reports year 2000 financial results

Apr 12, 2001, 01:00 ET from Far West Industries Inc.

    VERNON, BC, April 12 /PRNewswire/ - Far West reports sales for year ended
 December 31, 2000 decreased by 2.0% compared to 1999. Total sales for the year
 2000 were $10,630,925 compared to $10,848,749 last year. The Company incurred
 a loss for the year of $454,396 ($.10 per share) compared to a loss of $76,810
 ($.02 per share) for the year ended December 31, 1999.
     The lack of snow in the western regions of Canada and the United States
 had a significant impact on our sales and operation results for the last
 quarter of year 2000. Sales declined from $4,227,614 in the last quarter in
 1999 to $3,234,609 for the quarter ended December 31, 2000. For the quarter,
 the Company had a loss of $249,921 ($.06 per share) compared to a loss of
 $111,622 ($.03 per share) last year. The Company experienced several
 cancellations of orders in Europe as a consequence of a reduction in value of
 the Euro compared to a strong US dollar along with a significant bad debt loss
 from one large account late in the year. Management reported a strong balance
 sheet for the year with improved inventory turns and overall reduction in
 inventory levels.
     Far West is pleased to report that Roger Pawley joined the Board of
 Directors on March 6, 2001. Mr. Pawley is a citizen of the United States and
 is Vice-President, Sales and Marketing (North America) for Canterbury of New
 Zealand. He has an extensive background in various areas of the garment
 industry including wholesale sales, retail sales and manufacturing operations.
 
     Far West Industries Inc. (CDNX-FWT) designs, manufactures and distributes
 quality sportswear, CONCEPT snowboarding apparel and Gore-Tex(R) outerwear.
 Located in Vernon, BC. Far West's products are sold in Canada, the United
 States, Japan, Korea, New Zealand, Australia, and Europe.
 
                                   3 months to December 31, 2000     Year ago
 
     Sales                                           $ 3,234,609   $4,227,614
 
     (Loss) before amortization,                        (322,737)     (57,405)
     interest & income tax recovery
     (Loss)                                             (249,921)    (111,622)
     (Loss) per share                                      (0.06)       (0.03)
 
 
                                  12 months to December 31, 2000     Year ago
 
     Sales                                           $10,630,925  $10,848,749
     Income(Loss) before amortization,                  (130,285)     381,822
     interest & income tax recovery
     (Loss)                                             (454,396)     (76,810)
     Earnings(loss) per share                              (0.14)       (0.02)
 
                                                               December 31
                                                            2000         1999
                                                            ----         ----
 
     ASSETS
     ------
     Current assets                                  $ 6,321,887  $ 7,565,077
 
     Future income taxes recoverable                      53,614       37,855
 
     Net Capital assets                                1,472,855    1,560,319
     ------------------------------------------------------------------------
 
     Total assets                                    $ 7,848,356  $ 9,163,251
     ------------------------------------------------------------------------
 
     LIABILITIES AND SHAREHOLDER'S EQUITY
 
     Current liabilities                             $ 1,937,525  $ 4,566,318
     ------------------------------------------------------------------------
 
     Long Term Debt                                    1,727,704        -
     --------------------------------------------------------------------
 
     Total liabilities                               $ 3,665,229  $ 4,566,318
     ------------------------------------------------------------------------
 
     Shareholders' equity:
      Share capital                                  $ 4,946,101  $ 4,909,102
      Deficit                                           (762,974)    (312,169)
     ------------------------------------------------------------------------
                                                       4,183,127    4,596,933
 
     Total liabilities and shareholders' equity      $ 7,848,356   $9,163,251
     ------------------------------------------------------------------------
 
 

SOURCE Far West Industries Inc.
    VERNON, BC, April 12 /PRNewswire/ - Far West reports sales for year ended
 December 31, 2000 decreased by 2.0% compared to 1999. Total sales for the year
 2000 were $10,630,925 compared to $10,848,749 last year. The Company incurred
 a loss for the year of $454,396 ($.10 per share) compared to a loss of $76,810
 ($.02 per share) for the year ended December 31, 1999.
     The lack of snow in the western regions of Canada and the United States
 had a significant impact on our sales and operation results for the last
 quarter of year 2000. Sales declined from $4,227,614 in the last quarter in
 1999 to $3,234,609 for the quarter ended December 31, 2000. For the quarter,
 the Company had a loss of $249,921 ($.06 per share) compared to a loss of
 $111,622 ($.03 per share) last year. The Company experienced several
 cancellations of orders in Europe as a consequence of a reduction in value of
 the Euro compared to a strong US dollar along with a significant bad debt loss
 from one large account late in the year. Management reported a strong balance
 sheet for the year with improved inventory turns and overall reduction in
 inventory levels.
     Far West is pleased to report that Roger Pawley joined the Board of
 Directors on March 6, 2001. Mr. Pawley is a citizen of the United States and
 is Vice-President, Sales and Marketing (North America) for Canterbury of New
 Zealand. He has an extensive background in various areas of the garment
 industry including wholesale sales, retail sales and manufacturing operations.
 
     Far West Industries Inc. (CDNX-FWT) designs, manufactures and distributes
 quality sportswear, CONCEPT snowboarding apparel and Gore-Tex(R) outerwear.
 Located in Vernon, BC. Far West's products are sold in Canada, the United
 States, Japan, Korea, New Zealand, Australia, and Europe.
 
                                   3 months to December 31, 2000     Year ago
 
     Sales                                           $ 3,234,609   $4,227,614
 
     (Loss) before amortization,                        (322,737)     (57,405)
     interest & income tax recovery
     (Loss)                                             (249,921)    (111,622)
     (Loss) per share                                      (0.06)       (0.03)
 
 
                                  12 months to December 31, 2000     Year ago
 
     Sales                                           $10,630,925  $10,848,749
     Income(Loss) before amortization,                  (130,285)     381,822
     interest & income tax recovery
     (Loss)                                             (454,396)     (76,810)
     Earnings(loss) per share                              (0.14)       (0.02)
 
                                                               December 31
                                                            2000         1999
                                                            ----         ----
 
     ASSETS
     ------
     Current assets                                  $ 6,321,887  $ 7,565,077
 
     Future income taxes recoverable                      53,614       37,855
 
     Net Capital assets                                1,472,855    1,560,319
     ------------------------------------------------------------------------
 
     Total assets                                    $ 7,848,356  $ 9,163,251
     ------------------------------------------------------------------------
 
     LIABILITIES AND SHAREHOLDER'S EQUITY
 
     Current liabilities                             $ 1,937,525  $ 4,566,318
     ------------------------------------------------------------------------
 
     Long Term Debt                                    1,727,704        -
     --------------------------------------------------------------------
 
     Total liabilities                               $ 3,665,229  $ 4,566,318
     ------------------------------------------------------------------------
 
     Shareholders' equity:
      Share capital                                  $ 4,946,101  $ 4,909,102
      Deficit                                           (762,974)    (312,169)
     ------------------------------------------------------------------------
                                                       4,183,127    4,596,933
 
     Total liabilities and shareholders' equity      $ 7,848,356   $9,163,251
     ------------------------------------------------------------------------
 
 SOURCE Far West Industries Inc.