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[April 2002]
Record Sales for Mexican Tile Company
Internacional de Ceramica SA de CV - or Interceramic - of Chihuahua, Mexico posted another quarter of record sales in the first quarter of 2002, topping US$76.6 million. Even with the traditionally slow Easter week falling early and making its way into the first quarter, sales of US$44.3 million in Mexico were up by 5.6% over the same quarter in 2001.In the international markets, the revamped management team steered the business back on course, with sales of US$32.2 million, an increase of 15.4% over Q1 2001, 11.2% over Q4 2001 and marking a company record for international sales. The turnaround was most dramatically evidenced at the wholly owned 'Ceramic Tile International' network of 17 stores, mostly in the SW of the USA, where sales for the quarter were up 24.2%.
Operating income for Q1 2002 of US$8.4 million was up 9.1% over the US$7.7 million for Q1 2001, leading to an EBITDA of US$11.9 million, up 7.4%. Interceramic pointed out that the performance is even more notable considering that more than US$1 million of the operating income in Q1 2001 resulted from extraordinary gain on a natural gas swap contract.
The company said it had high expectations for material further improvement in international sales over the course of 2002 as, although great strides had recently been made, it believed the potential in the USA to be outstanding. The company concluded: "Emboldened by the unflagging health of the Mexican economy and our renewed vigor in the United States markets, all of us at Interceramic are excited about the Company's prospects for the remainder of 2002".
ENDS