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[July 2002]
Interceramic Reports on Second Quarter
Mexican tilemaker Interceramic, on releasing results for the second quarter of 2002, reported sustained growth in international sales offset somewhat by a surprising softness in Mexican sales. At US$68.4 million, consolidated sales for the quarter were down slightly less than 1% from the US$69.1 million posted in the second quarter of 2001.There was a decrease in Mexican sales of 10.44%, down to US$35.3 million from US$39.5 million. For the first half of the year, however, Mexican sales of US$79.6 million were down only 2.21% from sales of US$81.4 million in the first half of 2001.
In the international markets for Q2 2002, Interceramic continued steady progress in wresting market share and generally improving sales prices. International sales of US$33.1 million represented a record single quarter return and increased by 11.71% over the US$29.6 million in Q2 2001.
Demand continues to be very strong in the USA in particular, and sales growth was noticeably restrained by difficulties in furnishing products - particularly strategic products - in the quantities and at the times the burgeoning markets desired them. Notwithstanding these limitations, the company succeeded in selling 8.35% more product in the international markets during Q2 2002 than it achieved in Q2 2001.
The dip in consolidated sales was said to have marred Interceramic's operating results for the quarter and, at US$6.4 million, was down 16.82% from the US$7.6 million recorded in the same quarter last year. EBITDA was down 9.66% to US$10 million from US$11.1 million. However, EBITDA for the first six months of the year - at US$21.9 million - was only down 1.11% on last year.
Chairman Oscar Almeida and CEO Victor Almeida said: "While we had hoped better for the quarter, all indications are that the rest of the year will be strong for the Company. We look forward to consolidating our gains and taking advantage of the market opportunities available to us".
ENDS