VERNON, BC, /Press Release/ – Far West reports sales for the second quarter ended June 30, 2001 were $1,336,275 compared to $1,472,688 for the same period last year. The Company incurred a loss for the period of $295,109 ($.06 per share) compared to a loss of $332,471 ($.07 per share) last year. Despite reduced sales in the period compared to last year, management continues to control expenses to minimize the loss for this traditionally slow period.
For the 6-month period ending June 30, 2001 sales were $3,662,261 compared to $3,713,830 a year ago. The loss for the period was $475,767 ($.10 per share) compared to a loss of $412,452 ($.09 per share) last year. Management was successful in lowering inventories by more then 20% compared to the same period last year in accordance with our plan to improve inventory turns and reduce inventory levels. In doing so, the Company used aggressive pricing strategy in some product categories resulting in lower margins for the period. Far West is pleased to report that development for our fall 2002 product line is completed and will be introduced to our dealers for bookings much earlier than any previous year.
Far West Industries Inc. (CDNX-FWT) designs, manufactures and distributes quality sportswear, Concept snowboard apparel and Gore-Tex(R) outerwear. Located in Vernon BC, Far West’s products are sold in Canada, the United States, Japan, Korea, Australia and Europe.