VERNON, BC – 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.