MAAX Inc. said that it achieved its best quarterly performance for the fourth consecutive year for the three-month period ended May 31. Sales rose 58.4% to $74.9 million (U.S.) from $47.3 million last year. Net income of $4.6 million was up 38.7% from $3.3 million last year.
The company attributed the sales increase both to newly acquired subsidiaries and exceptional internal growth of 22.8%. Sales of bathroom products and accessories grew by 27.4%; sales of shower doors and medicine cabinets by 28.5%; and sales of spas by 346.1%, the company said.
Canadian sales rose 41.7% to $24.9 million, while U.S. sales increased 70.4% to $49.3 million. International sales held steady at $679,197.
In the fiscal year ended Feb. 28, sales reached $212.3 million, up 79% from the previous year, while net income grew by 57% to $13 million, or 60 cents per share.
MAAX expects to achieve $305.6 million in sales this fiscal year.
"We can expect sales of approximately $451.3 million within two years," Placide Poulin, president and CEO, said in a statement.