MAAX Inc.'s net income for the second quarter ended August 31 rose 14.5% to $8.8 million (U.S.) or $0.36 per share, up from $7.6 million (U.S.) or $0.31 per share, for the same time last year, the company reported. Its net margin improved to 6.8% from 6.7% in the second quarter of last year. The company's consolidated sales grew 13.4% to $128.1 million (U.S.) vs. $112.9 million (U.S.) last year. The increase in the Canadian dollar led to a $9.98 million (U.S.) revenue shortfall and a $0.035 impact on earnings per share.
In other news, MAAX's board announced in September its intention to solicit and consider offers to purchase all of the issued and outstanding shares of the company. An independent committee comprised of directors of the company is seeking buyout proposals. This decision followed the announcement by Placide Poulin, the company's chairman and founder, that he intended to sell his shares and eventually retire.