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News Releases - 2006
Home > Investors > News Releases > 2006 > Liquidation World Announces Record Quarterly Revenue
Ongoing implementation of strategic initiatives achieve better sourcing, inventory management and selling activities
Calgary, January 9, 2006
Liquidation World Inc. (LQW – TSX) today announces revenue for the thirteen weeks ended January 1, 2006 increased 10.4% to $57.1 million from $51.7 million during the 13 weeks ended January 2, 2005.
"We are pleased that the changes we have made to strengthen our business have resulted in strong sales performance during the important first quarter. While this work is ongoing, an example is the benefits of a more focused and disciplined purchasing group that ensured seasonal inventories were managed in a more timely and effective basis and that better coordinated promotional activity," said Jonathan Hill, President and CEO. "In addition, our new business development group was able to secure inventory that became available as a result of insurance claims and insolvencies and that contributed to sales in the quarter. We also began to see improvements in the management of our stores contribute to these results and were lead by areas that had previously been underperforming."
Complete financial results of the first quarter of the 2006 fiscal year will be announced in February 2006.
Liquidation World also announces that Brian Callaghan MBA CMA has been appointed Vice President Finance and Controller. Brian brings over 20 years of experience in a variety of financial, management and ownership roles in private and public companies as well as extensive education and further strengthens the leadership and management of the company.
Liquidation World will hold its Annual General and Special Meeting on February 2, 2006 at the International Hotel, 220 – 4 Avenue SW, Calgary, AB at 2:45 pm. The company will also host a lunch and presentation for interested investors in Toronto on February 8, 2006.
About Liquidation World
Liquidation World liquidates consumer merchandise through 106 outlets across North America, and also provides store-closure sales management. The company solves asset recovery problems in a professional manner for the financial services industry, insurance companies, manufacturers and other organizations. Liquidation World opened its first retail outlet in 1986 and is now the largest liquidator in Canada, with more than 1,800 employees in outlets and offices across Canada and the United States.
This release includes forward-looking statements and potential future circumstances and developments. Forward-looking statements regarding future performance are subject to risks and uncertainties, and actual results may differ materially. Due to fluctuations in gross margins and other expenses, an increase in revenue does not directly correlate to an increase in net earnings.
For more information, please contact:
Jonathan Hill, President and CEO
416-587-0688 phone
866-237-3778 fax
jonathanh@liquidationworld.com
Andrew Searby, CA, Executive VP, and CFO
403-250-1222 phone
403-291-1306 fax
investorinfo@liquidationworld.com