Steven Marston Chairman and CEO of CAC 2000 Limited has assigned blame to the company’s reduction in inventory of $57 million and cash of $78 million to continued efforts to try and recover from payments of US$372,100 and JA$7.6 million for lawsuit damages in December.
In his report to shareholders for the 6 months ending April 30th 2017, he indicated that revenues of $567.5 million reflected an 18% increase over the 2016 period of $481.3 million, with gross profits increasing by 12% to $203.3 million up from $181.9 million. Profit before taxes of $51.4 million were slightly higher than the $50.3 for 2016 and profit after taxation $48.5 million increasing by 7% to $51.6 million.
Marston indicated to shareholders that they were on track to achieve major goals of growing sales and profits, building back cash reserves, settling the lawsuit interest payments, complete a risk assessment study by PricewaterhouseCoopers, and implement a new cloud based customer relations management system.
CAC closed with earnings per share of 40 cents for the six month period ending April 2017. BM
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