Uni-Select Results Affected by Strong Canadian Dollar, Closure of Corporate Stores

Uni-Select Inc. reported sales of $349 million for the third quarter of 2010, compared to $359 million in 2009, despite organic growth for the quarter.

The company benefited from organic growth of 1.7% in the quarter, but the strengthening Canadian dollar on conversion of U.S. sales had the effect of reducing sales by $12.1 million. The sale and closure of non-strategic corporate stores during the course of previous quarters decreased sales by $5 million. (All figures in Canadian dollars.)

Adjusted earnings from continuing operations reached $14.6 million in the third quarter of 2010 or $0.74 per share, compared to $14.1 million or $0.71 per share last year. Notably, the effects of the fluctuation of the U.S. dollar had an unfavourable impact of nearly $0.4 million or $0.02 per share on results for the quarter. Excluding this item, adjusted earnings from continuing operation for the quarter would have been $0.76 per share, 7% more than in 2009.