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GSW INC (fka GSWA.TO)

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GSW INC (fka GSWA.TO)

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05/01/05 12:12 PM
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GSW Inc. Reports First Quarter 2005 Results Thursday April 28, 4:39 pm ET OAKVILLE, ONTARIO--(CCNMatthews - April 28, 2005) - -Sales of $161.4 million, an increase of $16.5 million or 11.4% above Q1 2004 -Net income of $7.1 million, an increase of $2.6 million or 57.4% above the same period last year -Earnings per share of $2.07 per share compared to $1.31 per share in Q1 2004 GSW Inc. (TSX:GSW.A - News; TSX:GSW.SV.B - News), a leading North American manufacturer of consumer durable products, released its first quarter results today for the period ending March 31, 2005. "I am pleased with the results we achieved this quarter," says Peter Sharpe, president and chief executive officer. "Our fourth quarter of 2004 was impacted by delays in achieving price increases to help offset the impact of significant material price increases. During the first quarter of this year, price increases were implemented in all channels that assisted in recovering a portion of the increased costs we had been absorbing for most of last year." The sales increase of $16.5 million is comprised of a $16.1 million or 11.7% increase in the Water Products segment and a $0.4 million or 5.8% increase in the Building Products segment. The reported sales for the quarter are $9.7 million lower than what would have been reported at last year's average exchange rate for the first quarter. Sharpe also stated, "We achieved unit volume increases in the quarter over the same period last year of approximately 6% in the Water Products segment and of approximately 7% in the Building Products segment, which also contributed to the improved results we are reporting." Segmented profit in the Water Products segment was $11.3 million compared to $7.4 million in the same period last year. The segmented loss in a traditionally weak quarter in the Building Products segment was $(0.2) million compared to $(0.5) million in the first quarter last year. GSW Inc. has been a manufacturing pioneer since 1847. Today, the company is a leading manufacturer and marketer of consumer durable products, including water heaters and building products. The company employs over 1,700 people at three operating divisions in Canada and the United States. GSW Inc. is listed on the Toronto Stock Exchange under the symbol GSW.a and GSW.sv.b. For more information about the company visit www.gswinc.com. Sales and earnings of GSW Inc. for the three months ended March 31, 2005 were as follows: (in thousands of dollars, except per share amounts, unaudited) 2005 2004 $ $ Three Months to March 31 ------------------------ Sales 161,371 144,900 ----------------------------- Income from operations before the undernoted 11,227 6,663 Foreign exchange gain (loss) (89) 217 ----------------------------- Income before income taxes 11,138 6,880 Income tax expense (4,059) (2,382) ----------------------------- Net income 7,079 4,498 ----------------------------- Earnings per common share 2.07 1.31 All amounts referred to in this release are in Canadian dollars unless noted otherwise. This release contains forward-looking statements, which reflect management's current views of future events and operations. These forward-looking statements are based on assumptions and external factors, including assumptions relating to product pricing, competitive market conditions, financial data, and other risks or uncertainties detailed from time to time in the Company's filings with securities regulatory authorities. These forward-looking statements represent the Company's judgment as of the date of this release and any changes in the assumptions or external factors could produce significantly different results. -------------------------------------------------------------------------------- Contact: GSW Inc. Jamie Hyde Chief Financial Officer (905) 829-1197, Ext. 227 jhyde@gswinc.com
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