MYS Masisa SA (New) Ads

SANTIAGO, Chile, Aug. 14 /PRNewswire-FirstCall/ -- Masisa S.A. (NYSE:MYS) ("Masisa" or "the Company"), a leading company in the Latin American forestry and wood products industries, announced its consolidated financial results for the second quarter ended June 30, 2006. HIGHLIGHTS -- Net sales for the second quarter of 2006 increased by 24.1% over the same quarter of 2005, to US$218.2 million, driven by higher prices and volumes. Compared to the first quarter of this year, sales increased by 2.7%. -- Gross profit as a percentage of sales fell from 26.6% to 22.1%, compared with the same quarter of 2005, basically due to rising costs. Compared with the first quarter of 2006, costs also increased, however, the operating margin remained flat due to the passing on of higher costs to sale prices. -- Administrative and selling expenses in the second quarter of this year were 13.8% of sales, an important improvement compared to the second quarter of 2005 when this figure was 15.6% of sales. -- Operating income declined by 5.8% with respect to the second quarter of 2005, to US$18.1 million, due to a smaller sales margin, which was offset by greater cost efficiencies. Compared to the first quarter of 2006, operating income also fell by 5.8% mainly due to higher selling and administrative expenses. -- Net income for the second quarter of 2006 was US$ 4.1 million, representing a decline of 42.7% compared to the same quarter of 2005, and an increase of approximately 250% with respect to the first quarter of 2006. (in millions of US$, except per share figures and percentages) Quarter ended Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, 2005 2005 2005 2006 2006 Net Sales 175.9 195.9 194.1 212.6 218.2 Gross Profit 46.8 51.4 44.8 47.3 48.2 % of sales (2) 26.6% 26.2% 23.1% 22.3% 22.1% S.G.& A. (27.5) (29.0) (33.0) (28.1) (30.1) % of sales (2) -15.6% -14.8% -17.0% -13.2% -13.8% Operating Income 19.3 22.4 11.8 19.3 18.1 Net Income 7.1 6.1 (1.3) 1.2 4.1 Earnings per Share (US$) 0.0014 0.0012 -0.0002 0.0002 0.0007 Earnings per ADS (US$) (1) 0.07 0.06 -0.01 0.01 0.04 Change (3) Net Income -- 11.4% -1.0% 9.5% 2.7% Gross Profit Margin -- 10.0% -12.9% 5.7% 1.8% Operating income -- 16.5% -47.3% 62.9% -5.8% Net Income -- -13.7% -121.6% -188.1% 249.8% Earnings per Share -- -13.7% -119.9% -184.5% 250.0% (1) An ADS is equal to 50 common shares. (2) As % of Net Income for the quarter. (3) Compared to the previous quarter. Due to rounding, numbers may not add up. For a full version of this release, please visit Masisa's webpage: http://www.masisa.com/ . For further information contact: Investor Relations +011-56-2-350-6038 Web site: http://www.masisa.com/ Peter Majeski i-advize Corporate Communications, Inc. +1-212-406-3690 DATASOURCE: Masisa S.A. CONTACT: Investors Relations, Masisa, +011-56-2-350-6038, or ; or Peter Majeski, i-advize Corporate Communications, Inc., +1-212-406-3690, or , for Masisa Web site: http://www.masisa.com/

Copyright