BIC APP Reports Financials
Parent Company Of Supplier Norwood And BIC Graphic North America
BIC APP, the parent division of Counselor Top 40 supplier Norwood (asi/74400) and BIC Graphic North America (asi/40480), reported this morning that its 2013 second-quarter sales decreased 6% on a comparable basis to 62.1 million euros ($82.2 million). For the first half of 2013, BIC APP reported its year-over-year revenues fell 8.4% to 115.1 million euros ($152.3 million).
"Even with the ongoing unpredictability of the European economy, our business has improved and is on a sure footing," wrote Edgar Hernandez, general manager of BIC APP, in a statement to Counselor. "We have a solid foundation and are poised for long term growth. In North America, we continue the process of rebuilding. We are seeing a noticeable improvement in customer perception as we regain our reputation for service excellence."
According to a release of its financials, BIC APP reported its Q2 2013 IFO margin was 1%, down from 9.9% during the second quarter of last year. For the first six months of 2013, BIC APP reported a negative IFO margin (-3.1%) versus a 1.6% first-half IFO margin in 2012. In its latest outlook, BIC APP continues to forecast a 2013 sales decline "in the low to mid-single digits," although BIC Group officials are predicting a future turnaround. BIC Group expects BIC APP to generate "low to mid-single-digit annual sales growth within the next three to five years."
"Our BritePix innovation has been very well received and has exceeded forecast expectations," wrote Hernandez. "The BIC Group is behind us and we have a very positive outlook for recovery and growth. We are definitely playing to win."
Ranked by Counselor as the fourth largest supplier in the industry, Norwood and BIC Graphic reported its 2012 North American ad specialty sales were $324 million, a 7.4% year-over-year decline. BIC APP reported overall 2012 revenues – which include sales of promotional products in Europe – of 291.1 million euros ($389.4 million), a decrease of 9.2% on a comparable basis.