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Aber declares Q1 sales results

08 Jun '06
3 min read

Aber Diamond Corporation announces its first quarter results for the period ended April 30, 2006.

Commenting on Aber's results, Chairman and Chief Executive Officer Robert Gannicott stated, "Growth in sales and margins at Harry Winston, combined with sustained operational performance at the Diavik Mine and a lowered Northwest Territories tax rate, have contributed strong results to the bottom line. We look forward to expanded rough diamond production as we enter our strongest seasonal operations period while the synergies between our two business segments continue to improve."

Thomas O'Neill, President of Aber and Chief Executive Officer of Harry Winston added, "Harry Winston has once again shown double-digit comparable quarter sales growth and strengthened margins.

These gains are the result of the refinements we made to our product mix and improvements in sourcing, purchasing and manufacturing, along with strong performance in our core markets. Harry Winston continues to strengthen its position as the pre-eminent purveyor of fine diamond focused jewelry while promoting a broader high-end diamond jewelry offer, delivering long-term value to its shareholders."

"We continue to be pleased with the sustained growth in retail sales and improved retail margins, combined with the consistent performance of our mining segment" stated Alice Murphy, Aber's Chief Financial Officer. "During the quarter we benefited from a reduction in the NorthwestTerritory's income tax rate, mitigating some of the currency and transportation cost pressures experienced on the mining side. The Company is well positioned to fund future capital requirements and strategic growth objectives, as well as continuing to reward its shareholders through its ongoing dividend program."

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