TORONTO, March 29, 2007 (PRIME NEWSWIRE) -- Consolidated Mercantile Incorporated (TSX:CMC) (Nasdaq:CSLMF) announced today that its revenues for the year ended December 31, 2006 decreased to approximately $30 million from $37 million in 2005. Sales at Distinctive Designs Furniture Inc. ("Distinctive"), the Company's furniture manufacturing subsidiary, continued to be impacted by a difficult retail environment and by increased competition, primarily from offshore manufacturers. Net Loss for the period was $9.1 million compared to a Net Loss of $6.1 million in the preceding year. Net Loss for the year was impacted by furniture operating losses and the Company's equity loss at Polyair Inter Pack Inc. ("Polyair"), the Company's packaging business equity investee. The equity loss includes a $4.8 million loss attributable to Polyair's discontinued operations. Loss per share for the year was $1.80 compared with a loss per share of $1.20 in the comparable 2005 period.
Consolidated Mercantile Incorporated is a management holding company which provides merchant banking and effects its investment strategy through investment in and management of its core strategic industries including furniture, packaging products and finance.
"Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward-looking statements which reflect management's current views of future events and operation. These forward-looking statements are based on assumption 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 the Securities and Exchange Commission. These forward-looking statements represent the Company's judgement as of the date of this release and any changes in the assumptions or external factors could produce significantly different results.