Top Taiwanese Furniture Maker In-the-Red By NT$620M in 2008

Taipei, April 14, 2009 (CENS)--Samson Holding Ltd., a Taiwanese furniture maker operating in China and listed on the Hong Kong stock market, posted a sizable loss of US$18.47 million (about NT$620 million) or negative earnings per share (EPS) of US$0.006 for 2008, the first loss ever in its 16 years of operations in China.

Originally a prestigious furniture maker in Taiwan, Samson moved production lines to China in 1992. Ever since the company has expanded very rapidly in China to become the largest Taiwanese furniture manufacturer there, as well as one of the world's top furniture suppliers.

Samuel Kuo, Samson's chairman, indicated that the company's loss last year was mainly caused by its non-core investments amid the global financial upheaval, with its furniture business having posted an annual rise of 8% in net profits.

About eight years ago Samson bought for over US$25 million Universal Furniture Co., the fourth-largest furniture retailer in the United States, to tap the market stateside, which has helped Samson to achieve stable sales growth there, as well as making the firm the biggest Asian wooden furniture exporter.

Kuo said Samson's operations in the first quarter of this year was as good as that last year, despite the global economic recession, believing that the performance in the second and third quarters would even be better.