Luxor Industrial Corp., a Canadian engineered wood products manufacturer, is working on developing a heavy timber line for specialty wood products, the company said in its financial filings. The Vancouver B.C.-based firm has completed initial engineering and is meeting with interested North American customers. Luxor currently focuses on sales in the industrial and commercial markets for wood products, a market it focused on in 2008 after the residential downturn.
Company sales for the 12 months ended Dec. 31, 2011, were $3.2 million, a 170% increase over sales of $1.2 million in 2010. Sales for the three months ended Dec. 31, 2011, were approximately $970,000, compared with approximately $330,000 for the same period in 2010.
Luxor attributes the revenue increase mainly to sales of specialty wood products to oil and gas exploration companies and the wholesale of engineered wood products.
Net income, excluding non-cash items (amortization expense and stock option plan expense) for 2011 was $342,397, compared with a net loss of $231,909 in 2010.
Luxor manufactures and markets a patented wood-frame floor system. It also manufactures other building components, architectural and utility wood products, as well as distributing laminated beams and offering various custom wood-cutting services. Luxor also offers coating services, which protect wood against mold, decay, and insects and provide fire protection.