By Cameron Rasmusson
The past year has been good to Litehouse, Inc.
The Sandpoint-based company announced this week it experienced a nearly 18-percent increase in net sales last year, and its share price increased nearly 15 percent over the previous year. This year also saw the completion of a new 58,000-square-feet manufacturing facility, dramatically expanding the company’s production capabilities and streamlining the shipping process.
Litehouse officials credit the growth figures to its status as an employee-owned company. The culmination of an employee stock ownership plan that began in 2006, Litehouse achieved 100-percent employee ownership status in early 2015. In the announcement of the recent sales growth, Litehouse officials cited a study indicating that employee-owned companies on average grew faster than non-employee-owned companies.
“We are incredibly proud and grateful to each of our employee-owners for making 2017 a great success for our company and paving the way for a bright future for their families, communities and our brand,” said Jim Frank, Litehouse President and CEO. “In 2017 we had the opportunity to make investments in each one of our manufacturing facilities to support our phenomenal growth. We will continue to drive shareholder value through product innovation and quality excellence and support the communities where we live and work.”