Fourth quarter profits more than doubled, reports Interface Inc. (Nasdaq: IFSIA), due to strong sales, particularly in the company’s modular carpet division, which grew by 27%.
Sales grew 14% to $295.9 million from $260.6 million in the fourth quarter of 2005, beating analyst expectations of $280.7 million. For the full year, sales climbed 9% to $1.08 billion from $985.8 million in 2005.
Earnings for the quarter rose to $12.1 million (21 cents per share) from $5.7 million (11 cents per share) for the same quarter last year.
For the year, earnings climbed to $10 million (18 cents per share), from $1.2 million (2 cents per share). “We are pleased to report one of the best fourth quarters in our history, finishing a year of continuously improving performance,” said Daniel Hendrix, CEO.
“Our modular carpet business continued to lead our strong performance and achieved a 27% increase in sales compared with the year ago period. Sales were strong across all key regions with the positive trends in Europe providing the most significant driver of growth geographically. In addition, operating income from the modular carpet business increased 39%, primarily due to higher sales volume. Sales in our Bentley Prince Street business improved 7% during the quarter. We are pleased with its progress to date and expect improvement throughout 2007. Our fabrics business generated a modest operating loss, but it improved on a sequential basis and we continue to take actions to increase its manufacturing efficiencies.”
Interface, Inc. is a recognized leader in the worldwide interiors market, offering floorcoverings and fabrics. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value. The Company is the world’s largest manufacturer of modular carpet under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the high quality, designer-oriented segment of the broadloom carpet market. The Company’s InterfaceFabric business is a leading producer of interior fabrics and upholstery products, which it markets under the Guilford of Maine, Chatham and Terratex brands, and provides specialized automotive textile solutions.
Loading...