Atlanta-based modular carpet company Interface reported increases across the board for 4Q07, but the company suffered a $10.8 million loss for the year, due to the discontinued operations of its fabrics division.
Company sales for the year reached $1 billion, compared to $914.7 million in sales for 2006, when the company netted income of $10 million.
Interface sold its fabrics division in July 2007 and its financial statements show the fabrics division as discontinued operations, responsible for $68.7 million loss net of taxes for the year.
Income from continuing operations was a record $20.3 million in 4Q07, an increase of 63.1% compared with income from continuing operations of $12.4 million in 4Q06.
"The 2007 fourth quarter was the best performing quarter in Interface’s history and concluded our best performing year ever in terms of continuing operations," said Daniel T. Hendrix, President and CEO. "Our results continue to be driven by the strength of demand for modular carpet both domestically and internationally, as well as the continued expansion of our presence in non-office markets as a result of our market segmentation strategy. These factors led to our fourth quarter overall revenue growth, and coupled with good manufacturing discipline resulted in our record operating profit margin. Order activity during the quarter remained robust, growing 17% over year ago levels."
About Interface
Interface, Inc. is the world’s largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market. 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.
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