Interface Swings to Profit in First Quarter

Atlanta, GA, April 25, 2013 -- Interface reported first quarter net income of $7.0 million, or $0.11 per share, compared with a net loss in the first quarter last year of $5.9 million, or $0.09 per share.

Sales for the quarter were $210.4 million, essentially even with sales of $210.0 million in the first quarter of 2012.
 
"Even though the first quarter is seasonally our slowest period, our Americas division jumped out to a strong start by posting a record number for first quarter sales," said CEO Daniel T. Hendrix.

"The revenue gains in the Americas and a double-digit percentage sales increase in Southeast Asia were offset by weak sales in Europe due to a combination of continued economic uncertainty and unusually bad weather in the U.K. at the end of the quarter, and by the impact of the fire at our Picton, Australia plant last summer."

Interface said sales in its Americas business, which makes up about half of its worldwide business, were up 9% year-over-year, with strong growth coming in the corporate office segment (up 21%) as well as non-office segments such as hospitality (up 68%), government (up 4%) and healthcare (up 3%).  
Sales in our consumer business, Flor, were up 24% year-over-year for the first quarter, mostly due the addition of more retail stores.

"Gross margin finished ahead of the first quarter last year, but was below our target due to under-absorption of fixed costs associated with lower than expected production volumes," said CFO Patrick Lynch.



Other Archived Articles

WFCA Lobbies for Internet Sales Taxes   Full Article
Anaheim, CA, Dec. 2, 2014 -- World Floor Covering Association officials recently met with the staffs of top members of Congress about proposed Internet sales taxes and and other issues of importance to flooring industry retailers.

Construction Spending Edges Higher in October   Full Article
Washington, DC, Dec. 2, 2014 -- Construction spending in October was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1% above the revised September estimate of $960.3 billion, according to the Commerce Department.

Distributor Belknap White Expands Armstrong Line   Full Article
Lancaster, PA, Dec. 2, 2014 -- Armstrong Floor Products said that distributor Belknap White (Patriot) will handle Armstrong residential products in Southern Connecticut, Metro New York and Northern New Jersey effective January.

Easy Turf Signs Tomlinson as Spokesperson   Full Article
Vista, CA, Dec. 2, 2014 -- EasyTurf has re-signed NFL Most Valuable Player LaDanian Tomlinson as a spokesperson.

Manufacturing Continues To Expand in November   Full Article
Washington, DC, Dec. 1, 2014 -- Manufacturing continued to expand in November but at a slightly slower pace, according to the Institute for Supply Management.

Carpetland USA Colortile Holds Buying Meeting   Full Article
Chattanooga, TN, Dec. 1, 2014 -- Carpetland USA Colortile held its 2014 Buying Committee Meeting in Chattanooga Nov. 17-18

FloorFolio Gets Second Patent for EnviroQuiet   Full Article
Edison, NJ, Dec. 1, 2014 -- FloorFolio Industries said it has received a second patent for EnviroQuiet luxury vinyl tile.

INSTALL Adds Five New Members   Full Article
Haddonfield, NJ, Dec. 1, 2014 -- INSTALL has added five new partner companies to its ranks. The newest companies are:

Durable Goods Orders Up on Military Spending   Full Article
Washington, DC, Nov. 26, 2014 -- Durable-goods orders rose last month mostly due to military spending, the Commerce Department said.

Consumer Spending, Income Rise in October   Full Article
Washington, DC, Nov. 26, 2014 -- U.S. consumer spending picked up at a modest pace in October, according to the Commerce Department.

Consumer Sentiment Continues To Rise   Full Article
Ann Arbor, MI, Nov. 26, 2014 -- Consumer sentiment in November hit its highest level in more than seven years, according to the Thomson Reuters/University of Michigan's final November reading.

New Home Sales Hit Five-Month High   Full Article
Washington, DC, Nov. 26, 2014 -- Sales of new single-family homes edged up in October to the fastest rate in five months, according to the Commerce Department.

Initial Jobless Claims Rise Last Week   Full Article
Washington, DC, Nov. 26, 2014 -- Initial claims for unemployment benefits unexpectedly rose last week to the highest level since September, according to the Labor Department.

Pending Home Sales Dip in October   Full Article
Washington, DC, Nov. 26, 2014 -- Pending home sales fell 1.1% in October, the National Association of Realtors reported Wednesday.

Mortgage Applications Decline Last Week   Full Article
Washington, DC, Nov. 26, 2014 -- Mortgage applications last week fell 4.3% from one week earlier, according to the Mortgage Bankers Association.

Dixie Group, Desso Terminate Joint Venture   Full Article
Chattanooga, TN, Nov. 26, 2014 -- Dutch carpet firm Desso and The Dixie Group have terminated their joint sales venture agreement.

USGBC Names Directors, Officers   Full Article
Washington, DC, Nov. 26, 2014 -- The U.S. Green Building Council announced today the newly elected and appointed officers and directors to its 2015 Board of Directors.

Installation Apprentice School To Open Next Year   Full Article
Dalton, GA, Nov. 25, 2014 -- A non-profit floorcovering installation apprentice school has been set up in Dalton.

House Prices Increase in Third Quarter   Full Article
Washington, DC, Nov. 25, 2014 -- House prices rose 0.9% in the third quarter, according to the Federal Housing Finance Agency House Price Index.

Home Prices Rise from a Year Ago   Full Article
Washington, DC, Nov. 24, 2014 -- U.S. home prices year-over-year rose 4.9% in September-- the slowest pace since October 2012 -- compared with annual growth of 5.6% in August.