Interface Reports Higher Net Income in Q4
Atlanta, GA, Feb. 14, 2013 -- Interface reported fourth quarter net income $7.4 million, or $0.11 per share compared to net income of $3.9 million, or $0.06 per share a year ago.
Sales for quarter were $249.6 million, up slightly over the $244.5 million in the fourth quarter of 2011.
"We had a solid top line in the fourth quarter, led by our Americas division which posted a record number for fourth quarter sales," said CEO Daniel T. Hendrix.
"We also saw good sales growth in emerging geographic markets, while Europe continued to stabilize and our Australia business became better adapted to a temporary import model following the plant fire in the third quarter that has suspended manufacturing there."]
Interface said it has leased a new building to replace its damaged Australian plant and expects to have the new facility operational in the fourth quarter of 2013.
Sales in the Americas division were up 8.2% year-over-year, led the increase, with segment growth in corporate office (up 16%), education (up 14%), government (up 22%) and hospitality (up 63%) offsetting decreases in the retail (down 31%) and healthcare (down 16%) segments.
The Asia-Pacific region was essentially even year-over-year, while the European region was down 3% in local currency, or 7% as reported in U.S. dollars.
Sales for the full year were $932.0 million, compared with $953.0 million in 2011, a decrease of 2.2%. Most of the decrease was due to currency fluxuations.
Including all items, as well as a loss from discontinued operations of $17.0 million, the Interface reported 2012 net income of $5.9 million, or $0.09 per share. A year ago, the firm reported net income was $38.7 million, or $0.59 per share.
"We are encouraged by our prospects for 2013, particularly in the U.S., Latin America, China and Southeast Asia, where robust project activity and improving macro-environments bode well for our continued growth," Hendrix said.