Interface Reports Higher Sales, Lower Income
Atlanta, GA, April 25, 2014 -- Interface reported first quarter net income of $4.0 million, or $0.06 per share, down from $5.1 million, or $0.08 per share, a year ago.
Sales for the first quarter were $219.0 million, up 4.1% from $210.4 million in the first quarter of 2013.
"The first quarter is our seasonally slowest period, and as previously mentioned we also were impacted this year by severe winter weather and the recommencement of local manufacturing at our new plant in Australia," said CEO Daniel T. Hendrix.
"Despite poor weather conditions that cost us several manufacturing and field sales days, our flagship Americas modular business posted healthy contributions from non-office segments. Our Europe business came roaring back during the quarter, with strong growth coming in both office and non-office segments, primarily within our key countries of the U.K., Holland and Germany. Asia-Pacific was the top line weakness, due to a combination of soft market conditions, the transition in Australia from an import model to the start-up of our new plant, and a more pronounced seasonal impact from the Chinese New Year. On a very positive front, consolidated orders during the quarter increased 8% to $241 million, with a strengthening progression throughout the period – up 2%, 6% and 14% in January, February and March, respectively."
The company said sales in its Americas business increased 5% year-over-year. The growth occurred across all non-office segments, with hospitality (up 26%), retail (up 18%) and education (up 12%) having the largest percentage gains.
Flor sales were up 6% year-over-year.