Dalton, GA, Dec. 10--Tandus Group, Inc., which includes Collins & Aikman Floorcoverings, had third quarter revenues of $84.3 million compared to $82.4 million for the same period a year ago. Operating income for the quarter was $8.9 million compared to $10.0 million for the same period last year. Adjusted EBITDA for the period was $13.1 million compared to $14.9 million for last year. As a percentage of sales, adjusted EBITDA margin for the quarter was 15.5% compared to 18.0% for the prior year.
For the first nine months, revenues were $250.6 million compared to $260.3 million last year. Operating income for the period was $33.7 million compared to $35.0 million in 2001. Adjusted EBITDA was $44.9 million compared to $49.6 million for the comparable period last year. As a percentage of sales, Adjusted EBITDA margin for the nine months was 17.9% compared to 19.0% for the prior year.
The increase in revenues during the third quarter was due to $8.3 million in revenues generated by the extrusion operation acquired in May, partially offset by the continued slow demand throughout the specified commercial market in the U.S. This reduced level of demand resulted in the decrease in revenues during the nine months ended October 26, partially offset by revenues of $15.9 million generated by the extrusion operation. In particular, the corporate office sector continues to be severely impacted by the events of September 11.
The company's sales to the corporate office market decreased by 15.3% for the third quarter of 2002 and 22.6% for the nine month period. Revenue to the non-corporate end markets were relatively flat year-over-year.
