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Interface sales marginally down in FY 2012
15
Feb '13
Interface, Inc. a worldwide carpet tile company and global leader in sustainability, announced results for the fourth quarter and fiscal year ended December 30, 2012.

Fiscal Year 2012 Financial summary

Sales: For the full year 2012, sales were $932.0 million, compared with $953.0 million in 2011, a decrease of 2.2%.Fluctuations in currency exchange rates negatively impacted 2012 sales by approximately 2% (approximately $15 million) relative to the prior year.

Operating Income:  Excluding restructuring and asset impairment charges totaling $19.4 million and $1.7 million of expenses related to the Australia fire, operating income for 2012 was $85.8 million, or 9.2% of sales.  This compares with operating income in 2011, excluding restructuring charges, of $91.5 million, or 9.6% of sales.  Including all items, operating income was $64.6 million in 2012, compared with $85.7 million in the prior year.

Income from continuing operations: Excluding restructuring and asset impairment charges and Australia fire expenses, income from continuing operations in 2012 was $39.4 million, or $0.60 per diluted share (with these items included, it was $22.9 million, or $0.35 per diluted share).  This compares with 2011 income from continuing operations, excluding a restructuring charge, of $42.3 million, or $0.65 per diluted share (with the charge included, last year's income from continuing operations was $38.3 million, or $0.58 per diluted share).

Net income:  Including all items, as well as a loss from discontinued operations of $17.0 million, the Company reported 2012 net income of $5.9 million, or $0.09 per diluted share.  In 2011, net income was $38.7 million, or $0.59 per diluted share.

Patrick C. Lynch, Senior Vice President and Chief Financial Officer, commented, "We ended the year in a strong financial position, with a cash balance of $90.5 million.  Orders were up 4.6% on a consolidated basis in the fourth quarter, with strength in the U.S. and decent improvements in Europe and Asia. 

While the impact of the fire at our Australia plant remains difficult to quantify, we believe the diminished level of business in the country negatively affected operating income in the range of $2.5 million to $3.5 million in the fourth quarter.  Our consumer business, FLOR, ended the quarter with a healthy year-over-year increase in sales, a consequence of robust retail store expansion in 2012.  In addition, our China plant swung from a loss to a profit during the quarter, as its production volume ramped up to support our Australia business.

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Courtesy: India ITME

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