Home / Knowledge / News / Textiles / Orders outpace sales at Interface in Q1 FY'12
Orders outpace sales at Interface in Q1 FY'12
26
Apr '12
Interface Inc, a worldwide floorcoverings company and global leader in sustainability, announced results for the first quarter ended April 1, 2012.

Sales for the first quarter of 2012 were $232.8 million, compared with sales of $245.4 million in the first quarter of 2011, a decline of 5.2%. During the 2012 first quarter, the Company incurred restructuring and asset impairment charges of $16.3 million, or $0.19 per share after-tax, primarily related to the closure of the manufacturing and warehouse activities at its Shelf plant in the U.K. Interface expects this action to result in annualized pre-tax cost savings of approximately $9.0 million beginning in the fourth quarter of 2012.

Excluding these charges, operating income for the 2012 first quarter was $16.8 million, or 7.2% of sales, compared with last year's first quarter operating income of $21.5 million, or 8.8% of sales. Including the restructuring and asset impairment charges, operating income in the first quarter of 2012 was $0.5 million, or 0.2% of sales.

Excluding the aforementioned restructuring and asset impairment charges, net income in the 2012 first quarter was $6.3 million, or $0.10 per share. This compares with net income of $9.8 million, or $0.15 per diluted share, in the 2011 first quarter. Including the charges, the net loss was $5.9 million, or $0.09 per share, in the 2012 first quarter.

"After a slow first six weeks of 2012, our business picked up steam in the second half of February and the momentum continued to build in March," said Daniel T. Hendrix, Chairman and Chief Executive Officer.

"Although sales and earnings were down against strong comparisons last year, we improved sequentially in key targeted areas, as we increased gross margin by 100 basis points and cut SG&A expenses by $6 million versus the fourth quarter of 2011.

“We're also pleased that orders of $249 million outpaced sales, which is an indication of strengthening demand and resulted in a $13 million increase in backlog since the beginning of the year. Geographically, our modular businesses in the Americas and Europe remained relatively stable year-over-year despite the uncertain macro environment, while our Asia-Pacific business was impacted by reduced government spending in Australia versus record results from this market last year at the height of a construction phase.

“Bentley Prince Street had a small operating loss during the quarter, but achieved breakeven results in February and March following a challenging January. Outside of the commercial market, our FLOR consumer business continued to turn in strong results, as demonstrated by its 41% sales growth and breaking even for the quarter.

“Our FLOR retail stores were profitable on a standalone basis, and we have continued our expansion strategy with new openings over the last month in San Francisco, West Hollywood, Boston and Georgetown, bringing our total to 11 stores."

Must ReadView All

Apparel/Garments | On 24th Apr 2017

ColDesi launches latest direct to garment printer

ColDesi, a pioneer in the direct to garment printer business, has...

Textiles | On 24th Apr 2017

US’ textile manufacturers applaud Buy American order

US' National Council of Textile Organisations has favoured President...

Courtesy: Under Armour

Apparel/Garments | On 24th Apr 2017

Wichita varsity names Under Armour as official outfitter

Beginning from July 1, 2017, marketer of performance footwear,...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search