Home / Knowledge / News / Textiles / Interface reports solid operating performance in Q3
Interface reports solid operating performance in Q3
29
Oct '12
Interface Inc., a worldwide carpet tile company and global leader in sustainability, announced results for the third quarter ended September 30, 2012.

"The third quarter was another period of solid operating performance overall, although financial performance was negatively impacted by the previously-announced sale of our Bentley Prince Street business and by the fire at our plant in Australia," said Daniel T. Hendrix, Chairman and Chief Executive Officer.  "Margins have expanded, the U.S. had a record sales quarter, and we are beginning to see stability in markets that have been uneven this year."

Third Quarter 2012 Financial Results

  • Sales:  Sales for the third quarter of 2012 were $242.9 million, compared with sales of $248.7 million in the third quarter of 2011, a decrease of 2.4%.
  • Fluctuations in currency exchange rates negatively impacted 2012 third quarter sales by approximately 2% (approximately $6 million) relative to the year ago period.
  • Sales in the quarter also were negatively impacted by a fire at the Company's Picton, Australia facility in July 2012, as previously announced, which resulted in delays in shipments in Australia.  Since the fire, the Company has been supplying its Australian customer needs from its manufacturing facilities in Thailand, China and elsewhere.
  • As previously announced, the Company completed the sale of its Bentley Prince Street business segment in August 2012.  Results for Bentley Prince Street for the 2012 third quarter, 2012 year to date, and all prior periods have been classified as discontinued operations.
  • Operating Income:  Operating income in the third quarter of 2012 was $23.1 million (or 9.5% of sales), after charges of $770,000 (or $0.01 per share after-tax) primarily related to the restructuring of the Company's European operations, and $980,000 (or $0.01 per share after-tax) in expenses related to the fire at the Picton facility.  Excluding the restructuring and Picton fire expenses, operating income for the 2012 third quarter was $24.8 million (or 10.2% of sales), compared with operating income of $24.6 million (or 9.9% of sales) in the third quarter of 2011.
  • Income from Continuing Operations:  The Company reported income from continuing operations of $11.1 million (or $0.17 per diluted share), after the restructuring charge and Picton fire expenses.  Excluding these items, income from continuing operations was $12.3 million (or $0.19 per diluted share), compared with $11.7 million (or $0.18 per diluted share) a year ago.
  • Net Income (Loss):  After the items discussed above, as well as a loss from discontinued operations of $16.8 million related to the sale of Bentley Prince Street, the Company reported a net loss for the 2012 third quarter of $5.8 million (or $0.09 per diluted share).  In the third quarter last year, net income was $12.2 million (or $0.19 per diluted share).

"We again saw record sales in the U.S., as strong demand across many of the commercial markets we serve continued to drive sales growth and margin expansion," said Mr. Hendrix.

"FLOR, our consumer business, continued to expand with strong same store sales growth and the opening of four additional FLOR store locations during the quarter. "

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Urs Stalder
Sanitized AG

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Prathyusha Garimella
Prathyusha Garimella

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

news category


Related Categories:
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



X