Third Quarter 2013 Financial Summary & Highlights
Sales: Sales for the third quarter of 2013 were $254.5 million, compared with sales of $242.9 million in the third quarter of 2012, an increase of 4.8%.
Sales in the Americas business increased 6.2% year over year and hit an all-time record level. Most of the growth occurred in the non-office segments of hospitality (up 55%), government (up 17%) and education (up 10%), and the corporate office market continued its gradual but steady recovery with a 4% sales increase.
The growth was partially offset by declines in the healthcare (down 15%) and retail (down 4%) segments. FLOR consumer business sales were up 22% versus the third quarter last year, due primarily to the larger FLOR store footprint and increased web traffic, with same store sales up 25% year over year.
Sales in the Asia-Pacific region were up 10%, with solid growth across the region, particularly in Southeast Asia and China. Australia sales grew 10% in local currency versus the fire-affected third quarter results last year, but the weakening of the Australian dollar caused a decline of 3% as reported in U.S. dollars.
Europe sales were essentially even year over year as reported in U.S. dollars (down 5.6% in local currency), but continued the trend of sequential improvement versus the prior quarter. The U.K. accounted for most of the decline in local currency, with mixed results throughout the rest of the region.
Operating Income: Operating income in the third quarter of 2013 was $27.8 million, or 10.9% of sales. This compares with operating income in the 2012 third quarter of $24.8 million, or 10.2% of sales, excluding 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 last year's fire at the Australian manufacturing facility. Including the restructuring and Australia fire expenses, operating income for the 2012 third quarter was $23.1 million, or 9.5% of sales.
Income from Continuing Operations: The Company reported income from continuing operations of $15.0 million (or $0.23 per diluted share) in the third quarter of 2013, versus $12.3 million (or $0.19 per diluted share) in the third quarter last year, excluding the restructuring charge and Australia fire expenses. Including the restructuring and fire expenses, income from continuing operations in the third quarter last year was $11.1 million (or $0.17 per diluted share).
Net Income (Loss): Net income during the third quarter of 2013 was $15.0 million, or $0.23 per diluted share. In the third quarter last year, including 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 of $5.8 million, or $0.09 per diluted share.
Click here to read full results
Textiles | On 22nd Jun 2017
Zund Systemtechnik AG, Switzerland’s textile machinery firm that...
Textiles | On 22nd Jun 2017
Hpfabrics, manufacturer of raw fabrics, is opening a new production...
Apparel/Garments | On 22nd Jun 2017
Napapijri has introduced the new Superlight Parka, a new lightweight...
Ozone PB Spintex Limited
‘We have made huge investments to ensure quality yarn production.’
We constantly communicate with employees at all levels
Encouragement from brands will motivate supply chains to become more...
Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Gildan Activewear SRL
Gildan Activewear, a manufacturer and marketer of branded clothing and...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
Sonam and Paras Modi's Sva Couture is synonymous with head-turning...