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Carpet manufacturer Interface Q1'FY14 sales hike 4.1%
24
Apr '14
Interface, Inc., a worldwide carpet tile company and global leader in sustainability, announced results for the first quarter ended March 30, 2014.
 
First Quarter 2014 Financial Summary & Highlights
Sales: Sales for the first quarter of 2014 were $219.0 million, up 4.1% from sales of $210.4 million in the first quarter of 2013. 
 
In our Americas business, first quarter sales increased 5% year-over-year. The growth occurred across all non-office segments, with hospitality (up 26%), retail (up 18%) and education (up 12%) having the largest percentage gains, partially offset by a modest decline in the corporate office segment (down 2%). FLOR sales were up 6% year-over-year, reflecting the impact of harsh winter weather in January and February that decreased store traffic and lowered overall consumer sentiment. FLOR rebounded strongly in March, resulting in its orders for the first quarter increasing 18% over the prior year period.
 
Our Europe business gained further momentum, with sales up 15% (or 11% in local currency) compared with the first quarter last year. The corporate office segment accounted for most of the growth (up 13%, or 8% in local currency), while non-office segments collectively posted their first improvement in several years (up 21%, or 16% in local currency).
 
Sales in the Asia-Pacific region were down 17%, primarily due to a drop in business in Australia as a result of longer lead times and service issues following the 2012 plant fire as well as currency translation effects. The January start-up of our new manufacturing facility in Australia and the Chinese New Year holiday also had negative top line impacts in the region.
 
Operating Income:  Operating income in the first quarter of 2014 was $12.0 million, or 5.5% of sales, compared with operating income of $14.0 million, or 6.7% of sales, in the first quarter last year.  The year-over-year decline in operating income is primarily attributable to lower sales volume in the Asia-Pacific region, higher SG&A spending, and under-absorption of fixed overhead costs associated with the recommencement of manufacturing in Australia in the first quarter of 2014.
 
Net Income:  Net income during the first quarter of 2014 was $4.0 million, or $0.06 per diluted share. This compares with net income of $5.1 million, or $0.08 per diluted share, in the first quarter last year, excluding a one-time tax dispute resolution benefit of $1.9 million.  Including the tax resolution benefit, net income in the first quarter last year was $7.0 million, or $0.11 per diluted share.
 
Click here to view full results.
 

Interface


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