Home / Knowledge / News / Textiles / Leggett & Platt Industrial Materials total sales perk up
Leggett & Platt Industrial Materials total sales perk up
25
Jan '08
Leggett & Platt Announces 2007 Results.

•4Q loss of $1.21 per share; includes $1.44 of impairment, restructuring, and other net charges.
• Full year loss of $.06 per share; includes $1.26 of impairment, restructuring, and offsetting items.
• Record 2007 cash from operations of $614 million; increased 28% from 2006.
• Annual dividend increased to $1.00 per share; 5.5% yield backed by strong cash flow.
• 2008 EPS from continuing operations of $.95 - $1.30, including $.05 - $.10 of restructuring charges; slight sales decline

President and CEO David S. Haffner commented on 2007 results, "As anticipated, implementation of the strategic plan we announced in November resulted in a net loss for the fourth quarter. In our November and December press releases, we alerted investors to the significant non-cash charges associated with our strategic changes.

“Consistent with our forecasts, during the quarter we recorded $143 million of goodwill impairment in our Fixture & Display operations, and $132 million of asset impairments associated with businesses we intend to divest. With these charges, we have now incurred virtually all of the one-time costs associated with our strategic plan. Operationally, our ongoing businesses performed in line with the guidance we issued in December.

"During the full year 2007, many of our domestic businesses experienced weak demand, which lowered our organic sales and earnings. Even so, we generated record annual cash from operations (up 28% versus 2006), in large part due to an ongoing emphasis on working capital management. We continue to have an excellent balance sheet, and ended the year with net-debt-to-cap below our long-term target level.


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Lenzing

Textiles | On 25th Jun 2018

Lenzing launches Veocel nonwoven speciality brand

Leading fibre company, the Lenzing Group has unveiled Veocel, the new ...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Anshul Sood
Oceedee

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

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search