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Interface Q1 net sales rise 13.2%
21
Feb '08
A worldwide floorcoverings company Interface Inc announced results for the fourth quarter and full year ended December 30, 2007.

Sales for the fourth quarter of 2007 increased 13.2% to $293.3 million from sales of $259.1 million in the year ago period. As previously announced, the Company sold its fabrics division in July 2007, and therefore the financial statements for the fourth quarter of 2007, and all other periods presented, now reflect the fabrics division as discontinued operations.

Operating income for the fourth quarter of 2007 increased 31.9% to a record $39.4 million, or 13.4% of sales, compared with operating income of $29.9 million, or 11.5% of sales, in the fourth quarter of last year. Income from continuing operations was a record $20.3 million in the 2007 fourth quarter, an increase of 63.1% compared with income from continuing operations of $12.4 million in the fourth quarter of 2006.

Net income for the 2007 fourth quarter was $20.3 million, or $0.33 per diluted share, compared with net income of $12.1 million, or $0.21 per diluted share, in the 2006 fourth quarter.

"The 2007 fourth quarter was the best performing quarter in Interface's history and concluded our best performing year ever in terms of continuing operations," said Daniel T. Hendrix, President and Chief Executive Officer.

"Our results continue to be driven by the strength of demand for modular carpet both domestically and internationally, as well as the continued expansion of our presence in non-office markets as a result of our market segmentation strategy. These factors led to our fourth quarter overall revenue growth, and coupled with good manufacturing discipline resulted in our record operating profit margin. Order activity during the quarter remained robust, growing 17% over year ago levels."

Patrick C. Lynch, Senior Vice President and Chief Financial Officer, commented, "Our InterfaceFLOR modular carpet business, which now comprises more than 85% of our revenues, finished the year with an outstanding quarter, with sales increasing 18% over year-ago levels."

"As a result of this sales growth and with the operating leverage in our business model, operating income in this division increased 35% compared with the fourth quarter last year, as operating margins expanded significantly during the period. While overall performance at Bentley Prince Street was below our expectations, the modular component of this business continued its solid growth."

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