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Interface biz in Europe continues to struggle with poor economy
02 Nov '09
5 min read
• Pre-tax restructuring charges of $7.6 million relating to the Company's cost reduction initiatives;
• Income of $5.9 million from patent litigation settlements; and
• Other expenses of $6.1 million associated with the completion of the previously-announced tender offer for our 10.375% Senior Notes.
Excluding the items detailed above, in the first nine months of 2009, operating income was $44.6 million, or 7.1% of sales, and income from continuing operations was $11.6 million, or $0.18 per diluted share.
Included in the Company's results for the first nine months of 2008 was an after-tax loss from discontinued operations of $5.2 million, or $0.08 per diluted share, as discussed previously.
Mr. Hendrix concluded, "While we will continue to face challenges in the upcoming months, the sequential trends in our business and our third quarter results provide a foundation for the opportunities that lie ahead. We continue to see a shift in the marketplace to carpet tile, and feel that by taking prudent actions during these challenging times, we remain well positioned to capitalize on it. While the market appears to be stabilizing, we remain as focused as ever on continuing to improve our business. By investing in our market diversification strategy, improving our cost structure and strengthening our balance sheet, we have put Interface in an excellent position to lead a market recovery when demand levels rise."
Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value.
• Income of $5.9 million from patent litigation settlements; and
• Other expenses of $6.1 million associated with the completion of the previously-announced tender offer for our 10.375% Senior Notes.
Excluding the items detailed above, in the first nine months of 2009, operating income was $44.6 million, or 7.1% of sales, and income from continuing operations was $11.6 million, or $0.18 per diluted share.
Included in the Company's results for the first nine months of 2008 was an after-tax loss from discontinued operations of $5.2 million, or $0.08 per diluted share, as discussed previously.
Mr. Hendrix concluded, "While we will continue to face challenges in the upcoming months, the sequential trends in our business and our third quarter results provide a foundation for the opportunities that lie ahead. We continue to see a shift in the marketplace to carpet tile, and feel that by taking prudent actions during these challenging times, we remain well positioned to capitalize on it. While the market appears to be stabilizing, we remain as focused as ever on continuing to improve our business. By investing in our market diversification strategy, improving our cost structure and strengthening our balance sheet, we have put Interface in an excellent position to lead a market recovery when demand levels rise."
Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value.
Interface
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