Interface Q4 sales & orders increase 15% & 12%, respectively

26 Feb '11

5 min read

For the full year 2010, sales were $961.8 million compared with $859.9 million in 2009, an increase of 11.9%. Excluding previously announced pre-tax restructuring charges of $3.1 million relating to the Company's cost reduction initiatives, full year 2010 operating income was $95.9 million, or 10.0% of sales. This compares with full year 2009 operating income of $64.7 million, or 7.5% of sales, excluding previously announced pre-tax restructuring charges of $7.6 million and pre-tax income of $5.9million from patent litigation settlements. Including all items, operating income for the full year 2010 was $92.7 million, compared with operating income of $63.0million in 2009.

Excluding restructuring charges and $44.4 million of pre-tax expenses relating to the Company's aforementioned bond refinancing, full year 2010 net income attributable to Interface, Inc. was $37.9 million, or $0.59 per diluted share. This compares with full year 2009 net income attributable to Interface, Inc. of $16.4 million, or $0.26 per diluted share, excluding restructuring charges, income from patent litigation settlements and $6.1 million of expenses relating to the Company's 2009 bond redemption. Including all items, net income attributable to Interface, Inc. was $8.3 million, or $0.13 per diluted share, in 2010, compared with net income attributable to Interface, Inc. of $10.9 million, or $0.17 per diluted share, in 2009.

Mr. Hendrix concluded, "From an execution standpoint, 2010 was one of Interface's best years, as we expanded our business and gained market share in a very challenging environment. We remain cautiously optimistic about demand trends, as orders in the fourth quarter grew 12% against the toughest year-over-year comparison we faced all year and our backlog increased nearly 15%. Our long-term goals and our strategy to achieve them are clear. We are focused on leading the secular shift in modular carpet globally and are well underway in making the necessary investments to do so. And I'm particularly excited about the roll-out of additional FLOR stores for our consumer carpet tile products, as we're targeting to have a total of seven stores open by mid-year. While there are always challenges, we are very confident in our prospects for 2011.

Interface Inc

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