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Sealy's domestic unit volume gains 4.5%

09 Apr '07

3 min read

Net income for the first quarter increased 7.2% to $24.6 million versus $23.0 million for the comparable period a year ago. Earnings per fully diluted share were $0.26.

"As we anticipated and communicated over the past few quarters, the momentum in domestic volume that has been building continued during the first quarter as unit growth turned positive, due primarily to strength in our promotional and specialty product lines," said David J. McIlquham, Sealy's Chairman and Chief Executive Officer.

"We are also pleased with the ongoing superior performance in our international markets as we build demand for our brands around the world. We are enthusiastic about the arrival onto our customers' floors, beginning this quarter, of the innovative products which we introduced in January at the Las Vegas Furniture Market. This, combined with the start-up of our new domestic latex facility, the further integration of the new North American management team, and the expansion of our "lean" manufacturing program, should allow Sealy to continue to grow its market share and cash flow."

As of February 25, 2007, Sealy's cash and cash equivalent balance was $31.8 million versus $13.8 million as of February 26, 2006. The Company's debt net of cash was $803.0 million at February 25, 2007, compared to net debt of $958.2 million at the same time in the prior year.

Sealy Corporation

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