News Flash

Furniture Brands International reports sales & earnings for Q3

26 Oct '06

2 min read

Furniture Brands International announced its financial results for the third quarter of 2006.

Operating Results – Third Quarter
Net sales for the third quarter of 2006 were $568.9 million, compared with $557.9 million in the third quarter of 2005, an increase of 2 percent.

Net earnings for the third quarter were $5.8 million, down from $9.9 million reported for the third quarter of last year.

Diluted net earnings per common share were $0.12 as compared to $0.19 ($0.17 pro forma for $1.1 million of net stock option expense) in the third quarter of last year.

Included in the 2006 third quarter net earnings were restructuring, asset impairment and severance charges totaling $0.06 per diluted common share; the effect of $0.03 in increased expense due to the upfront recognition of the gain on interest rate swaps at the end of the first quarter, as previously announced; and $0.02 in increased reserves related
to a previously disclosed litigation matter.

The 2005 third quarter net earnings were negatively impacted by restructuring, asset impairment and severance charges totaling $0.05 per diluted common share.

Operating Results – Nine Months
Net sales for the first nine months of 2006 were $1,831.6 million, compared with $1,793.2 million in the first nine months of 2005, an increase of 2 percent.

Net earnings for the nine months were $53.0 million as compared to $44.3 million in the first nine months of 2005.

More Furniture Brands News... More Textiles News - United States Of America...