• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

Current macroeconomic trends hurt Interface in Q4 2011

24 Feb '12
4 min read

For the full year 2011, sales were $1.1 billion, compared with $961.8 million in 2010, an increase of 9.9%. Excluding the restructuring charge in the fourth quarter, full year 2011 operating income was $93.4 million, or 8.8% of sales. This compares with full year 2010 operating income of $95.9 million, or 10.0% of sales, excluding pre-tax restructuring charges of $3.1 million incurred in the 2010 first quarter. Including the respective restructuring charges, operating income for the full year 2011 was $87.3 million, compared with operating income of $92.7 million in 2010.

Excluding the restructuring charge in the fourth quarter, full year 2011 net income attributable to Interface, Inc. was $43.0 million, or $0.66 per diluted share. This compares with full year 2010 net income attributable to Interface, Inc. of $37.9 million, or $0.59 per diluted share, excluding restructuring charges and bond retirement expenses. Including all items, net income attributable to Interface, Inc. was $38.7 million, or $0.59 per diluted share, in 2011, compared with net income attributable to Interface, Inc. of $8.3 million, or $0.13 per diluted share, in 2010.

Mr. Hendrix concluded, "Looking ahead, 2012 represents a combination of opportunities and challenges. We'll face some tough comparisons in the first half of the year, and we anticipate mature corporate office markets to remain choppy as customers are cautious about investing in the current macroeconomic environment. Helping to offset these challenges will be the benefits of our restructuring activities as well as our strategic investment efforts, as we continue to grow in emerging markets and gain traction in the hospitality market, and further expand our successful FLOR retail footprint.”

“We plan to continue opening new FLOR stores and focusing on other consumer direct sales channels such as catalogs and the internet. Building on our actions in the fourth quarter, we will look for additional ways to raise our selling prices, reduce manufacturing costs and SG&A expenses, enhance the efficiency of our operations to protect margins, and ensure we are well-positioned both in the current environment and to take advantage of any sustained recovery in demand."

Interface Inc

Leave your Comments

Esteemed Clients

TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Taiwan Textile Federation (TTF)
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Stahl Holdings B.V.,
Advanced Search