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Sales decline almost 5% at Interface in Q2 FY'12

26 Jul '12
4 min read

For the first six months of 2012, sales were $487.4 million, compared with $513.0 million for the same period a year ago, a decline of 5.0%.  Operating income for the 2012 six-month period was $22.6 million, or 4.6% of sales. 

Excluding a previously announced $16.3 million restructuring and asset impairment charge in the first quarter of 2012, operating income for the 2012 six-month period was $38.9 million, or 8.0% of sales, compared with operating income for the 2011 six-month period of $47.7 million, or 9.3% of sales. 

Net income in the first six months of 2012 was $4.3 million, or $0.07 per diluted share.  Excluding the aforementioned restructuring and asset impairment charge, net income for the 2012 six-month period was $16.5 million, or $0.26 per diluted share, compared with net income in the year-ago period of $22.6 million, or $0.35 per diluted share.

Mr. Hendrix concluded, "Orders for the second quarter totaled $280 million, once again outpacing sales and strengthening our backlog.  While the overseas markets remain challenging, we have seen evidence in July that demand trends in Europe are potentially beginning to stabilize. 

“Meanwhile, strong demand trends in our U.S. commercial markets have continued, and we will further execute our expansion strategy for FLOR, with plans to add another seven stores by the end of September.  Strategically, we remain focused on ensuring our capital commitments return the greatest value for the business, as we continue to lead the secular shift to carpet tile."

Interface Inc. is the world's largest manufacturer of modular carpet, which it markets under the Interface, 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.

Interface Inc

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