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Interface's European fabrics business sales up 13.5%

26
Feb '07
Interface Inc announced results for the fourth quarter and full year ended December 31, 2006.

Sales for the fourth quarter of 2006 increased 20.4% to $295.9 million from sales of $245.7 million in the year ago period, after exclusion of revenues from the Company's European fabrics business that were present in the fourth quarter of 2005.

Including the European fabrics business, sales increased 13.5% from $260.6 million reported in the fourth quarter of 2005. Operating income for the fourth quarter of 2006 increased 32.7% to $29.6 million from operating income of $22.3 million reported in the year ago period, excluding results from the Company's European fabrics business from the fourth quarter of 2005.

Including the European fabrics business, operating income increased 28.1% from $23.1 million in the same period in 2005. As a percentage of sales, operating income in the fourth quarter of 2006 improved to 10.0% from 8.9% in the fourth quarter of 2005.

Net income for the 2006 fourth quarter rose 111.5% to $12.1 million, or $0.21 per diluted share, versus net income of $5.7 million, or $0.11 per diluted share, in the 2005 fourth quarter. (Please see the attached tables for a reconciliation of GAAP results including the European fabrics business and non-GAAP results excluding such business.)

"We are pleased to report one of the best fourth quarters in our history, finishing a year of continuously improving performance," said Daniel T. Hendrix, President and Chief Executive Officer. "These results are a testament to the dedication and hard work of our employees worldwide."


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