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Modular carpet business drives growth of Interface

26
Apr '07
Interface Inc a worldwide floorcoverings and fabrics company, announced results for the first quarter ended April 1, 2007.

Sales for the first quarter of 2007 increased 19.7% to $279.3 million from sales of $233.3 million in the year ago period, after exclusion of revenues from the Company's European fabrics business that were present in the first quarter of 2006.

Including the European fabrics business, which was sold in April 2006, sales increased 11.4% from $250.6 million in the first quarter of 2006.

Excluding certain one-time items from each period, operating income for the first quarter of 2007 increased 24% to $24.2 million, or 8.7% of sales, from $19.5 million, or 8.4% of sales, in the first quarter of last year.

The one-time items in the first quarter of 2007 were an impairment charge of $48.3 million related to the Company's U.S. fabrics business and a $1.9 million loss on the disposal of assets in its specialty products business, while the one-time items in the first quarter of 2006 were the results from the Company's European fabrics business and a $3.3 million restructuring charge relating to its U.S. fabrics business.

Including those items, the Company reported an operating loss for the 2007 first quarter of $26.0 million, compared with an operating loss of $3.3 million in the same period in 2006. Net loss was $40.6 million, or $0.68 per share, in the 2007 first quarter, versus a net loss of $17.1 million, or $0.32 per share, in the 2006 first quarter.


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