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Interface Q1 net sales rise 13.2%
21 Feb '08
4 min read
Sales for full year 2007 were $1.1 billion, compared with $914.7 million for 2006, an increase of 18.2%. Operating income in 2007 increased 29.9% to a record amount of $129.4 million, or 12.0% of sales, versus operating income of $99.6 million, or 10.9% of sales, during 2006. Income from continuing operations reached an all-time high of $57.8 million, or $0.94 per diluted share, during the full year 2007 period, compared with income from continuing operations of $35.8 million, or $0.64 per diluted share, in the 2006 period.
As previously reported, the Company also repurchased and redeemed in 2007 all of its outstanding 7.3% Senior Notes, totaling $101 million, which further strengthened its capital structure. The results for the full year 2007 included expenses on an after-tax basis of $1.0 million, or $0.02 per diluted share, for premiums paid in connection with the redemption of these Senior Notes, versus $0.7 million, or $0.01 per diluted share, on an after-tax basis for premiums paid on repurchases of those notes in the prior year.
Including results of discontinued operations, the Company recorded a net loss for the full year 2007 of $10.8 million, or $0.18 per diluted share, compared with net income of $10.0 million, or $0.18 per diluted share, for 2006.
Mr. Hendrix concluded, "2007 was an excellent year for Interface in which we continued to leverage our position as a market leader to generate record results. Looking ahead, we see opportunity for continued strong financial performance, and order growth has been solid through the first six weeks of 2008.
Over the past few years, we have undertaken a number of initiatives to focus on our core business, expand into new market segments and geographic areas, and take advantage of the ongoing secular shift to carpet tile we see in the marketplace. Our efforts have significantly reduced our exposure to the U.S. corporate office market, which now comprises only about 24% of our business. In short, we believe we are in an excellent position to continue to grow and take market share in the current environment and look forward to continued success in 2008."
As previously reported, the Company also repurchased and redeemed in 2007 all of its outstanding 7.3% Senior Notes, totaling $101 million, which further strengthened its capital structure. The results for the full year 2007 included expenses on an after-tax basis of $1.0 million, or $0.02 per diluted share, for premiums paid in connection with the redemption of these Senior Notes, versus $0.7 million, or $0.01 per diluted share, on an after-tax basis for premiums paid on repurchases of those notes in the prior year.
Including results of discontinued operations, the Company recorded a net loss for the full year 2007 of $10.8 million, or $0.18 per diluted share, compared with net income of $10.0 million, or $0.18 per diluted share, for 2006.
Mr. Hendrix concluded, "2007 was an excellent year for Interface in which we continued to leverage our position as a market leader to generate record results. Looking ahead, we see opportunity for continued strong financial performance, and order growth has been solid through the first six weeks of 2008.
Over the past few years, we have undertaken a number of initiatives to focus on our core business, expand into new market segments and geographic areas, and take advantage of the ongoing secular shift to carpet tile we see in the marketplace. Our efforts have significantly reduced our exposure to the U.S. corporate office market, which now comprises only about 24% of our business. In short, we believe we are in an excellent position to continue to grow and take market share in the current environment and look forward to continued success in 2008."
Interface Inc
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