Gross profit touches 36% at modular carpet maker
24
Apr '08
Apr '08
Interface Inc, a worldwide floorcoverings company, announced results for the first quarter ended March 30, 2008.
Sales for the first quarter of 2008 increased 7.5% to $261.7 million from sales of $243.5 million in the year ago period. Gross profit margin expanded 180 basis points to 36.0%, versus 34.2% in the first quarter last year. Operating income for the first quarter of 2008 increased 27.4% to $31.0 million, or 11.8% of sales, compared with operating income of $24.3 million, or 10.0% of sales, in the first quarter of last year.
Income from continuing operations was $14.1 million, an increase of 55.7% compared with income from continuing operations of $9.1 million in the first quarter of 2007. Net income for the 2008 first quarter was $14.1 million, or $0.23 per diluted share.
As previously announced, the Company sold its fabrics division in July 2007, and therefore the financial statements for all periods presented now reflect the fabrics division as discontinued operations. Last year, first quarter results included a loss from discontinued operations of $49.7 million, which led to a net loss of $40.6 million, or $0.66 per diluted share.
"The 2008 first quarter was the best first quarter in our history, giving us a good start to the year," said Daniel T. Hendrix, President and Chief Executive Officer.
"Sales were up nearly 8% during what historically has been the seasonally slowest quarter for our business. Our growth was driven by the market's secular shift to carpet tile and by our market segmentation strategy, which has enabled us to continue expanding our presence in education, hospitality and other non-office segments.
Sales for the first quarter of 2008 increased 7.5% to $261.7 million from sales of $243.5 million in the year ago period. Gross profit margin expanded 180 basis points to 36.0%, versus 34.2% in the first quarter last year. Operating income for the first quarter of 2008 increased 27.4% to $31.0 million, or 11.8% of sales, compared with operating income of $24.3 million, or 10.0% of sales, in the first quarter of last year.
Income from continuing operations was $14.1 million, an increase of 55.7% compared with income from continuing operations of $9.1 million in the first quarter of 2007. Net income for the 2008 first quarter was $14.1 million, or $0.23 per diluted share.
As previously announced, the Company sold its fabrics division in July 2007, and therefore the financial statements for all periods presented now reflect the fabrics division as discontinued operations. Last year, first quarter results included a loss from discontinued operations of $49.7 million, which led to a net loss of $40.6 million, or $0.66 per diluted share.
"The 2008 first quarter was the best first quarter in our history, giving us a good start to the year," said Daniel T. Hendrix, President and Chief Executive Officer.
"Sales were up nearly 8% during what historically has been the seasonally slowest quarter for our business. Our growth was driven by the market's secular shift to carpet tile and by our market segmentation strategy, which has enabled us to continue expanding our presence in education, hospitality and other non-office segments.
Must ReadView All
Textiles | On 15th Dec 2018
Textile-garment park inaugurated in Ethiopia's Jimma
President Omar al-Bashir of Sudan, President Ismail Omar of Djibouti...
Textiles | On 15th Dec 2018
Some trying to create unrest over wages: Bangla minister
Some people are trying to create unrest in Bangladesh over the...
Apparel/Garments | On 15th Dec 2018
India's Mufti to expand footwear retail to over 500 stores
Indian denim brand Mufti recently announced expansion of its footwear ...
Interviews View All
Karan Toshniwal
Orange O Tec
Contemporary industry is paying more and more attention to the...
Headhonchos
Indian fashion industry
Cotton consumption will keep growing in the Indian fashion industry
Arvind Saraf
Triveni Sarees
e-Commerce is still evolving fast with constant flux and surprises
Japan-based FitJoy, a shoe brand for women, has been in the footwear...
Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...
Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...
Giulio Cesareo
Directa Plus SpA
Established in 2005, Direct Plus SpA, is one of the largest producers and...
Matthew Kolmes
Supreme Corporation
Supreme Corporation manufactures innovative specialty yarns and safety...
Kerem Durdag
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Samar Firdos
Arvind Ltd
<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...
Judy Frater
Somaiya Kala Vidya
Among the many honours showered on Frater, including Fulbright and Ford...
Karan Arora
Karan Arora
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
Leave your Comments
Recommended
Want to know what happened in the textile world this week? Watch now!
news category
Related Categories:
