Interface reports third quarter results

22 Oct '08

4 min read

Income from continuing operations was $43.6 million, or $0.70 per diluted share, in the 2008 nine-month period, an increase of 15.9% compared with income from continuing operations of $37.6 million, or $0.61 per diluted share, in the same period a year ago. Including results of discontinued operations, net income was $38.4 million, or $0.62 per diluted share, in the first nine months of 2008 compared with a net loss for the first nine months of 2007 of $31.1 million, or $0.50 per diluted share.

Mr. Hendrix concluded, "For the past several years, Interface has been repositioning the business for long-term growth and success. We have established Interface as the leading provider of modular carpet worldwide and executed a successful market diversification strategy that has expanded the number of end markets we serve as well as our geographic reach, lessening our exposure to the cycles of the corporate office market.”

“We believe the benefits of this strategy will continue to be evident in our performance going forward. At the same time, we are focused on strengthening our balance sheet by generating cash and paying down debt, while still making the investments necessary to meet our strategic goals. We believe we are well positioned, both operationally and financially, to continue to build our business and expand our leadership position in the carpet tile market, despite a challenging economic environment. Looking ahead, we will take the steps necessary to protect the profitability of our business and generate the cash necessary to support our future success."

Interface Inc

More Interface Inc News... More Textiles News - United States Of America...