'We are encouraged by the stabilizing trends' – Interface President

01 May '09

4 min read

Including the bond repurchases, the net cash use in operating, investing and financing activities was $7.7 million less than the first quarter last year. We also recently expanded our European credit facility up to an initial availability of euro 32 million - the equivalent of $42 million - which significantly improves our liquidity position and gives us more flexibility in addressing our debt. With regard to debt reduction, we repurchased $10.8 million of our 10.375% bonds during the first quarter, and we continue to explore a number of refinancing opportunities."

Mr. Hendrix concluded, "As the global leader in modular carpet, Interface has undertaken a number of initiatives to better position itself to handle the cycles typically associated with our marketplace and specifically to enhance our position in the current economic downturn.

We have diversified our business in terms of both end markets and geographies served, sold non-core assets, improved the efficiency of our manufacturing processes, and realigned our cost structure to match current demand levels. While still cautious, we are encouraged by the stabilizing trends we saw during the first quarter, and we expect to see improved performance in the second quarter and to increase profitability over the remainder of the year."

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