GRAND RAPIDS, Mich. -- Ameriwood Industries International, a maker of flat-packed furniture here, sharply reduced its loss in the fourth quarter as sales rose 17 percent. Ameriwood posted a net loss of $152,600 in the quarter ended Dec. 31, compared with a net loss of $2.5 million. Sales were $31.3 million, compared with $26.8 million.
Furniture sales increased 25 percent to $23.8 million in the fourth quarter of 1996, fueled by strong sell-through of Ameriwood products in the office superstore and warehouse club channels, as well as increased penetration in home centers.
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The 1996 quarter includes a non-recurring pre-tax charge of $1.15 million, related to the replacement of a defective futon cushion that was shipped primarily to regional retailers in the northeastern U.S. The 1995 results included a pre-tax charge of approximately $2.6 million for a management reorganization and estimated costs to complete environmental remediation at the company's Dowagiac, Mich., facility.
"Our fourth-quarter results, though hurt by the non-recurring charge, show some of the positive impact of our focus on productivity, process improvements and cost reductions, as well as our investments in capabilities for added features and styling," president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Charles Foley said.
For its fiscal year, Ameriwood posted a net income of $479,900, or 11 cents per share Cents per share
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $106.0 million.
Excluding the fourth-quarter charges, Ameriwood would have posted a pre-tax operating profit of $2.3 million for fiscal 1996, versus an operating loss of $1.7 million in 1995.