Brown Jordan International Announces Second Quarter Results.Business Editors POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla.--(BUSINESS WIRE)--July 26, 2002 Brown Jordan International, Inc. ("BJI BJI Bemidji, MN, USA - Bemidji Municipal Airport (Airport Code) "), the premier designer, manufacturer and marketer of fine casual and contract furniture, announced today second quarter 2002 results. BJI reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $74.4 million, compared to net sales of $79.3 million for the second quarter of 2001. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, assuming that all acquisitions took place as of January 1, 2001, revenues for the second quarter ended June 2002 were $74.4 million, compared to $90.6 million, while EBITDA for the second quarter of 2002 was $13.9 million, compared to $17.2 million for the second quarter of 2001. On a year-to-date basis, revenues for the 2002 period were $199.3 million, compared to pro forma revenues of $189.7 million for the 2001 period and pro forma EBITDA was $29.2 million for the 2002 year-to-date period, compared to $31.2 million for the 2001 year-to-date period. Bruce R. Albertson, BJI's 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. , stated: "During the quarter, we changed the name of the company from WinsLoew Furniture Inc. to Brown Jordan International. Brown Jordan is one of the most recognized names in the industry, and our company will continue to build that image and fine reputation. In addition, we focused on developing our core management team through the addition of several extremely talented professionals. We are excited about these additions and their commitment to making Brown Jordan International the dominant market leader in the retail, mass and contract channels. Our second quarter results reflect lower sales in the retail and mass channels due to consumers' lack of confidence in the economy. Additionally, the contract channel suffered from continued softness in the hospitality market." Brown Jordan International, Inc., designs, manufactures and markets casual and contract furniture under the brand names Brown Jordan, Pompeii, Winston, Vineyard vineyard, land on which cultivation of the grape—known as viticulture—takes place. As many as 40 varieties of grape, Vitis vinifera, are known. , Atlantis, Stuart Clark Stuart Rupert Clark (born 28 September 1975, Sutherland, New South Wales) is an Australian Test cricketer who plays for the New South Wales Blues and Hampshire. He bowls right-arm fast medium deliveries. , Casual Living, Shae, Better Homes & Gardens, Southern Woods, Loewenstein, Lodging by Charter, Charter, Woodsmiths, Texacraft, Tropic Craft and Wabash Valley The Wabash Valley is a region with parts in both Illinois and Indiana. It is named for the Wabash River and spans the middle to the middle-lower portion of the river and is centered at Terre Haute, Indiana. The term Wabash Valley is frequently used in local media. . Brown Jordan International's corporate office is located in Pompano Beach, Florida Pompano Beach is a city in Broward County, Florida, along the coast of the Atlantic Ocean just to the north of Fort Lauderdale. The Nearby Hillsboro Inlet forms part of the Atlantic Intracoastal Waterway. As of 2006, the U.S. with offices and manufacturing facilities located throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Brown Jordan International, Inc. is an affiliate of Trivest Partners, L.P., a private investment firm, which is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 115 acquisitions and recapitalizations, totaling approximately $2.0 billion in value. Trivest recently closed its third institutional investment fund, Trivest Fund III, L.P., with $316.1 million in total commitments. For more information, please visit http://www.trivest.com.
Brown Jordan International Q2 2002 Results
Reconciliation
of Net Income
to EBITDA
For the quarter ending
June 29, 2001
('000)
Net book income $ (296)
Provision for income taxes 2,530
Interest expense, net 11,277
Amortization 2,321
Depreciation 822
---------
EBITDA as reported $ 16,654
EBITDA from acquired entities
pre acquisition periods in 2001: 534
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Pro forma EBITDA $ 17,188
Reconciliation
of Net Sales
to Pro forma
Revenues
For the quarter ending
June 29, 2001
('000)
Net Sales as reported $ 79,253
Net Sales from acquired entities
pre acquisition periods in 2001: 11,363
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Pro forma Net Sales $ 90,616
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