Brown Jordan International Announces Third 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)--Oct. 31, 2002 Brown Jordan International, Inc. ("BJI BJI Bemidji, MN, USA - Bemidji Municipal Airport (Airport Code) "), the premier designer, manufacturer and marketer of fine luxury and contract furniture, announced today third 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 $52.5 million for the third quarter of 2002, compared to $57.1 million for the third 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 year-to-date basis BJI reported net sales of $251.7 million, compared to $176.1 million for the 2001 year-to-date period. EBITDA for the 2002 year-to-date period was $35.2 million, compared to $31.3 million for the 2001 year-to-date period. 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 nine months ended September 2001 were $246.8 million, while EBITDA for the nine months ended September 2001 was $37.4 million. 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 continued to develop our core management team through the addition of several highly reputable professionals. The quarter also saw two major specialty retail trade shows, one in July and one in September, during which we introduced several new furniture collections as well as ancillary products such as home accessories, furniture care products and protective furniture covers. Additionally, we developed new dealer advertising resources, including television commercials, print ad templates and interactive CD's. All of these new products and programs received a tremendous response from our customers. Our third quarter results reflect lower sales in the retail and national accounts markets due to consumers' lack of confidence in the economy. Additionally, the contract channel continued to see lower shipments due to softness in the commercial and hospitality markets which, coupled with pricing pressure, resulted in lower margins." 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, Better Homes & Gardens, Southern Wood, 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 Q3 2002 Results
Reconciliation
Of
Pro forma
EBITDA
For the nine months ending
September 28, 2001
('000)
EBITDA as reported $ 31,310
EBITDA from acquired entities
pre acquisition periods in 2001: 6,102
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Pro forma EBITDA $ 37,412
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Reconciliation
Of
Net Sales
To Pro forma
Revenues
For the nine months ending
September 28, 2001
('000)
Net Sales as reported $ 176,086
Net Sales from acquired entities
pre acquisition periods in 2001: 70,732
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Pro forma Net Sales $ 246,818
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