Dmi Furniture, Inc. Reports 2nd Quarter Fiscal 2003 Results and Comments about the Third Fiscal Quarter.Business Editors LOUISVILLE Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , Ky.--(BUSINESS WIRE)--April 8, 2003DMI (Desktop Management Interface) The first desktop management standard from the DMTF. Enabling PCs to be monitored from a central console, it was superseded by the DMTF's Common Information Model (see CIM). Furniture, Inc. (Nasdaq:DMIF DMIF Delivery Multimedia Integration Framework DMIF Dynamic Multiuser Information Fusion DMIF Depot Maintenance Industrial Fund DMIF Distributed Multiuser Information Fusion ) announced today that the Company's revenue and net income increased significantly during the second quarter of fiscal 2003 but expects a difficult operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. for the third quarter of the fiscal year. For the three months ended March 1, 2003, DMI Furniture, Inc. reported record 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 $30 million and record net income of $748,000 or $0.17 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. For the three months ended March 2, 2002, the Company reported net sales of $22.2 million and net income of $22,000 or $0.02 per diluted share. An expanded distribution base and increased penetration with existing accounts resulted in significant growth for both the Wynwood and HomeStyles divisions. The Company's commercial office division also experienced an increase in revenue helped by the successful introduction of several new higher end Coordinates: For other places with the same name, see Billinge. Higher End or Billinge Higher End is a district of the Metropolitan Borough of Wigan, in Greater Manchester, England. office furniture groups. Donald D Donald D is a rapper originally from North Carolina. In New York, he started his career as a rapper, as part of The B-Boys, working with Afrika Islam and Grandmaster Flash. . Dreher, President and Chief Executive of DMI Furniture, Inc. said, "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by our success in the first and second fiscal quarters, however, we believe the third fiscal quarter will be difficult due to the decline in consumer confidence over the last couple of months, the general softness throughout the economy and the war in the Middle East. Accordingly we expect a decline in both revenue and operating results for the third fiscal quarter as compared to the third fiscal quarter of fiscal 2002." As previously announced, DMI will hold an investor conference call on April 9, 2003 at 11 am Eastern Time. Dialing 1-973-582-2706 and referencing call 3856716 or Phil Keller can access the call. The Company anticipates filing its 2nd quarter 10Q on April 8, 2003. DMI Furniture, Inc. is a Louisville, Kentucky  “Louisville” redirects here. For other uses, see Louisville (disambiguation). based vertically integrated manufacturer, importer, and marketer of residential and commercial office furniture with four manufacturing plants and warehousing in Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). and manufacturing sources in Asia and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . DMI's divisions are DMI Office Furniture, DMI Desk Company, Wynwood Furniture Company, and Home Styles. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such statements are dependent on a number of factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such factors include anticipated sales, profitability, cash flow levels, and purchases by major customers, in addition to those factors set forth in the company's required filings with the U.S. Securities and Exchange Commission.
DMI FURNITURE, INC.
SELECT FINANCIAL INFORMATION
Amounts in thousands (except per share amounts)
(Unaudited)
Three months ended Six months ended
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March 1, March 2, March 1, March 2,
2003 2002 2003 2002
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Net sales $30,015 $22,205 $56,009 $47,471
Cost of sales 24,694 18,481 46,456 39,410
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Gross profit 5,321 3,724 9,553 8,061
Margin 17.7% 16.8% 17.1% 17.0%
Selling, general and
administrative expenses 3,668 3,223 6,851 6,597
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% of sales 12.2% 14.5% 12.2% 13.9%
Operating profit 1,653 501 2,702 1,464
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Margin 5.5% 2.3% 4.8% 3.1%
Other income (expense):
Interest expense (486) (378) (895) (803)
Other income (expense) (26) (17) (23) (19)
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(512) (395) (918) (822)
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Income before income taxes 1,141 106 1,784 642
Provision for income taxes (393) (39) (612) (248)
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Net income $748 $67 $1,172 $394
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Earnings per common share:
Basic $0.17 $0.02 $0.27 $0.09
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Diluted $0.17 $0.02 $0.27 $0.09
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Average common and equivalent
shares outstanding 4,390 4,308 4,349 4,314
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