INTERFACE REPORTS SALES, EARNINGS GROWTH
INTERFACE REPORTS SALES, EARNINGS GROWTH LAGRANGE, Ga., Oct. 27 /PRNewswire/ -- Interface, Inc.
(NASDAQ: IFSIA) today reported net income up 14 percent to $1.9 million ($.11 per share) for the quarter ended Oct. 4, 1992, compared with net income of $1.7 million ($.10 per share) for the third quarter of 1991. Net sales were $144 million, up 5 percent from the same quarter of 1991.
Ray C. Anderson, chairman and chief executive officer, commented, "The sales growth recorded is modest, reflecting strengthening currencies against the U.S. dollar. There is continuing economic uncertainty in most major markets which is exacerbated by the economic malaise and currency gridlock that has struck Europe, and which creates a reluctance for many customers to spend on deferrable projects. At the same time, however, our interior fabrics and chemicals operations continued to record strong performances, generating double digit sales growth compared with the same period of 1991." Net income for the first nine months of 1992 increased 67 percent, to $9.1 million from $5.4 million last year. Net sales were $448 million compared with $434 million for the same period of 1991. Earnings were $.53 per share, up 66 percent from the $.32 per share for the first nine months of 1991. "Based on the current level of operations and the economic outlook in most of our major markets, it will be difficult for fourth quarter results to reach those of the same quarter of last year," Anderson said. Interface, Inc. is committed to delivering superior value to its customers, as the world's largest manufacturer of carpet tiles under the Interface and Heuga brands, and interior fabrics under the Guilford of Maine brand, for use in offices, healthcare facilities, airports, educational and other institutions, and retail facilities. The company also manufactures carpet tiles for residential use. In addition, the company engages in the manufacture and sale of chemicals used in various rubber and plastic products, and offers Intersept(R), the company's proprietary antimicrobial chemical, under a licensing program to manufacturers of other products. INTERFACE, INC. Three Months Ended 10/4/92 9/29/91 Net Sales $143,716,000 $137,203,000 Operating Income 7,933,000 8,854,000 Net Income 1,904,000 1,664,000 Earnings Per Share-Primary $0.11 $0.10 Earnings Per Share-Fully Diluted $0.11(A) $0.10(A) Weighted Average Shares Outstanding-Primary 17,265,000 17,232,000 Weighted Average Shares Outstanding-Fully Diluted 23,409,000 23,376,000 Nine Months Ended 10/4/92 9/29/91 Net Sales $447,505,000 $433,638,000 Operating Income 31,879,000 27,761,000 Net Income 9,091,000 5,430,000 Earnings Per Share-Primary $0.53 $0.32 Earnings Per Share-Fully Diluted $0.53(A) $0.32(A) Weighted Average Shares Outstanding-Primary 17,249,000 17,230,000 Weighted Average Shares Outstanding-Fully Diluted 23,393,000 23,375,000 (A) Fully diluted earnings per share and primary earnings per share are the same as the effect is antidilutive. -0- 10/27/92 /CONTACT: Dan Hendrix, chief financial officer of Interface, 706-882-1891, or J. Desmond Towey of Towey & Associates, 212-888-7600, for Interface/ (IFSIA) CO: Interface, Inc. ST: Georgia IN: TEX SU: ERN
SM-EE -- NY086 -- 5480 10/27/92 14:03 EST
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|Date:||Oct 27, 1992|
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