Printer Friendly

HAVERTY FURNITURE COMPANIES, INC. REPORTS 1992 THIRD QUARTER RESULTS

HAVERTY FURNITURE COMPANIES, INC. REPORTS 1992 THIRD QUARTER RESULTS
 ATLANTA, Oct. 26 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NASDAQ-NMS: HAVT, HAVTA) today reported increased sales and earnings for the third quarter and nine months ended Sept. 30.
 Net sales for the third quarter totaled $70.6 million compared with $61.8 million in the year-earlier period. Net income for the three months was $1,126,000, or $0.20 per share, vs. $399,000, or $0.07 per share, a year ago. For the first nine months of 1992, net sales amounted to $200.0 million vs. $181.5 million in the year-earlier period. Net income for the first nine months totaled $1,980,000, or $0.35 per share, compared with $1,282,000, or $0.23 per share, in the first nine months of 1991.
 Commenting on the results, Frank S. McGaughey Jr., president and chief executive officer, said: "We are encouraged by the company's third quarter results. There is still a high level of promotional activity within the home furnishings industry, and we are comparing against results a year ago that were affected by a sluggish level of consumer spending. We are experiencing, however, continued improvement in customer traffic and demand. The increase of 14.0 percent in same- store sales for the third quarter followed a gain of 9.4 percent in the second period and a gain of 5.8 percent in the first quarter. This favorable momentum is not concentrated in any one geographic region, but is apparent generally throughout the chain.
 "The increase of 14.3 percent in total sales for the third quarter is the highest year-to-year gain Haverty's has recorded since the third quarter of 1987. Our strategy over this very difficult period for the industry has been to strengthen the company's competitive position by implementing a more selective expansion program while continuing to upgrade the appearance and merchandising of existing showrooms. During the fourth quarter, we will open a store in Naples, Florida, and by year end our new upscale interiors look will have been installed in 29 Haverty's showrooms. Our initial plans for 1993 are to open one to three new stores and to modernize 15 additional stores based on the continuing success of those which have been refurbished."
 McGaughey said: "The pace of business to date in October has remained favorable. We are cautiously optimistic that fourth quarter sales will reflect a sound gain compared with the $64.9 million last year and that earnings will be up compared with the $0.17 per share in the year-earlier period."
 Haverty's currently operates 86 retail furniture showrooms in 11 states throughout the Southeast and Southwest. The company's two classes of common shares are quoted on the NASDAQ National Market System under the symbols HAVT and HAVTA.
 HAVERTY FURNITURE COMPANIES INC.
 FINANCIAL HIGHLIGHTS
 (In thousands, except per share data)
 (Unaudited)
 3 mos. ended 9/30/92 9/30/91 Pct. chg.
 Net sales $70,622 $61,762 14.3
 Other customer revenues,
 principally credit
 service charges 2,515 3,046 (17.4)
 Income before income taxes $ 1,787 $ 634 181.9
 Provision for income taxes 661 235 181.3
 Net income $ 1,126 $ 399 182.2
 Earnings per share $ .20 $ .07 185.7
 Avg. shares outstanding 5,672 5,655 0.3
 Cash dividends per share:
 Common stock $ .095 $ .095 ---
 Class A common stock .09 .09 ---
 9 mos. ended 9/30/92 9/30/91 Pct. chg.
 Net sales $200,028 $181,476 10.2
 Other customer revenues,
 principally credit
 service charges 7,981 8,706 (8.3)
 Income before income taxes $ 3,142 $ 2,035 54.4
 Provision for income taxes 1,162 753 54.3
 Net income $ 1,980 $ 1,282 54.4
 Earnings per share $ .35 $ .23 52.2
 Avg. shares outstanding 5,658 5,665 (0.1)
 Cash dividends per share:
 Common stock $ .285 $ .285 ---
 Class A common stock .27 .27 ---
 -0- 10/26/92
 /CONTACT: Roger P. Whitaker, senior vice president and CFO of Haverty Furniture Companies, 404-870-9410/
 (HAVT) CO: Haverty Furniture Companies, Inc. ST: Georgia IN: REA SU: ERN


EA-BN -- AT004 -- 4689 10/26/92 10:46 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1992
Words:693
Previous Article:CEPHALON, INC. PRESENTS PROMISING DATA ON SMALL MOLECULE NEUROTROPHIC FACTORS FOR THE TREATMENT OF NEURODEGENERATIVE DISEASES
Next Article:ALASKA AIR GROUP REPORTS THIRD-QUARTER LOSS
Topics:


Related Articles
HAVERTY FURNITURE COMPANIES, INC. REPORTS 1991 RESULTS
HAVERTY FURNITURE COMPANIES REPORTS 1992 SECOND QUARTER RESULTS
HAVERTY FURNITURE COMPANIES, INC. REPORTS 1993 FIRST QUARTER RESULTS
HAVERTY FURNITURE COMPANIES, INC. REPORTS 1993 SECOND QUARTER RESULTS
HAVERTY FURNITURE COMPANIES, INC. REPORTS RECORD SALES FOR SEPTEMBER
HAVERTY FURNITURE COMPANIES, INC. REPORTS RECORD SALES FOR NOVEMBER
HAVERTY FURNITURE COMPANIES, INC. REPORTS RECORD SALES FOR JANUARY
HAVERTY FURNITURE COMPANIES, INC. REPORTS 1994 YEAR-END RESULTS
HAVERTY FURNITURE COMPANIES, INC. REPORTS RECORD SALES FOR MARCH
/C O R R E C T I O N -- HAVERTY FURNITURE COMPANIES, INC./(Correction Notice)

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters