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 LAGRANGE, Ga., Oct. 26 /PRNewswire/ -- Interface, Inc. (NASDAQ: IFSIA), today reported third quarter net sales of $168 million, the highest in the company's 20-year history, and 17 percent above the $144 million for the third quarter of 1992. Net income, after adjustment for preferred dividends, was $3.4 million ($.20 per share), up 81 percent over the $1.9 million ($.11 per share) reported for the same quarter of last year.
 Ray C. Anderson, chairman and chief executive officer, commented, "Our business at last appears to be coming out of its long painful decline. This quarter's improved year-on-year results are particularly encouraging because they reflect a contribution from all sectors: interior fabrics continued to generate strong growth; Asia-Pacific once again improved in both sales and profitability; Europe continued to successfully implement cost containment as it battled through recession; the Americas showed the positive impact of aggressive selling together with improved quality and service; and chemicals recorded an excellent quarter, including continued expansion of the Envirosense Consortium. In addition to the above, we were pleased with the contribution of Bentley Mills, acquired at the end of the second quarter, and the positive response the acquisition has generated from the marketplace. Nevertheless, economic sluggishness in the U.S. and many other markets, particularly Japan and Continental Europe, continues to be a concern."
 Net sales for the first nine months of 1993 were $453 million, compared with $448 million for the same period of 1992. Net income, after adjustment for preferred dividends, was $8.4 million, compared with $9.1 million for the same nine months of last year.
 Anderson went on to say, "Based on the turnaround we are experiencing in our historic core businesses, combined with the potential of Bentley to contribute significantly both to profits and to our global marketing strategy, we believe that our performance during the fourth quarter will drive our full year results for 1993 beyond those of 1992."
 Interface, Inc., is committed to delivering superior value to its customers, as the world's largest manufacturer of modular carpet under the Interface and Heuga brands, and interior fabrics under the Guilford of Maine and Stevens Linen brands, for use in offices, healthcare facilities, airports, educational and other institutions, and retail facilities. Through its Bentley Mills subsidiary, the company also manufactures and markets high quality, designer-oriented broadloom carpeting used primarily for commercial and institutional applications. In addition, the company manufactures and sells 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.
 Third Quarter
 Three months ended 10/3/93 10/4/92
 Net Sales $167,586,000 $143,716,000
 Cost of Sales 113,030,000 97,711,000
 Gross Profit 54,556,000 46,005,000
 S,G,& A 41,669,000 38,072,000
 Operating Income 12,887,000 7,933,000
 Other Expense (Income) 6,934,000 5,213,000
 Pretax Income 5,953,000 2,720,000
 Tax Rate (pct) 35.0 30.0
 Net Income 3,870,000 1,904,000
 Less: Preferred Dividends 423,000 --
 Adjusted Net Income $ 3,447,000 $ 1,904,000
 Earnings Per Share $0.20(A) $0.11(A)
 Weighted Average Common Shares
 Outstanding - Primary 17,309,000 17,265,000
 Weighted Average Common Shares
 Outstanding - Fully Diluted 23,454,000 23,409,000
 Nine months ended 10/3/93 10/4/92
 Net Sales $452,672,000 $447,505,000
 Cost of Sales 309,437,000 302,422,000
 Gross Profit 143,235,000 145,083,000
 S,G,& A 110,927,000 113,204,000
 Operating Income 32,308,000 31,879,000
 Other Expense (Income) 18,656,000 17,523,000
 Pretax Income 13,652,000 14,356,000
 Tax Rate (pct) 35.0 36.7
 Net Income 8,871,000 9,091,000
 Less: Preferred Dividends 476,000 --
 Adjusted Net Income $ 8,395,000 $ 9,091,000
 Earnings Per Share $0.49(A) $0.53(A)
 Weighted Average Common Shares
 Outstanding - Primary 17,280,000 17,249,000
 Weighted average Common Shares
 Outstanding - Fully Diluted 23,424,000 23,393,000
 (A) -- For the three- and nine-month periods ended Oct. 3, 1993, and Oct. 4, 1992, respectively, earnings per share on a fully diluted basis were undilutive.
 -0- 10/26/93
 /CONTACT: Dan Hendrix, chief financial officer of Interface, 706-882-1891; or J. Desmond Towey of Towey & Associates, 212-888-7600/

CO: Interface, Inc. ST: Georgia IN: TEX SU: ERN

GK-TA -- NY063 -- 6817 10/26/93 13:24 EDT
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Publication:PR Newswire
Date:Oct 26, 1993

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