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Interface, Inc (IFSIA) Posts 3rd Quarter Results
Interface, Inc, a noted green carpet company, posted its 3rd quarter results yesterday. Here’s a breakdown of the stats compared to last year:
- Sales- This year:$278.4 million, Last year: $279.5 million
- Operating income: This year: $31.0 million, or 11.1% of sales. Last year: 34.8 million, or 12.4% of sales.
- Income from continuing operations- This year: $13.6 million, or $0.22 per diluted share. Last year: $15.2 million, or $0.25 per diluted share.
- Net income: This year: $8.4 million, or 14 cents per diluted share. Last year: $8.6 million, or 14 cents per diluted share.
Interface’s president and CEO, Daniel T. Hendrix, commented on the results:
Our sales in the 2008 third quarter showed remarkable resilience in the current economic environment and illustrate the benefits of the strategic actions we’ve taken to strengthen our position in the market. Driven by our diversification across both end markets and geographies, third quarter sales held substantially even with the strong results reported a year ago. While we have seen a slowdown in demand within the corporate office segment, particularly in Western Europe and the United States, it has been balanced by continued solid demand for modular carpet in segments such as government, education, healthcare and retail, and growth in emerging geographic markets. In Europe, we continued to invest in the implementation of our market diversification strategy, which has been a strong driver of our success in the United States. While these investments have had a near-term impact on profitability, we believe there is a significant opportunity for growth in Europe in these segments, which have remained largely untapped to date."
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