Masco '01 sales up 15.4%; RTA struggles
By Furniture Today Staff -- Furniture Today, February 24, 2002
TAYLOR, Mich. — Masco Corp., a major producer of building products and owner of three ready-to-assemble furniture producers, said 2001 sales jumped 15.4% to $8.4 billion, although RTA was one of its weakest product categories.
Net income was significantly lower because of a variety of asset writeoffs, coming to $198.5 million, or 42 cents per share, compared with $591.7 million, or $1.31 per share, in 2000.
Last year's sales jump largely was due to acquisitions, but Masco Chairman Richard Manoogian said he was especially pleased with the fourth quarter, when sales were up 6%, excluding acquisitions.
"The fourth quarter was significantly stronger than the first three quarters of 2001," he said during a conference call with securities analysts. "The improving trend has continued into 2002 and, if anything, has improved further."
Masco owns RTA producers d-Scan, Tvilum-Scanbirk and Mills Pride. Manoogian attributed much of RTA's weakness last year to lower sales to Kmart, which filed for Chapter 11 bankruptcy protection in January. He said sales to the discounter ran at an annual rate of $20 million in the fourth quarter, far below the $80 million to $100 million the company had sold annually to Kmart.
He noted an assembled cabinet line under the Thomasville brand name is doing well at Home Depot, and said cannibalization of other cabinet sales "has been less that we would have expected" since the Thomasville brand was introduced last year.
"We had nice comp-store growth at retail in our cabinet business," Manoogian said.
| • Masco Corp. | |||
|---|---|---|---|
| Owns Mills Pride, Tvilum-Scanbirk, d-Scan and a minority interest in LifeStyle Furnishings Intl. | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 12/31 | 2001 | 2000 | Change |
| Sales | $2,115,000,000 | $1,733,000,000 | 22.0% |
| Operating income | 265,150,000 | 199,480,000 | 32.9% |
| Net income | 127,500,000 | (a)44,900,000 | 184.0% |
| Earnings per share(b) | 0.26 | 0.10 | 160.0% |
| Year ended 12/31 | 20 01 | 2000 | Change |
| Sales | $8,358,000,000 | $7,243,000,000 | 15.4% |
| Operating income | 1,133,000,000 | 1,116,220,000 | 1.5% |
| Net income | 198,500,000 | (a)591,700,000 | (66.5%) |
| Earnings per share(b) | 0.42 | 1.31 | (67.9%) |
| (a) Includes a $90 million pretax charge for the disposition of businesses in both periods. The 2000 quarter also includes a $19.4 million income tax benefit. (b) Based on average shares outstanding of 484.2 million in the 2001 quarter, 448.3 million in the 2000 quarter, 474.9 million in the 2001 year and 451.8 million in the 2000 year. | |||
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