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Vaughan has loss despite 4.7% sales rise

By Furniture Today Staff -- Furniture Today, March 24, 2002

GALAX, Va. — Case goods manufacturer Vaughan Furniture Co. reported fiscal first-quarter sales of $33.4 million, a 4.7% increase over the first three months of fiscal 2001.

Net income for the quarter ended Feb. 28 fell from $710,806 a year ago to a loss of $97,464.

The company said factory short time and the number of hours dedicated to first cuttings of new product hurt the bottom line.

On the positive side, Vaughan said incoming orders increased during the quarter, and all plants but one returned to a full work schedule in February.

In addition to good performance from October introductions, Vaughan said five suites introduced between markets had been well received.

Vaughan Furniture
Quarter ended 2/28	2002	2001	Change
Sales	$33,351,243	$31,860,447	4.7%
Operating income	NA	NA	NA
Net income	(97,464)	710,806	—
Earnings per share	(0.02)	0.17	—

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