DMI sales tumble 26.8% in 1st quarter
By Furniture Today Staff -- Furniture Today, January 20, 2002
LOUISVILLE, Ky. — Case goods, home office and home entertainment manufacturer and importer DMI Furniture reported sales of $22.9 million in its first quarter, a drop of 26.8% from the same period in the previous year.
Net income for the quarter ended Dec. 2 was down 71% from the previous quarter to $327,000.
Lower sales resulted from a change in the product mix toward lower price points aimed at mass-market retailers, the company said, and a reduction in unit sales due to a slowing economy and the timing of orders from a major customer.
As planned, DMI ceased production of promotional bedroom furniture in the first quarter and is reducing remaining inventory in that category.
Phil Keller, chief financial officer, said during a conference call with analysts that DMI made good progress during the first quarter on debt reduction, a primary company goal in 2002. DMI cut debt by $2.6 million during the quarter.
| Quarter ended 12/1 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $22,878,000 | $31,252,000 | (26.8%) |
| Operating income | 963,000 | 2,485,000 | (61.2%) |
| Net income | 327,000 | 1,128,000 | (71.0%) |
| Earnings per share | 0.08 | 0.26 | (69.2%) |
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