Hooker 4Q sales down, but up from 3rd qtr.
By Furniture Today Staff -- Furniture Today, December 23, 2001
MARTINSVILLE, Va. — Case goods manufacturer and importer Hooker Furniture reported sales in its fourth quarter of $59.2 million and net income of $2.5 million, declines of 10.8% and 20.4%, respectively.
For the fiscal year, net sales were off 11.9% to $221.3 million, while net income for the year ended Nov. 30 was off 56.3% to $6.5 million.
While fourth-quarter sales were off from last year, they trended upward from third-quarter performance, rising 16.9% from $50.6 million in the prior quarter. That compares to a 7.8% increase comparing the third and fourth quarter in the previous fiscal year.
Hooker has seen improving orders since the October High Point market, said Paul Toms, chairman and chief executive officer.
"Coupled with the operating efficiencies we have gained since our restructuring in August, we are ending this difficult year on a promising note and with momentum," Toms said. "Considering that this upward sales trend has occurred during a quarter in which our country has experienced devastating terrorist attacks and military action in Afghanistan, we feel hopeful that the upturn is sustainable."
Toms added that Hooker has positioned itself to take advantage of any improvements in business conditions in 2002.
"The programs and products we introduced in 2001 should sell very well in a stronger retail environment," he said. "In addition, we have strengthened our sales organization, improved our operating systems and done a better job of controlling costs. As volume comes back, the cost-cutting we did should pay off."
During fiscal 2001, Hooker reduced inventories by $9.3 million and long-term debt, including current maturities, by $2.6 million.
| Quarter ended 11/30 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $59,181,000 | $66,338,000 | (10.8%) |
| Operating income | 3,896,000 | 4,496,000 | (13.3%) |
| Net income | 2,532,000 | 3,182,000 | (20.4%) |
| Earnings per share(a) | 0.45 | 0.52 | (13.5%) |
| Year ended 11/30 | 2001 | 2000 | Change |
| Sales | $221,289,000 | $251,051,000 | (11.9%) |
| Operating income | 11,958,000 | 22,947,000 | (47.9%) |
| Net income | (b)6,510,000 | 14,914,000 | (56.3%) |
| Earnings per share(a) | 1.12 | 2.06 | (45.6%) |
| (a) Based on average shares outstanding of 5.6 million in the 2001 quarter, 6.2 million in the 2000 quarter, 5.8 million in the 2001 year and 7.3 million in the 2000 year. (b) Includes a $745,000 after-tax charge for restructuring and a special common stock repurchase. | |||
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