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Bush anticipates net loss of 37 to 42 cents in 4th qtr.
By Furniture Today Staff -- Furniture Today, December 23, 2001
JAMESTOWN, N.Y. — Ready-to-assemble furniture manufacturer Bush Inds. said last week it expects fourth-quarter sales to be $83 million, down from $118 million in the fourth quarter of 2000. The company anticipates a net loss for the quarter in the range of 37 to 42 cents per share.
Included in the net loss will be a net non-cash inventory write-down charge of about $2.7 million, or 19 cents per share, the company is taking as a result of the soft retail market. Based on this revised forecast, Bush expects full year 2001 to be slightly profitable.
Citing recent order patterns, Paul Bush, chairman and chief executive officer, said, "We anticipate that our bottom-line results for the first quarter of 2002 will be positive."
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