Keller 3Q sales dip 11.2%, net income up 5.7%
By Furniture Today Staff -- Furniture Today, December 3, 2001
CORYDON, Ind. — Case goods maker Keller Mfg. said third-quarter sales were down 11.2% from a year ago to $11.7 million, a reflection of ongoing soft industry conditions.
Net income of $651,769 for the period ended Sept. 30 was up 5.7%, which the company said was due to increased efficiency, reduced expenses and an effort to scale production to incoming orders.
Year-to-date sales were down 20.3% to $34.1 million. Net income was off 33.6% from last year to $1.5 million in the first three quarters of 2001.
"In this difficult environment we have positioned ourselves to cope with slower incoming orders," said Steve Robertson, president and chief executive officer.
"Our cost containment and reduction programs are proving effective. Plant efficiencies are continuing to improve, and we are stepping up our training efforts in order to further capitalize on improved efficiencies," he said.
Robertson said that low consumer confidence continues to hinder furniture sales at retail, but new housing construction and lower interest rates should fuel stronger demand in the future.
| Quarter ended 9/30 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $11,674,459 | $13,147,371 | (11.2%) |
| Operating income | 1,020,678 | 1,093,688 | (6.7%) |
| Net income | 651,769 | 616,411 | 5.7% |
| Earnings per share | 0.12 | 0.11 | 9.1% |
| 9 months ended 9/30 | 2001 | 2000 | Change |
| Sales | $34,078,375 | $42,771,207 | (20.3%) |
| Operating income | 2,463,334 | 3,810,717 | (35.4%) |
| Net income | 1,541,501 | 2,322,748 | (33.6%) |
| Earnings per share | 0.27 | 0.41 | (34.1%) |
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