Vaughan's sales, income decline
By Furniture Today Staff -- Furniture Today, September 30, 2001
GALAX, Va. — Case goods manufacturer Vaughan Furniture reported third quarter sales of $36.2 million and net income of $444,180, declines of 8.2% and 78%, respectively, from the prior year's quarter.
Through the company's third quarter ended Aug. 31, sales were down 11.5% to $101.2 million and net income down 37.4% to $2.5 million, compared to fiscal 2000.
Vaughan said lower orders led to reduced work schedules throughout the third quarter, and to an additional week off around the Fourth of July holiday. Industrywide price-cutting reduced margins, the company said.
Management noted some positive trends. Process improvements instituted during the period are starting to benefit operations, new products have been well received, and daily incoming orders are rising.
All plants now are operating on full schedules, Vaughan said.
The company also said its employees contributed to a record-breaking blood drive following the terrorist attacks of Sept. 11.
| • Vaughan | |||
|---|---|---|---|
| Owns 50% of Webb Furniture | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 8/31 | 2001 | 2000 | Change |
| Sales | $36,212,869 | $39,426,177 | (8.2%) |
| Operating income | NA | NA | NA |
| Net income | 448,180 | 2,035,977 | (78.0%) |
| Earnings per share | 0.11 | 0.48 | (77.1%) |
| 9 months ended 8/31 | 2001 | 2000 | Change |
| Sales | $101,223,681 | $114,383,489 | (11.5%) |
| Operating income | NA | NA | NA |
| Net income | 2,500,027 | 3,992,979 | (37.4%) |
| Earnings per share | 0.59 | 0.94 | (37.2%) |
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