Tempur-Pedic '03 sales soar 60.8%
By Furniture Today Staff -- Furniture Today, February 22, 2004
LEXINGTON, Ky. — LEXINGTON, Ky. — Tempur-Pedic International, a manufacturer and marketer of visco-elastic mattresses and pillows, said fourth-quarter sales jumped 48.6% to $136.8 million, while sales for the year surged 60.8% to $479.1 million.
Net income for the fourth quarter was $11.6 million compared with $1.8 million a year ago. Net profits for the full year were $37.6 million, a jump of 125.1% from 2002 profits of $16.7 million.
The results are for the United States and international markets. Domestic sales for 2003 were $282.2 million.
The company conducted an initial public offering in December. CEO Robert Trussell said proceeds enabled Tempur-Pedic to "reduce leverage and provided us with the financial flexibility to further invest in the brand, expand our production capacity to meet rapidly growing consumer demand, and to handle our growing portfolio of premium products."
To facilitate comparison of 2003 and 2002 results, the company combined its domestic operations with Tempur World Inc., its predecessor company, for 2002. Additionally, reported net income includes certain special items excluded from pro-forma net income.
Fourth-quarter pro forma net income was $13.9 million, up 62.3% from pro forma net income of $8.6 million in the previous year's final quarter. Pro forma net income for the year was $52.1 million, up 121.2% from $23.5 million in 2002.
Tempur-Pedic distributes its products through four channels: retail, direct, health care and third-party distributors. Sales in the retail channel were $313.4 million in 2003.
"We have continued to see exceptional growth in both our domestic and international businesses," Trussell said. "In particular, we saw strong growth in our retail channel as well as our U.S. and U.K. direct-response channels in 2003. The company has carried its sales momentum into the new year, largely supported by our continued commitment to building brand awareness through advertising and marketing."
| Tempur-Pedic International | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| Quarter ended 12/31 | 2003 | (a)2002 | Change |
| Sales | $136,776,000 | $92,014,000 | 48.6% |
| Operating income | 27,528,000 | 7,143,000 | 285.4% |
| Net income | (b)11,585,000 | 1,753,000 | 560.9% |
| Earnings per share | 0.12 | NA | — |
| Year ended 12/31 | 2003 | (a)2002 | Change |
| Sales | $479,135,000 | $297,958,000 | 60.8% |
| Operating income | 102,647,000 | 40,559,000 | 153.1% |
| Net income | (b)37,575,000 | 16,694,000 | 125.1% |
| Earnings per share | 0.39 | NA | — |
| (a) Combined results of Tempur-Pedic and Tempur World, its predecessor company. (b) Includes pretax stock-based compensation expense of $2.4 million in the 2003 quarter and $4.1 million in the 2003 year. The 2003 year also includes a $13.7 million pretax charge for transaction-related expenses. |
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