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DMI 2Q sales up 35.2% as income skyrockets

By Furniture Today Staff -- Furniture Today, April 13, 2003

Louisville, Ky. — Case goods and office furniture manufacturer and importer DMI Furniture chalked up $30 million in sales and net income of $748,000 in its second quarter, increases of 35.2% and 11-fold, respectively, over the prior year's period.

Six-month sales of $56 million were 18% ahead of last-year's first half, and net income almost tripled to $1.2 million.

In a conference call with analysts, Donald Dreher, president and chief executive officer, credited much of the strong performance to gaining market share through the growth of DMI's Wynwood and Home Styles import divisions.

He also cited a 5% sales increase in second-quarter commercial office sales, despite an ongoing difficult environment in the category.

While declining to break out sales by division, Dreher said Wynwood sales rose 54% during the quarter, including accounting for the earlier merger of the DMI desk division with Wynwood, and Home Styles sales were up 27%.

"We continue to have strong double-digit growth for both those divisions," he said.

Looking ahead, Dreher anticipated a difficult 2003 for the furniture industry.

"The big question is the depth and duration of the decline in consumer spending on furniture," he said. "There are a lot of distractions right now for any consumer."

DMI Furniture
Earnings per share are fully diluted.
Quarter ended 3/1	2003	2002	Change
(a) Based on average shares outstanding of 4.39 million in the 2003 quarter, 4.31 million in the 2002 quarter, 4.35 million in the 2003 six months and 4.31 million in the 2002 six months.
Sales	$30,015,000	$22,205,000	35.2%
Operating income	1,653,000	501,000	229.9%
Net income	748,000	67,000	1016.4%
Earnings per share (a)	0.17	0.02	750.0%
6 months ended 3/1	2003	2002	Change
Sales	$56,009,000	$47,471,000	18.0%
Operating income	2,702,000	1,464,000	84.6%
Net income	1,172,000	394,000	197.5%
Earnings per share (a)	0.27	0.09	200.0%

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