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Revenues rise 2.7% at IHFC

By Furniture Today Staff -- Furniture Today, March 9, 2003

High Point — Revenues rose 2.7% in the latest fiscal year for the International Home Furnishings Center, and the big showroom building continued its profitable performance with a net margin of nearly 29%.

The IHFC had net income of $12.3 million on revenues of $42.8 million in the year ended Oct. 31, according to Bassett Furniture Inds.' annual report. Most of the 3.5 million-square-foot building's revenues last year, $35.8 million, came from rental income.

Bassett reports the IHFC results because it has a 46.9% ownership stake in the complex. The other owners are Jefferson-Pilot Corp. and Randall Terry, publisher of the High Point Enterprise.

The Big Building's net income was up 32.8% in the 2002 fiscal year, mainly because of a one-time charge of $1.9 million recorded in fiscal 2001 because of the early retirement of debt. Excluding the one-time item, earnings were up 10.3% last year.

The IHFC paid $12 million in dividends last year, much less than the previous year's $60.8 million. Bassett said its share of dividends was $5.6 million in fiscal 2002, versus $25.1 million in 2001.

International Home Furnishings Center
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
Year ended 10/31	2002	2001	Change
(a) Includes non-rental revenues of $6.9 million in the 2002 year and $7 million in the 2001 year. (b) Includes a $1.9 million extraordinary loss on the early extinguishment of debt. (c) Basic. Based on average shares outstanding of 488,939 in the 2002 year and 527,638 in the 2001 year.
Revenues(a)	$42,765,722	$41,655,601	2.7%
Operating income	28,404,042	27,743,169	2.4%
Net income	12,286,706	(b)9,249,405	32.8%
Earnings per share(c)	25.13	17.53	43.4%

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IHFC revenues rise 1.8%, net income grows 4.7%

Feb 15, 2004

IHFC revenues rise 3.3%, profits up 1.5%

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IHFC revenues up 8.1%, net income off 28.5%

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