FBI posts $4.2M loss in 1Q
By Heath E. Combs -- Furniture Today, May 11, 2009
ST. LOUIS — Furniture Brands International said its sales were down 25.2% in the first quarter, and it reported a net loss of $4.2 million.
The manufacturer and importer also reported sales of $356.9 million in the first quarter, compared with $477.2 million in the same period last year.
The net loss equaled 9 cents per share. In the 2008 first quarter, the company had earnings of $33.6 million or 69 cents per share, including earnings of $29.9 million from discontinued operations.
FBI said it expects to generate positive cash flow for the year, even excluding $27 million it received in tax refunds in April.
It also said it had reduced its selling, general and administrative expenses in the quarter by about $15 million from the same period a year ago, to $83.2 million.
“Since early 2008 we have been exercising increased discipline in our selling processes, in cost controls, and in managing our capital base,” said Ralph Scozzafava, chairman and CEO. “The results of that discipline are evident as we are continuing to reduce inventories, generate cash flow and manage one of the strongest balance sheets in the industry.”
Gross margin for the quarter was 22% compared to 23.3% in the first quarter of 2008.
Furniture Brands is the parent of Broyhill, Lane, Thomasville, Drexel Heritage, Henredon and Maitland-Smith.
Furniture Brands International
Owns Broyhill, Drexel Heritage, Henredon, Lane, Maitland-Smith and Thomasville
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 3/31 | 2009 | 2008 | Change |
| (a) Includes earnings from discontinued operations of $29.9 million in the 2008 quarter. |
|||
| Sales | $356,871,000 | $477,200,000 | (25.2%) |
| Operating income | (2,873,000) | 9,038,000 | — |
| Net income (a) | (4,176,000) | 33,616,000 | — |
| Earnings per share | (0.09) | 0.69 | — |
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FBI sales fall 35.9% in 2Q
Aug 10, 2009 -
Furniture Brands reports loss of $4.2 million
May 7, 2009 -
FBI posts 2Q loss
Aug 10, 2008 -
FBI trims loss to $23.5M
Nov 9, 2009 -
FBI sales fall 17.6%
Nov 9, 2008
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