O'Sullivan's 2Q sales, operating income slip
By Furniture Today Staff -- Furniture Today, February 16, 2003
Lamar, Mo. — Ready-to-assemble furniture producer O'Sullivan Inds. said sales in its second quarter ended Dec. 31 declined 6.2% from a year earlier to $79.1 million.
Operating income for the quarter was $8.1 million, down 4.3%. But for the first six months, operating income was up 8.5% to $16 million.
The net loss in the quarter was $4.6 million, compared with a net loss of $1.9 million a year ago. For the year to date, the loss was $9.7 million, compared with a loss of $6.3 million a year earlier. This year's loss was affected by a higher income tax expenses because of an arbitration settlement with RadioShack, amounting to $3.1 million for the quarter and $6.2 million for the six months.
Adjusted earnings before interest, taxes, depreciation, amortization and preferred dividends — considered an important measurement for a highly leveraged company like O'Sullivan — came to $11.7 million for the quarter, a decline of 5.1%. Year-to-date adjusted EBITDA of $23.2 million was up 3.9%, the company said.
O'Sullivan is attempting to diversify its line and distribution, and has announced an agreement with outdoor gear specialist Coleman for a line of flat-pack storage products for the garage.
| O'Sullivan Inds. | |||
|---|---|---|---|
| All figures in parentheses are loses or declines. | |||
| Quarter ended 12/31 | 2002 | 2001 | Change |
| (a) After preferred dividends of $3.5 million in the 2002 quarter, $3 million in the 2001 quarter, $7 million in the 2002 six months and $6 million in the 2001 six months. The 2001 six months also includes a $163,000 income tax benefit. |
|||
| Sales | $79,111,000 | $84,313,000 | (6.2%) |
| Operating income | 8,109,000 | 8,470,000 | (4.3%) |
| Net income(a) | (4,614,000) | (1,866,000) | — |
| 6 months ended 12/31 | 2002 | 2001 | Change |
| Sales | $150,668,000 | $166,506,000 | (9.5%) |
| Operating income | 16,023,000 | 14,767,000 | 8.5% |
| Net income(a) | (9,654,000) | (6,304,000) | — |
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