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IHFC revenues rise 3.3%, profits up 1.5%

By Furniture Today Staff -- Furniture Today, February 6, 2005

High Point — The International Home Furnishings Center had another solidly profitable year with revenues up 3.3% and net income rising 1.5%, according to a report filed by the market building's co-owner, Bassett Furniture Inds.

Bassett includes the information in its annual report to the Securities and Exchange Commission because the IHFC accounts for much of the company's pretax income — $5.6 million in the fiscal year ended Nov. 27, which topped the $3.7 million Bassett earned from its furniture operations.

The IHFC, whose fiscal year ends Oct. 31, reported revenues of $45 million in 2004, up from $43.5 million the previous year.

Net earnings rose to $13.1 million from $12.9 million in fiscal 2003.

Most of last year's revenues came from rental income of $37.8 million, up 3.4% from a year earlier.

Net profit amounted to a hefty 29% of revenue in fiscal 2004, consistent with the previous two years. The Big Building kept most of its 2004 expenses at or below the levels of the previous year, although it did spend $1.5 million on building maintenance, up from about $1 million in 2003.

The IHFC said it paid its owners $12 million in dividends last year, up from $11 million the previous year. Bassett reported receiving $5.6 million in dividends, in keeping with its share of ownership.

International Home Furnishings Center
Year ended 10/31	2004	2003	Change
(a) Includes non-rental revenues of $7.2 million in the 2004 year and $7 million in the 2003 year. (b) Revenues minus compensation and benefits, market and promotional expenses, maintenance and building costs, rent, property taxes and insurance, utilities and other operating costs. (c) Basic.
Revenues (a)	$44,965,244	$43,518,276	3.3%
Operating income (b)	31,097,650	30,397,273	2.3%
Net income	13,053,084	12,859,879	1.5%
Earnings per share (c)	27.10	26.70	1.5%

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