CFC to post record sales
By Furniture Today Staff -- Furniture Today, February 20, 2005
Chicago Heights, Ill. — Coatings supplier CFC International has reported preliminary results for the fourth quarter and 2004 year, and expects net income for the year to be about $3.5 million, or earnings per share of 79 cents, with record sales of $82.6 million.
The annual profits figure excludes the correction of mathematical errors recently discovered by the company, which it said are related to its accounting for the foreign currency translation of overseas operations into U.S. dollars.
The correction is expected to increase the company's annual net income by $300,000 to $500,000.
The currency translation adjustment also will increase 2003 earnings.
CFC plans to file its annual SEC report, along with restated results for 2003, as soon as it completes its investigation.
Sales in the fourth quarter were $20.7 million, up 35% over the comparable 2003 period. Fourth-quarter 2004 preliminary net income was $562,000, compared with a net loss or $202,000 in the year-earlier period.
CFC said the increase in preliminary net income was due primarily to higher sales and improved productivity.
President and CEO Greg Jehlik said, "The strategies implemented in 2003 and 2004 allowed us to make significant strides in growing our bottom line in 2004. As a result, we enter 2005 with a continued focus and commitment to growing the business and executing our annual operating plan."
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