Sealy's revenues up 10.4% in year, 4.9% in 4th quarter
By Furniture Today Staff -- Furniture Today, March 27, 2005
Archdale, N.C. — Bedding industry sales leader Sealy said revenues rose 10.4% in fiscal 2004, but the company sustained a net loss of $38.3 million because of one-time charges stemming from its April buyout by Kohlberg Kravis Roberts.
The company said sales totaled $1.31 billion in the year ended Nov. 30, compared with $1.19 billion in the previous year.
In its fourth quarter, the company had sales of $322 million, an increase of 4.9% from the fourth quarter of fiscal 2003. Fourth-quarter net income came to $12.2 million, compared with $1.5 million a year earlier.
The 2004 net loss includes $133.1 million in expenses from the KKR recapitalization, as well as $624,000 in other one-time restructuring charges. In fiscal 2003, Sealy had net income of $18.3 million.
"We are extremely pleased with our 2004 performance," said Chairman and CEO David McIlquham. "We have achieved improvements from our new products as well as improved manufacturing efficiencies."
He noted the company reduced its debt by $63.8 million in the fourth quarter, and had sliced off $113 million since the KKR transaction was finalized.
Sealy's earnings before interest, taxes, depreciation and amortization totaled $48.5 million in fiscal 2004. That compares with $129.9 million for fiscal 2003.
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