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Financial results

By Furniture Today Staff -- Furniture Today, February 20, 2006

Earnings per share are fully diluted, and all figures in parentheses are losses or declines.

Leggett & Platt
Owns Fashion Bed Group (Berkshire, Dresher and J/B Ross), Harris-Hub, Duro-Metal, Bedline and L&P Consumer Products Division
Quarter ended 12/31 2005 2004 Change
(a) Includes a net charge of approximately $23 million in the quarter and $40 million in the year from expenses related to restructuring activity initiated in September and unusually high workers' compensation costs, with a partially offsetting one-time income tax benefit.
Sales $1,339,600,000 $1,282,200,000 4.5%
Operating income 97,000,000 93,700,000 3.5%
Net income (a) 45,300,000 65,600,000 (30.9%)
Earnings per share 0.24 0.33 (27.3%)
Year ended 12/31 2005 2004 Change
Sales $5,299,300,000 $5,085,500,000 4.2%
Operating income 444,000,000 455,600,000 (2.5%)
Net income (a) 251,300,000 285,400,000 (11.9%)
Earnings per share 1.30 1.45 (10.3%)
Select Comfort
Quarter ended 12/31 2005 2004 Change
(a) Based on average shares outstanding of 37.3 million in the 2005 quarter, 39.1 million in the 2004 quarter, 38.4 million in the 2005 year and 39.7 million in the 2004 year.
Sales $187,881,000 $148,608,000 26.4%
Operating income 24,625,000 16,148,000 52.5%
Net income 15,817,000 10,438,000 51.5%
Earnings per share (a) 0.42 0.27 55.6%
Year ended 12/31 2005 2004 Change
Sales $691,066,000 $557,639,000 23.9%
Operating income 68,589,000 49,531,000 38.5%
Net income 43,767,000 31,555,000 38.7%
Earnings per share (a) 1.14 0.80 42.5%
Stanley Furniture
Quarter ended 12/31 2005 2004 Change
(a) Based on average shares outstanding of 12.8 million in the 2005 quarter, 13.3 million in the 2004 quarter, 13.2 million in the 2005 year and 13.1 million in the 2004 year.
Sales $81,446,000 $83,269,000 (2.2%)
Operating income 9,257,000 9,399,000 (1.5%)
Net income 5,842,000 5,686,000 2.7%
Earnings per share (a) 0.46 0.43 7.0%
Year ended 12/31 2005 2004 Change
Sales $333,646,000 $305,815,000 9.1%
Operating income 37,442,000 34,688,000 7.9%
Net income 23,231,000 20,789,000 11.7%
Earnings per share (a) 1.77 1.59 11.3%
Tempur-Pedic
Quarter ended 12/31 2005 2004 Change
(a) Includes pretax expenses of $752,000 for research and development, a $5 million charge for interest expense, a $3.5 million loss on the extinguishment of debt and $40,000 in other expenses. (b) Includes pretax expenses of $902,000 for research and development, a $5.7 million charge for interest expenses and $62,000 in other charges. (c) Based on average shares outstanding of 99.6 million in the 2005 quarter, 103.2 million in the 2004 quarter, 102.1 million in the 2005 year and 102.9 million in the 2004 year. (d) Includes pretax expenses of $2.7 million for research and development, a $20.3 million interest charge and a $4.2 million loss on the extinguishment of debt. (e) Includes pretax expenses of $2.3 million for research and development, a $23.6 million interest expense and a $5.4 million loss in the extinguishment of debt.
Sales $215,643,000 $198,406,000 8.7%
Operating income 54,811,000 45,579,000 20.3%
Net income (a)30,361,000 (b)23,880,000 27.1%
Earnings per share (c) 0.30 0.23 30.4%
Year ended 12/31 2005 2004 Change
Sales $836,732,000 $684,866,000 22.2%
Operating income 193,550,000 153,318,000 26.2%
Net income (d)99,329,000 (e)75,007,000 32.4%
Earnings per share (c) 0.97 0.73 32.9%
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