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Hooker Furniture restates 4Q earnings

Lower ad, insurance costs add $658,000 to net income

By Furniture Today Staff -- Furniture Today, February 15, 2006

MARTINSVILLE, Va. — Hooker Furniture restated fourth-quarter earnings Tuesday, adding about $658,000 or 6 cents per share to its earnings.

The manufacturer and importer said it had overstated its advertising program costs and group insurance expense in the quarter ended Nov. 30.

As restated, Hooker had sales of $90.2 million in the fourth quarter and $341.8 million in the year. Net income was revised to $4 million, or 34 cents per share, in the fourth quarter and $12.5 million, or $1.06 per share, in the year.

Separately, the company issued a more optimistic forecast for first-quarter sales, saying they’re likely to range from 2% lower to 2% higher than in the strong first quarter of 2005. Previously, the company had forecast sales would be down 3% to 7%.

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Hooker restates 4Q earnings

Mar 5, 2006

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