Hooker restates 4Q earnings
By Furniture Today Staff -- Furniture Today, February 19, 2006
Martinsville, Va. — Hooker Furniture has restated fourth-quarter earnings, adding about $658,000, or 6 cents per share, to earnings.
The manufacturer and importer said it had overstated its advertising program costs and group insurance expenses 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 Furniture restates 4Q earnings
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