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IHFC earns $14.3 million in year, up 4.7%

By Furniture Today Staff -- Furniture Today, March 4, 2007

High Point — The International Home Furnishings Center, this city's largest showroom complex, saw its rental revenues rise 2.6% in its most recent fiscal year as net income climbed 4.7%.

The numbers, disclosed in a Securities and Exchange Commission filing by Bassett Furniture Inds., also showed the IHFC's revenue from market directories and services to tenants dropped 9%. As a result, total revenues for the year ended Oct. 31 were essentially flat at $46.8 million.

Rental revenue amounted to $40.2 million, up from $39.2 million in the year ended Oct. 31, 2005. Other revenues came to $6.53 million.

Net income totaled $14.2 million or $29.54 per share for the most recent fiscal year. That's a 4.7% jump over the $13.6 million or $28.22 per share recorded for the previous year.

Net income was aided by a 21.6% reduction in interest expenses in the most recent year. Operating expenses, by contrast, rose 2.7%.

Bassett owns 46.9% of the IHFC and is its largest shareholder. The company usually includes the showroom building's financial statement in its Form 10-K report because it represents a large chunk of the furniture maker's income.

During the year ended Oct. 31, Bassett received approximately $6.5 million in dividends from the IHFC. The building paid all but $228,848 of its net income in dividends.

International Home Furnishings Center
Year ended 10/31	2006	2005	Change
Revenues	$46,763,562	$46,411,375	0.8%
Operating income	31,589,530	31,649,804	(0.2%)
Net income	14,228,849	13,591,221	4.7%
Earnings per share	29.54	28.22	4.7%

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