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IHFC revenues flat, but earnings decline 4.4%

Showroom building reports higher expenses

Larry Thomas -- Furniture Today, February 8, 2008

HIGH POINT — The International Home Furnishings Center, the city’s largest showroom complex, said its revenues were essentially flat during its last fiscal year, but net income declined 4.4% due largely to higher operating expenses.

The big building, whose financial statements were included in a Securities and Exchange Commission filing Thursday by Bassett Furniture Inds., a part-owner of the IHFC, had higher maintenance, depreciation, property taxes, insurance and utility costs during the year ended Oct. 31.

The building also reported a 5.4% increase in marketing expenses to $2.63 million.

Revenue for the year was $47.09 million, a 0.6% increase from the fiscal year ended Oct. 31, 2006.

Rental income from showroom tenants edged up 1.3% to $40.75 million, but other revenues, primarily from advertisements in market publications, were down 3% to $6.34 million.

Net income was $13.57 million or $28.17 per share. The previous year, the totals were $14.2 million or $29.48 per share.

The IHFC paid out nearly all of its net income — $13,000,002 to be exact — in dividends to stockholders.

Bassett, which owns 46.9% of the company’s stock, is its largest shareholder.

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IHFC revenues flat, profit off 4.4% in '07

Feb 17, 2008

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