Share this on

IHFC revenues flat, profit off 4.4% in '07

Larry Thomas -- Furniture Today, February 17, 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 Feb. 7 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 0.7% 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.

International Home Furnishings Center
Year ended 10/31	2007	2006	Change
Revenues	$47,088,845	$46,763,562	0.7%
Operating income	30,843,972	31,539,809	(2.2%)
Net income	13,569,709	14,198,128	(4.4%)
Earnings per share	28.17	29.48	(4.4%)

Share this on

IHFC revenues flat, but earnings decline 4.4%

Feb 8, 2008

IHFC earns $14.3 million in year, up 4.7%

Mar 18, 2007

Also by this author

Also by Larry Thomas

Featured Company

FurnitureCore.com

FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more

Most Recent Resources

Atlanta International Gift & Home Furnishings Market

Here is a selection of products shown at this month's International Gift & Home Furnishings Market here.

Networking at the 13th annual F/T Leadership Conference

NAPLES, Fla. — Industry executives and guests took the opportunity to network and play golf during down time at Furniture/Today's 13th annual Leadership Conference here this month.