American Furniture Mfg. increases Q2 sales, trims operating losses
Furniture Today Staff -- Furniture Today, August 12, 2013
PONTOTOC, Miss. — Upholstery producer American Furniture Mfg. recorded a second-quarter sales increase of 4.1% and slashed its operating loss to $221,000, according to a regulatory filing by parent company Compass Diversified Holdings.
In a quarterly report filed with the Securities and Exchange Commission, Compass said, American's sales totaled $22.2 million for the quarter ended June 30. That was up from $21.3 million in last year's second quarter.
The most recent quarterly operating loss was down from a loss of $740,000 in the comparable quarter last year.
The company said the sales increase was due largely to a successful new power motion furniture line, as well as a recliner promotion with one of its largest retail customers.
For the six months ended June 30, American recorded an operating profit of $352,000, reversing an operating loss of $451,000 in the first half of 2012.
Six-month sales totaled $53 million, an increase of 2.7% from $51.6 million in the first half of last year.