Interface modular carpet segment orders up 14% Y-O-Y
25 Oct '07
2 min read
Interface Inc, a worldwide floorcoverings company announced results for the third quarter ended September 30, 2007.
Sales for the third quarter of 2007 increased 19.3% to $279.5 million from sales of $234.2 million in the year ago period. As previously announced, the Company sold its fabrics division in July 2007, and therefore the financial statements for the third quarter of 2007, and all other periods presented, now reflect the fabrics division as discontinued operations.
Operating income for the third quarter of 2007 increased 36.1% to $34.8 million, or 12.4% of sales, which is a record operating margin for the Company. This compares with operating income of $25.5 million, or 10.9% of sales, in the third quarter of last year.
Income from continuing operations was $15.2 million in the 2007 third quarter, which also is a record high for the Company, compared with income from continuing operations of $9.5 million in the third quarter of 2006.
The results for the third quarter 2007 included expenses on an after-tax basis of $0.7 million, or $0.01 per diluted share, for premiums paid in connection with the previously announced redemption of the Company's 7.3% Senior Notes, versus $0.1 million on an after-tax basis for premiums paid on repurchases of those notes in the prior year period.
Including results of discontinued operations, net income was $8.6 million, or $0.14 per diluted share, in the 2007 third quarter, compared with net income of $9.1 million, or $0.17 per diluted share, in the 2006 third quarter.
marketing@alchempro.com
