Hooker Furniture reports improved operating results for Q3 2006
09 Oct '06
3 min read
The year-over-year increase in selling and administrative expenses is principally attributed to: Higher warehousing and distribution costs to support increased imported furniture demand and supply chain initiatives; Compensation expense of $1.4 million, or 1.7% of third quarter 2006 net sales, related to the previously announced early retirement of Doug Williams, president and chief operating officer; and Higher bad debt expense of $480,000, or 0.6% of third quarter 2006 net sales, related to a potential default by a customer.
The Company recorded restructuring and asset impairment charges of $2.8 million ($1.8 million after tax, or $0.15 per share) during the 2006 third quarter principally related to the August 2006 closing of the Roanoke, Va. plant.
In the same 2005 three-month period, the Company recorded aggregate restructuring and asset impairment charges of $4.7 million ($2.9 million after tax, or $0.25 per share) principally related to the October 2005 closing of the Pleasant Garden, N.C. facility.
marketing@alchempro.com
