Interface a worldwide floorcoverings company and global leader in sustainability, today announced results for the first quarter ended April 1, 2012. Sales for the first quarter of 2012 were $232.8 million, compared with sales of $245.4 million in the first quarter of 2011, a decline of 5.2%.
During the 2012 first quarter, the Company incurred restructuring and asset impairment charges of $16.3 million, or $0.19 per share after-tax, primarily related to the closure of the manufacturing and warehouse activities at its Shelf plant in the U.K. Interface expects this action to result in annualized pre-tax cost savings of approximately $9.0 million beginning in the fourth quarter of 2012. Excluding these charges, operating income for the 2012 first quarter was $16.8 million, or 7.2% of sales, compared with last year’s first quarter operating income of $21.5 million, or 8.8% of sales. Including the restructuring and asset impairment charges, operating income in the first quarter of 2012 was $0.5 million, or 0.2% of sales.
Excluding the aforementioned restructuring and asset impairment charges, net income in the 2012 first quarter was $6.3 million, or $0.10 per share. This compares with net income of $9.8 million, or $0.15 per diluted share, in the 2011 first quarter. Including the charges, the net loss was $5.9 million, or $0.09 per share, in the 2012 first quarter.
Read the full report here.
