Rent to Own Online
"All Rent to Own...All the Time"


| About RTO Online | RTO Tradeshow | Press
#1 Online Destination For the Rent to Own Industry
Trade portal for companies who rent to own furniture, electronics, appliances, custom wheels, jewelry and other home goods.
Rent to Own Online
Rent to Own Tradeshow
Who's Who in rent to own  
The Rent to Own industry's event photo album  
Video podcast interviews with Rent-to-Own industry professionals  
Audio podcast interviews with Rent-to-Own industry professionals  
Rent-to-Own Industry Federal Legislative Guide  
Rent to Own Industry Jobs and Resumes  
Search Rent to Own Online  
Subscribe to
RTO Magazine

E-mail Address :

Manage Subscriptions
RTO Magazine
United States Rent to Own Store Locator  
State Rent to Own Law  
Rent to Own Websites  
Rent to Own Industry Poll  
Editorials By Rent to Own Professionals  
Rent to Own Stocks  
Rent to Own Links  
Rent to Own Industry Events  
Rent to Own Online Archive  
Rent to Own Industry Training  
Advertise on the number one website for rent to own professionals  
Rent to Own Industry Blog  
Rent to Own Chat  
Rent to Own Industry Forum  
Rent to Own Industry Glossary  
National News  
Contact Rent to Own Online  

Site Statistics




Furniture Brands International Reports Record Sales
RTO Online
Email this page to a friend


Your email address Worthless Helpful I have tears of joy Better than War and Peace

Add your Comments


Back to news

Related articles
most recent first

Furniture Brands Stops Earnings Slide; Sales Up 2% In Q3
Furniture Brands International Warns; Cuts Q3 Earnings Forecast By 50%; Will Idle Plants
Furniture Brands International Battles Soft Retail Environment; Reports Net Increase
Furniture Brands International; Seasonally Soft, Reaffirms Guidance
Broyhill Sales Decline, Raw Material Costs Blamed For Furniture Brands International Earnings Drop
Furniture Brands International Reports "Unprecedented Raw Material Price Increases"
Furniture Brands International Q2 Sales Flat; "Business Conditions Challenging"
Spak Resigns as President and CEO of Lane Furniture; Foy To Handle Day to Day
Furniture Brands International Closing Four Plants; Eliminating Over 1000 Jobs
Broyhill; Burgette's Out, Dondero Named President CEO
Furniture Brands International Sees Weak Q1
Furniture Brands International Reports Weak Q4
Furniture Brands International 'Softness Continues'; Company To Take "Downtime" At US Plants
Furniture Brands International Blames Election Uncertainty, Oil, War, Stock Market For Flat Sales; Warns For Q4
Furniture Brands International Sees Caution At Middle Price Points; Gives Outlook For Q3
Brueners Bankruptcy Hurts Furniture Brands International Q2 Earnings
Furniture Brands International Warns; Outlook Gloomy
Furniture Brands International Reports Record Sales
Furniture Brands International Recovery Continues
Randy Spak Named President Of Lane Furniture
Tom Foy Named President and Chief Operating Officer Of Furniture Brands International; Holliman To Continue As Chairman and CEO
Steve McKee Named President and Chief Operating Officer Of Henredon Furniture Industries
Furniture Brands International Reports Q4 Up 3.6%; Full Year 2003 Sales Declined 1.2%
Furniture Brands To Close Two Plants
Furniture Brands International Announces Operations to Cease at Highland House
Furniture Brands International Reports 21.5% Decrease in Earnings For Q3
Furniture Brands Reports Decline For Q2
Lane Home Furnishings Announces New Furniture Collection Launch
Furniture Brands International Expects Weak Quarter
Furniture Brands International Reports Q1 10.3% Earnings Drop; Lowers Guidance
Christian Pfaff Resigns; Tom Tilley Named New President of Thomasville
Furniture Brands International Nominates Former Wal Mart CEO Bob Martin to Board of Directors
Nations Largest Furniture Manufacturer Lowers 2003 Forecast


"Orders in the first quarter of 2004 were up 8% over orders in the first quarter of 2003"
W. G. (Mickey) Holliman, Chairman and Chief Executive Officer

Furniture Brands International (FBN) announced record improvements in sales and earnings.

Net sales for the first quarter of 2004 were $658.5 million, compared with $613.8 million in the first quarter of 2003, an increase of 7.3%. Net earnings for the first quarter were $33.2 million as compared to $29.0 million in the first quarter of last year, an increase of 14.4%.

"We are generally pleased with our financial results for the first quarter," stated W. G. (Mickey) Holliman, Chairman and Chief Executive Officer. "Both our sales and net earnings represented record performance for the company, and all financial results exceeded budgeted expectations. This positive year-over-year performance was across substantially all of our operating companies.

"We are particularly pleased that the upper-end companies - Thomasville, Drexel Heritage and Henredon - posted strong results for the first quarter. The upper end of our industry has been hard-hit over the past three years, and this improvement in business at those companies is indicative of an improving economy - which will help each of our operating companies going forward. Our middle price companies - Broyhill and Lane - also showed increases over last year, despite much more difficult comparisons.

advertise here

"Our balance sheet continues to become stronger as well," Mr. Holliman continued. "Cash and cash equivalents at the end of the quarter totaled $98 million versus $72 million at the end of 2003. This was despite our making a $15 million pension plan contribution and repurchasing $13 million of our common stock. Our long-term debt, at about $300 million, remains at its target level. Starting in the third quarter of this year, the annual effective interest rate on the long-term debt will approximate 4% for the next three years."

Mr. Holliman concluded, "Orders in the first quarter of 2004 were up 8% over orders in the first quarter of 2003, and were consistently strong through the months of January, February and March. However, it must be remembered that first quarter orders in 2003 were off nearly 7% from the prior year, as adverse weather conditions negatively affected the retail business, and conflicts in Afghanistan and Iraq contributed to an overall soft economic climate. For this reason, although we have good momentum going into the second quarter, we do not expect our sales growth to track first quarter growth rates.

"We currently expect sales growth in the 4-5% range in the second quarter and diluted earnings per common share in the $0.44 to $0.48 range. This includes the effect of approximately $0.04 per diluted common share attributable to the previously-announced closing of two facilities at Drexel Heritage. As has been our practice, we will provide an update on our second quarter expectation in early June."


RTO Online is the official channel for Rent-to-Own Industry News and the only independent source of news for the rent-to-own, rental-purchase, lease-purchase trade. RTO Online (Rent to Own Online) represents the choice of the entire RTO Industry for trusted information, as it happens.

Tell us what you think
Rate the article at the top of this page