quarter progressed we witnessed an increasingly challenging
retail environment. Despite this, we delivered a positive
year-over-year sales comparison.
W. G. (Mickey) Holliman, Chairman and Chief Executive
Officer, Furniture Brands International
Furniture Brands International (FBN)
reported net sales for the second quarter of 2006 were $601.3
million, compared with $593.8 million in the second quarter of
2005, an increase of 1.3%. Net earnings for the second quarter
were $17.0 million, up from $9.6 million in the second quarter
of last year.
"As the quarter progressed we witnessed an increasingly
challenging retail environment. Despite this, we delivered a
positive year-over-year sales comparison and a meaningful
earnings improvement over the prior year," said W. G. (Mickey)
Holliman, Chairman and Chief Executive Officer.
Mr. Holliman concluded, "With respect to the third quarter, we
currently expect net sales to be up in the low single digits
versus the third quarter of last year and net earnings per
diluted common share to be in the $0.18 to $0.22 range. This
includes the effect of $0.07 in previously disclosed
restructuring, asset impairment and severance charges. This also
includes the effect of $0.03 in increased interest expense due
to the upfront recognition of the gain on the interest rate
swaps, also previously disclosed. As is our practice, we will
provide an update on our third quarter expectations in early
A conference call will be held to discuss the second quarter
results at 7:30 a.m. (Central Time) on July 27, 2006. The call
can be listened to on the company's website -
Furniture Brands International is one of America's largest
residential furniture companies. The company produces, sources
and markets its products under six of the best-known brand names
in the industry - Broyhill, Lane, Thomasville, Henredon, Drexel
Heritage and Maitland-Smith.
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