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Furniture Brands Stops Earnings Slide; Sales Up 2% In Q3
10-26-06
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As the third quarter progressed we witnessed an increasingly challenging retail environment. Despite this, we delivered a positive year-over-year sales comparison and our net earnings were basically flat on a pro forma basis.
W. G. (Mickey) Holliman, Chairman and Chief Executive Officer, Furniture Brands International

Furniture Brands International (FBN) announced Net sales for the third quarter of 2006 were $568.9 million, compared with $557.9 million in the third quarter of 2005, an increase of 2%.

Net sales for the first nine months of 2006 were $1,831.6 million, compared with $1,793.2 million in the first nine months of 2005, an increase of 2%.

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W. G. (Mickey) Holliman, Chairman and Chief Executive Officer, commented: “As the third quarter progressed we witnessed an increasingly challenging retail environment. Despite this, we delivered a positive year-over-year sales comparison and our net earnings were basically flat on a pro forma basis.”

Mr. Holliman continued, “Our net sales and net earnings were up for the first nine months compared to the prior year. Net earnings per common share (excluding restructuring charges, severance, the impact of the termination of hedge accounting, and the increased reserves related to a previously disclosed litigation matter) were $1.12 for the first nine months of the year. This compares to adjusted net earnings per common share of $1.02 for the first nine months of 2005. I believe this is the most meaningful year-over-year comparison. We continue to work toward steady, measurable improvements to the company."

Mr. Holliman concluded, “With respect to the fourth quarter, we currently expect net sales to be flat versus the fourth quarter of last year and net earnings per diluted common share to be in the $0.11 to $0.15 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 fourth quarter expectations in early December.”

 

 

 

 

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