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Interface: Record Second Quarter 2008 Results
Interface, Inc., a worldwide floorcoverings company, today announced results for the second quarter ended June 29, 2008.
Sales for the second quarter of 2008 increased 11.3% to $295.0 million from sales of $265.0 million in the year ago period. Gross profit margin for the 2008 second quarter grew 90 basis points to 35.7%, versus 34.8% in the second quarter of the previous year. Operating income for the second quarter of 2008 increased 8.2% to $33.4 million, or 11.3% of sales, compared with operating income of $30.9 million, or 11.7% of sales, in the second quarter of 2007. Income from continuing operations for the 2008 second quarter was $15.9 million, an increase of 19.2% compared with income from continuing operations of $13.3 million in the second quarter of 2007. Net income for the 2008 second quarter was $15.9 million, or $0.26 per diluted share. Last year, second quarter results included a loss from discontinued operations of $12.3 million, or $0.20 per diluted share, which led to net income of $1.0 million, or $0.02 per diluted share.
"Our 2008 second quarter represented Interface's best second quarter ever in terms of operating income and earnings per share, despite the challenging market and economic environment," said Daniel T. Hendrix, President and Chief Executive Officer. "We continued to grow our business and gain market share, as overall sales increased more than 11%, driven by our market segmentation strategy, the ongoing secular shift toward carpet tile, our presence in emerging geographic markets, and a positive currency impact. These factors more than offset softer sales volumes in the Western Europe and U.S. corporate office markets. SG&A expenses were up $10.5 million year-over-year, with most of the increase attributable to a $4 million currency impact and $4 million of incremental costs related to our market segmentation strategy in Europe. We continued to see solid demand for our products, as orders grew 3% to $311 million versus the record level comparison in the second quarter last year and backlog increased 21% from the beginning of the year. We also added $24 million in cash to the balance sheet during the quarter."
Mr. Hendrix continued, "Our modular carpet business continued its excellent performance in the second quarter with year-over-year sales growth of 15%. Operating income in the modular business grew 12% and reflected increased sales volume, somewhat offset by the investments we are making to achieve the long-term success of our segmentation strategy in Europe. Bentley Prince Street continued to work through operational issues associated with the ramp up of its carpet tile backing operations as well as rising raw material and energy costs. Going forward, our focus will be on right-sizing this business to make it more profitable at existing sales levels. On a positive note, Bentley Prince Street had a strong order backlog going into the third quarter, and the modular component of its business recorded a 23% increase in sales during the second quarter, reaffirming the broader shift we see in the marketplace to modular solutions. And it has raised prices to offset its cost increases."
For the first six months of 2008, sales were $556.7 million, compared with $508.5 million for the same period a year ago, an increase of 9.5%. Operating income for the 2008 six-month period was $64.4 million, versus operating income of $55.2 million for the comparable 2007 six-month period (which included a loss of $1.9 million, or $0.03 per diluted share, on the disposal of its specialty products business). Income from continuing operations was $30.0 million, or $0.48 per diluted share, in the 2008 six-month period, compared with income from continuing operations of $22.4 million, or $0.36 per diluted share, in the same period a year ago. Net income also was $30.0 million, or $0.48 per diluted share, in the first six months of 2008. Including results of discontinued operations, net loss for the first six months of 2007 was $39.6 million, or $0.64 per diluted share.
Mr. Hendrix concluded, "Given the broader macroeconomic conditions, we're largely pleased with our second quarter performance, and notwithstanding the slowing conditions in the Western Europe and U.S. corporate office markets, we're encouraged by our future prospects. We believe the ongoing shift in the marketplace to carpet tile, the continued success of our U.S. segmentation strategy, which has allowed us to build a growing presence in markets such as hospitality and education, and our international diversification serve to position us well for future growth. Our ongoing investments to advance our segmentation strategy in Europe are expected to further reduce our exposure to the corporate office market and open additional growth opportunities in that region. And, we're moving forward with plans to expand our global presence by building a carpet tile plant in China. We believe we have the right strategy in place, and are confident in our business as we enter the second half of 2008."
The Company will host a conference call tomorrow, July 24, 2008, at 9:00 a.m. Eastern Time, to discuss its second quarter 2008 results. The conference call will be simultaneously broadcast live over the Internet. Listeners may access the conference call live over the Internet at http://phx.corporate- ir.net/phoenix.zhtml?p=irol-eventDetails&c=112931&eventID=1896394 (Due to length of URL, please cut and paste into browser.) or through the Company's website at http://www.interfaceinc.com/results/investor/. The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends.
Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. The forward- looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including risks and uncertainties associated with economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading "Risk Factors" included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2007, which discussion is incorporated herein by this reference, including, but not limited to, the discussion of specific risks and uncertainties under the headings "We compete with a large number of manufacturers in the highly competitive commercial floorcovering products market, and some of these competitors have greater financial resources than we do," "Sales of our principal products have been and may continue to be affected by adverse economic cycles in the renovation and construction of commercial and institutional buildings," "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives and our principal design consultant, and our loss of any of them could affect us adversely," "Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including by restrictive taxation or other government regulation and by foreign currency fluctuations," "Large increases in the cost of petroleum-based raw materials could adversely affect us if we are unable to pass these cost increases through to our customers," "Unanticipated termination or interruption of any of our arrangements with our primary third- party suppliers of synthetic fiber could have a material adverse effect on us," "We have a significant amount of indebtedness, which could have important negative consequences to us," "The market price of our common stock has been volatile and the value of your investment may decline," "Our earnings in a future period could be adversely affected by non-cash adjustments to goodwill, if a future test of goodwill assets indicates a material impairment of those assets," "Our Chairman, together with other insiders, currently has sufficient voting power to elect a majority of our Board of Directors," and "Our Rights Agreement could discourage tender offers or other transactions for our stock that could result in shareholders receiving a premium over the market price for our stock." Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.
- TABLES FOLLOW -
Consolidated Condensed Statements of Operations
(In thousands, except per share data)
Three Months Ended Six Months Ended
06/29/08 07/01/07 06/29/08 07/01/07
Net Sales $ 295,005 $ 264,962 $ 556,741 $ 508,454
Cost of Sales 189,712 172,737 357,182 333,001
Gross Profit 105,293 92,225 199,559 175,453
Selling, General
& Administrative
Expenses 71,857 61,332 135,152 118,379
Loss on Disposal -
Specialty Products -- -- -- 1,873
Operating Income 33,436 30,893 64,407 55,201
Interest Expense 8,108 9,161 15,936 18,281
Other Expense, Net 248 612 611 1,035
Income Before Taxes 25,080 21,120 47,860 35,885
Income Tax Expense 9,204 7,797 17,862 13,493
Income from
Continuing
Operations 15,876 13,323 29,998 22,392
Discontinued
Operations,
Net of Tax -- (12,325) -- (62,010)
Net Income (Loss) $ 15,876 $ 998 $ 29,998 $ (39,618)
Earnings (Loss)
Per Share - Basic
Continuing
Operations $ 0.26 $ 0.22 $ 0.49 $ 0.37
Discontinued
Operations -- (0.20) -- (1.03)
Earnings (Loss)
Per Share - Basic $ 0.26 $ 0.02 $ 0.49 $ (0.66)
Earnings (Loss)
Per Share - Diluted
Continuing
Operations $ 0.26 $ 0.22 $ 0.48 $ 0.36
Discontinued
Operations -- (0.20) -- (1.00)
Earnings (Loss) Per
Share - Diluted $ 0.26 $ 0.02 $ 0.48 $ (0.64)
Common Shares
Outstanding - Basic 61,523 60,322 61,425 60,210
Common Shares
Outstanding - Diluted 62,065 61,571 62,098 61,435
Orders from
Continuing
Operations* 311,400 302,000 593,800 556,600
Continuing
Operations Backlog
(as of 06/29/08
and 07/01/07,
respectively)* 154,400 148,200
* Orders from Continuing Operations and Continuing Operations Backlog
exclude all activity related to the Fabrics Group business segment,
which was sold in the third quarter of 2007.
Consolidated Condensed Balance Sheets
(In thousands) 06/29/08 12/30/07
Assets
Cash $ 83,616 $ 82,375
Accounts Receivable 175,263 178,625
Inventory 152,039 125,789
Other Current Assets 29,618 24,848
Assets of Businesses Held for Sale 4,566 4,792
Total Current Assets 445,102 416,429
Property, Plant & Equipment 170,618 161,874
Other Assets 263,610 256,929
Total Assets $ 879,330 $ 835,232
Liabilities
Accounts Payable $ 64,531 $ 57,243
Accrued Liabilities 117,049 120,388
Current Portion of Long-Term Debt -- --
Liabilities of Businesses Held for Sale 44 220
Total Current Liabilities 181,624 177,851
Long-Term Debt -- --
Senior and Senior Subordinated Notes 310,000 310,000
Other Long-Term Liabilities 53,139 53,239
Total Liabilities 544,763 541,090
Shareholders' Equity 334,567 294,142
Total Liabilities and
Shareholders' Equity $ 879,330 $ 835,232
Consolidated Condensed Statements of Cash Flows
(In millions) Three Months Ended Six Months Ended
06/29/08 07/01/07 06/29/08 07/01/07
Net Income (Loss) $ 15.9 $ 1.0 $ 30.0 $ (39.6)
Adjustments for
Discontinued Operations -- 12.3 -- 62.0
Net Income from
Continuing Operations $ 15.9 $ 13.3 $ 30.0 $ 22.4
Depreciation and
Amortization 5.5 5.6 12.0 12.0
Deferred Income
Taxes and Other
Non-Cash Items 1.7 0.0 3.1 0.0
Change in Working
Capital
Accounts Receivable (14.1) (8.7) 7.1 (8.0)
Inventories (2.3) (1.3) (23.3) (16.1)
Prepaids (2.0) 1.6 (3.7) 1.7
Accounts Payable
and Accrued Expenses 29.3 25.5 (4.0) 8.3
Cash Provided from
Continuing Operations 34.0 36.0 21.2 20.3
Cash Provided from
(Used in) Operating
Activities of
Discontinued
Operations -- (1.7) -- 3.2
Cash Provided from
Operating Activities 34.0 34.3 21.2 23.5
Cash Provided from
(Used in) Investing
Activities (8.3) (12.9) (18.5) (31.1)
Cash Provided from
(Used in) Financing
Activities (1.7) 2.2 (2.8) (13.3)
Effect of Exchange
Rate Changes on Cash 0.4 0.7 1.4 1.1
Net Increase (Decrease)
in Cash $ 24.4 $ 24.3 $ 1.3 $ (19.8)
Consolidated Condensed Segment Reporting
(In millions)
Three Months Ended Six Months Ended
06/29/08 07/01/07 % Change 06/29/08 07/01/07 % Change
Net Sales
Modular Carpet $ 259.3 $ 225.6 14.9% $ 485.4 $ 430.8 12.7%
Bentley Prince
Street 35.7 39.4 (9.4%) 71.3 75.5 (5.6%)
Specialty
Products -- -- -- -- 2.2 *
Total $ 295.0 $ 265.0 11.3% $ 556.7 $ 508.5 9.5%
Operating
Income (Loss)
Modular Carpet $ 35.3 $ 31.6 11.7% $ 66.2 $ 58.4 13.4%
Bentley Prince
Street 0.2 2.0 (90.0%) 1.8 3.0 (40.0%)
Specialty
Products -- -- -- -- (1.8) *
Corporate
Expenses and
Eliminations (2.1) (2.7) 22.2% (3.6) (4.4) 18.2%
Total $ 33.4 $ 30.9 8.2% $ 64.4 $ 55.2 16.7%
* Not meaningful
Source: Interface, Inc.
Sales for the second quarter of 2008 increased 11.3% to $295.0 million from sales of $265.0 million in the year ago period. Gross profit margin for the 2008 second quarter grew 90 basis points to 35.7%, versus 34.8% in the second quarter of the previous year. Operating income for the second quarter of 2008 increased 8.2% to $33.4 million, or 11.3% of sales, compared with operating income of $30.9 million, or 11.7% of sales, in the second quarter of 2007. Income from continuing operations for the 2008 second quarter was $15.9 million, an increase of 19.2% compared with income from continuing operations of $13.3 million in the second quarter of 2007. Net income for the 2008 second quarter was $15.9 million, or $0.26 per diluted share. Last year, second quarter results included a loss from discontinued operations of $12.3 million, or $0.20 per diluted share, which led to net income of $1.0 million, or $0.02 per diluted share.
"Our 2008 second quarter represented Interface's best second quarter ever in terms of operating income and earnings per share, despite the challenging market and economic environment," said Daniel T. Hendrix, President and Chief Executive Officer. "We continued to grow our business and gain market share, as overall sales increased more than 11%, driven by our market segmentation strategy, the ongoing secular shift toward carpet tile, our presence in emerging geographic markets, and a positive currency impact. These factors more than offset softer sales volumes in the Western Europe and U.S. corporate office markets. SG&A expenses were up $10.5 million year-over-year, with most of the increase attributable to a $4 million currency impact and $4 million of incremental costs related to our market segmentation strategy in Europe. We continued to see solid demand for our products, as orders grew 3% to $311 million versus the record level comparison in the second quarter last year and backlog increased 21% from the beginning of the year. We also added $24 million in cash to the balance sheet during the quarter."
Mr. Hendrix continued, "Our modular carpet business continued its excellent performance in the second quarter with year-over-year sales growth of 15%. Operating income in the modular business grew 12% and reflected increased sales volume, somewhat offset by the investments we are making to achieve the long-term success of our segmentation strategy in Europe. Bentley Prince Street continued to work through operational issues associated with the ramp up of its carpet tile backing operations as well as rising raw material and energy costs. Going forward, our focus will be on right-sizing this business to make it more profitable at existing sales levels. On a positive note, Bentley Prince Street had a strong order backlog going into the third quarter, and the modular component of its business recorded a 23% increase in sales during the second quarter, reaffirming the broader shift we see in the marketplace to modular solutions. And it has raised prices to offset its cost increases."
For the first six months of 2008, sales were $556.7 million, compared with $508.5 million for the same period a year ago, an increase of 9.5%. Operating income for the 2008 six-month period was $64.4 million, versus operating income of $55.2 million for the comparable 2007 six-month period (which included a loss of $1.9 million, or $0.03 per diluted share, on the disposal of its specialty products business). Income from continuing operations was $30.0 million, or $0.48 per diluted share, in the 2008 six-month period, compared with income from continuing operations of $22.4 million, or $0.36 per diluted share, in the same period a year ago. Net income also was $30.0 million, or $0.48 per diluted share, in the first six months of 2008. Including results of discontinued operations, net loss for the first six months of 2007 was $39.6 million, or $0.64 per diluted share.
Mr. Hendrix concluded, "Given the broader macroeconomic conditions, we're largely pleased with our second quarter performance, and notwithstanding the slowing conditions in the Western Europe and U.S. corporate office markets, we're encouraged by our future prospects. We believe the ongoing shift in the marketplace to carpet tile, the continued success of our U.S. segmentation strategy, which has allowed us to build a growing presence in markets such as hospitality and education, and our international diversification serve to position us well for future growth. Our ongoing investments to advance our segmentation strategy in Europe are expected to further reduce our exposure to the corporate office market and open additional growth opportunities in that region. And, we're moving forward with plans to expand our global presence by building a carpet tile plant in China. We believe we have the right strategy in place, and are confident in our business as we enter the second half of 2008."
The Company will host a conference call tomorrow, July 24, 2008, at 9:00 a.m. Eastern Time, to discuss its second quarter 2008 results. The conference call will be simultaneously broadcast live over the Internet. Listeners may access the conference call live over the Internet at http://phx.corporate- ir.net/phoenix.zhtml?p=irol-eventDetails&c=112931&eventID=1896394 (Due to length of URL, please cut and paste into browser.) or through the Company's website at http://www.interfaceinc.com/results/investor/. The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends.
Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. The forward- looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including risks and uncertainties associated with economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading "Risk Factors" included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2007, which discussion is incorporated herein by this reference, including, but not limited to, the discussion of specific risks and uncertainties under the headings "We compete with a large number of manufacturers in the highly competitive commercial floorcovering products market, and some of these competitors have greater financial resources than we do," "Sales of our principal products have been and may continue to be affected by adverse economic cycles in the renovation and construction of commercial and institutional buildings," "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives and our principal design consultant, and our loss of any of them could affect us adversely," "Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including by restrictive taxation or other government regulation and by foreign currency fluctuations," "Large increases in the cost of petroleum-based raw materials could adversely affect us if we are unable to pass these cost increases through to our customers," "Unanticipated termination or interruption of any of our arrangements with our primary third- party suppliers of synthetic fiber could have a material adverse effect on us," "We have a significant amount of indebtedness, which could have important negative consequences to us," "The market price of our common stock has been volatile and the value of your investment may decline," "Our earnings in a future period could be adversely affected by non-cash adjustments to goodwill, if a future test of goodwill assets indicates a material impairment of those assets," "Our Chairman, together with other insiders, currently has sufficient voting power to elect a majority of our Board of Directors," and "Our Rights Agreement could discourage tender offers or other transactions for our stock that could result in shareholders receiving a premium over the market price for our stock." Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.
- TABLES FOLLOW -
Consolidated Condensed Statements of Operations
(In thousands, except per share data)
Three Months Ended Six Months Ended
06/29/08 07/01/07 06/29/08 07/01/07
Net Sales $ 295,005 $ 264,962 $ 556,741 $ 508,454
Cost of Sales 189,712 172,737 357,182 333,001
Gross Profit 105,293 92,225 199,559 175,453
Selling, General
& Administrative
Expenses 71,857 61,332 135,152 118,379
Loss on Disposal -
Specialty Products -- -- -- 1,873
Operating Income 33,436 30,893 64,407 55,201
Interest Expense 8,108 9,161 15,936 18,281
Other Expense, Net 248 612 611 1,035
Income Before Taxes 25,080 21,120 47,860 35,885
Income Tax Expense 9,204 7,797 17,862 13,493
Income from
Continuing
Operations 15,876 13,323 29,998 22,392
Discontinued
Operations,
Net of Tax -- (12,325) -- (62,010)
Net Income (Loss) $ 15,876 $ 998 $ 29,998 $ (39,618)
Earnings (Loss)
Per Share - Basic
Continuing
Operations $ 0.26 $ 0.22 $ 0.49 $ 0.37
Discontinued
Operations -- (0.20) -- (1.03)
Earnings (Loss)
Per Share - Basic $ 0.26 $ 0.02 $ 0.49 $ (0.66)
Earnings (Loss)
Per Share - Diluted
Continuing
Operations $ 0.26 $ 0.22 $ 0.48 $ 0.36
Discontinued
Operations -- (0.20) -- (1.00)
Earnings (Loss) Per
Share - Diluted $ 0.26 $ 0.02 $ 0.48 $ (0.64)
Common Shares
Outstanding - Basic 61,523 60,322 61,425 60,210
Common Shares
Outstanding - Diluted 62,065 61,571 62,098 61,435
Orders from
Continuing
Operations* 311,400 302,000 593,800 556,600
Continuing
Operations Backlog
(as of 06/29/08
and 07/01/07,
respectively)* 154,400 148,200
* Orders from Continuing Operations and Continuing Operations Backlog
exclude all activity related to the Fabrics Group business segment,
which was sold in the third quarter of 2007.
Consolidated Condensed Balance Sheets
(In thousands) 06/29/08 12/30/07
Assets
Cash $ 83,616 $ 82,375
Accounts Receivable 175,263 178,625
Inventory 152,039 125,789
Other Current Assets 29,618 24,848
Assets of Businesses Held for Sale 4,566 4,792
Total Current Assets 445,102 416,429
Property, Plant & Equipment 170,618 161,874
Other Assets 263,610 256,929
Total Assets $ 879,330 $ 835,232
Liabilities
Accounts Payable $ 64,531 $ 57,243
Accrued Liabilities 117,049 120,388
Current Portion of Long-Term Debt -- --
Liabilities of Businesses Held for Sale 44 220
Total Current Liabilities 181,624 177,851
Long-Term Debt -- --
Senior and Senior Subordinated Notes 310,000 310,000
Other Long-Term Liabilities 53,139 53,239
Total Liabilities 544,763 541,090
Shareholders' Equity 334,567 294,142
Total Liabilities and
Shareholders' Equity $ 879,330 $ 835,232
Consolidated Condensed Statements of Cash Flows
(In millions) Three Months Ended Six Months Ended
06/29/08 07/01/07 06/29/08 07/01/07
Net Income (Loss) $ 15.9 $ 1.0 $ 30.0 $ (39.6)
Adjustments for
Discontinued Operations -- 12.3 -- 62.0
Net Income from
Continuing Operations $ 15.9 $ 13.3 $ 30.0 $ 22.4
Depreciation and
Amortization 5.5 5.6 12.0 12.0
Deferred Income
Taxes and Other
Non-Cash Items 1.7 0.0 3.1 0.0
Change in Working
Capital
Accounts Receivable (14.1) (8.7) 7.1 (8.0)
Inventories (2.3) (1.3) (23.3) (16.1)
Prepaids (2.0) 1.6 (3.7) 1.7
Accounts Payable
and Accrued Expenses 29.3 25.5 (4.0) 8.3
Cash Provided from
Continuing Operations 34.0 36.0 21.2 20.3
Cash Provided from
(Used in) Operating
Activities of
Discontinued
Operations -- (1.7) -- 3.2
Cash Provided from
Operating Activities 34.0 34.3 21.2 23.5
Cash Provided from
(Used in) Investing
Activities (8.3) (12.9) (18.5) (31.1)
Cash Provided from
(Used in) Financing
Activities (1.7) 2.2 (2.8) (13.3)
Effect of Exchange
Rate Changes on Cash 0.4 0.7 1.4 1.1
Net Increase (Decrease)
in Cash $ 24.4 $ 24.3 $ 1.3 $ (19.8)
Consolidated Condensed Segment Reporting
(In millions)
Three Months Ended Six Months Ended
06/29/08 07/01/07 % Change 06/29/08 07/01/07 % Change
Net Sales
Modular Carpet $ 259.3 $ 225.6 14.9% $ 485.4 $ 430.8 12.7%
Bentley Prince
Street 35.7 39.4 (9.4%) 71.3 75.5 (5.6%)
Specialty
Products -- -- -- -- 2.2 *
Total $ 295.0 $ 265.0 11.3% $ 556.7 $ 508.5 9.5%
Operating
Income (Loss)
Modular Carpet $ 35.3 $ 31.6 11.7% $ 66.2 $ 58.4 13.4%
Bentley Prince
Street 0.2 2.0 (90.0%) 1.8 3.0 (40.0%)
Specialty
Products -- -- -- -- (1.8) *
Corporate
Expenses and
Eliminations (2.1) (2.7) 22.2% (3.6) (4.4) 18.2%
Total $ 33.4 $ 30.9 8.2% $ 64.4 $ 55.2 16.7%
* Not meaningful
Source: Interface, Inc.