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Breaking Flooring News

Tandus Group reports first quarter 2003 earnings

June 10, 2003
Tandus Group Inc., which includes Collins & Aikman Floorcoverings Inc. and Subsidiaries, reported earnings for the first quarter (13 weeks) ended April 26, 2003.

Revenues for the 13 weeks were $71.6 million compared to $66.4 million for the prior year. Selling, general and administrative expenses were $19 million compared to $17.4 million for the prior year. Adjusted EBITDA for the 13 weeks was $10.2 million compared to $9.4 million for the prior year. As a percentage of sales, Adjusted EBITDA margin was 14.2 percent compared to 14.1 percent for the prior year.

The increase in revenues was due to the inclusion of $7.8 million in extrusion revenues partially offset by a slight decrease in the floorcoverings segment revenues, which resulted from the continued slow demand in the corporate office market and an increase in revenues of the institutional end markets. Selling, general and administrative expenses increased primarily due to increased salaries and benefits of $0.9 million, sampling costs of $0.2 million and amortization of $0.5 million. The majority of these increases (excluding amortization) were incurred in support of the company's new selling strategy implemented at the beginning of the quarter.

Adjusted EBITDA increased due higher revenues and lower interest expense partially offset by lower margin on the extrusion operation, the increase in selling, general and administrative expenses, and the underutilization of the plants. Additionally, the company voluntarily prepaid $10 million in term loans, the company said.

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