Tandus Group Inc. announces third quarter 2002 earnings
Revenues were $84.3 million compared to $82.4 million for the prior year. Operating income for the quarter was $8.9 million compared to $10 million for 2001. Adjusted EBITDA for the period was $13.1 million compared to $14.9 million for last year.
As a percentage of sales, Adjusted EBITDA margin for the quarter was 15.5 percent compared to 18 percent for the prior year. For the nine months, revenues were $250.6 million compared to $260.3 million last year. Operating income for the period was $33.7 million compared to $35.0 million in 2001. Adjusted EBITDA was $44.9 million compared to $49.6 million for the comparable period last year. As a percentage of sales, Adjusted EBITDA margin for the nine months was 17.9 percent compared to 19 percent for the prior year.
The increase in revenues during the third quarter was due to $8.3 million in revenues generated by the extrusion operation acquired in May 2002, partially offset by the continued slow demand throughout the specified commercial market in the United States, according to Tandus.
The company's sales to the corporate office market decreased by 15.3 percent for the third quarter of 2002 and 22.6 percent for the nine month period. Revenue to the non-corporate end markets were relatively flat year-over-year.