Falcon Products Reports Results For Fiscal 2004 First Quarter
2004年3月12日 - 1:17AM
PRニュース・ワイアー (英語)
Falcon Products Reports Results For Fiscal 2004 First Quarter ST.
LOUIS, March 11 /PRNewswire-FirstCall/ -- Falcon Products, Inc. , a
leading manufacturer of commercial furniture, today announced sales
and operating results for its first quarter ended January 31, 2004.
Net sales for the first quarter of fiscal 2004 were $49.9 million,
a 23% decrease from $65.1 million for the first quarter of 2003.
The Company reported a net loss for the quarter of $12.2 million,
or $1.33 per diluted share, compared with a net loss of $0.3
million, or $0.03 per diluted share, in the first quarter of 2003.
The first quarter 2004 results include charges related to the
closing of the Company's Canton, Mississippi facility, the
write-off of deferred debt issuancecosts and the recording of a
deferred tax valuation allowance. These charges totaled $7.1
million, or $0.78 per share. Franklin A. Jacobs, Chairman and Chief
Executive Officer, stated, "This quarter was one of transition for
the company. We closed the Canton facility and relocated production
to Morristown. Additionally, we restructured our financing package.
The changes in manufacturing facilities and dislodged production
capacity negatively impacted the company's revenues and EBITDA
during the quarter and required the company to obtain a waiver of
certain covenants from its banks and to amend certain covenants for
future quarters. During this process, the banks understood the
issues facing the company and were very cooperative and the
companyfully expects to meet its revised covenants. We are now
prepared to move forward and show substantial improvements in sales
and operating results in the second quarter of this year. We expect
sales in the second quarter that are comparable to last year with
improved EBITDA." A weak hospitality market impacted sales in the
quarter. This is reflective of major purchasing decisions being
postponed over the holidays waiting for the new budget year. Orders
in January and February have strengthened significantly and will be
reflected in stronger second quarter sales. The food service sales
decreased because of the successful completion of the Boston Market
project in the first quarter of 2003. The balance of the food
service business continued to grow. The contract office market was
down slightly with flat orders year over year. David L. Morley,
President and Chief Operating Officer stated, "We accomplished
several difficult tasks during the quarter. We closed the Canton
facility, staged the raw materials in Eastern Europe to fully
execute the wood frame strategy, expanded production of our
outsource partners in Europe and the U.S. and increased imports
from China. In the next 90 days we expect to see the benefits of
these actions." The company has restated its banking facility as a
current liability. As our results reflect the actions taken and
profitability improves, management expects that the banking
facility should be reclassified as long term. Furthermore, the
company was preliminarily notified by the New York Stock Exchange
of a pending rule change on eligibility for continued listing. The
exchange expects to formally notify all companies impacted by the
change after March 15, 2004. In the event of such a formal
notification,the company will diligently work with the exchange on
a remediation plan. Mr. Jacobs continued, "The difficult steps have
been taken at this point. The cost reduction activities are ahead
of schedule. Savings from key initiatives are tracking with our
plan. The company is totally focused on execution in the second
quarter. We will see the impact of these actions in the current
quarter." Falcon Products, Inc. will conduct a conference call to
discuss fiscal 2004 first-quarter results on March 11,2004 at 10:00
a.m. EST. The call will be Web cast at
http://www.companyboardroom.com/ and
http://www.falconproducts.com/. Falcon Products, Inc. is the leader
in the commercial furniture markets it serves, with well-known
brands, the largest manufacturing base and the largest sales force.
Falcon and its subsidiaries design, manufacture and market products
for the hospitality and lodging, food service, office, healthcare
and education segments of the commercial furniture market. Falcon,
headquartered in St. Louis, Missouri, currently operates 8
manufacturing facilities throughout the world and has approximately
2,100 employees. Safe harbor statement under the Private Securities
Litigation Reform Act of 1995: Statements contained in this news
release which are not historical fact, such as forward-looking
statements, involve risks and uncertainties which could impact
future financial performance, including, but not limited to, loss
of key customers or suppliers within specific industries,
availability or cost of raw materials, increased competitive
pricing pressures reflecting industry conditions and general demand
for products. Additional cautionary statements regarding other risk
factors that could have an effect on future performance of
theCompany are described in Falcon's periodic filings with the
Securities and Exchange Commission. Although Falcon believes the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, Falcon can give no assurance thatits
expectations will be attained. Any forward-looking statements
represent the best judgment of Falcon as of the date of this
release. Falcon disclaims any intent or obligation to update any
forward-looking statements. FALCONPRODUCTS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS FIRST QUARTER 2004 RESULTS (In
thousands, except per share amounts) (Unaudited) First Quarter
Ended January 31, February 1, % 2004 2003 Change Net sales $ 49,891
$ 65,134 -23.4% Cost of sales 42,194 50,346 -16.2% Gross margin
7,697 14,788 -48.0% Selling, general and administrative expenses
10,538 10,819 -2.6% Interest expense and other 5,052 4,133 N/M Loss
on early extinguishment of debt 3,947(a) -- N/M Restructuring
charges 194(b) -- N/M Pre-tax loss (12,034) (164) N/M Income tax
expense 196 132 N/M Net loss $ (12,230) $ (296) N/M Basic and
diluted loss per share $ (1.33) $(0.03) N/M Weighted average
diluted shares outstanding 9,164 9,048 N/M Not Meaningful (a) The
Company recorded a $3.9 million loss on early extinguishment of
debt to write-off deferred debt issuance costs in connection with
the refinancing of its senior credit facility. (b) The Company
recorded a $0.2 million pre-tax charge during the first quarter of
2004 to account for the closure of its Canton, Mississippi facility
and the transfer of production into the Company's other plants.
FALCON PRODUCTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands) (Unaudited) Jan. 31, Nov. 1, Assets 2004 2003 Cash and
cash equivalents $ 1,232 $ 1,356 Accounts receivable 24,685 31,877
Inventories 62,836 62,525 Other current assets 5,863 5,344 Total
current assets 94,616 101,102 Property, plant and equipment, net
36,370 36,579 Other assets 130,013 128,859 $ 260,999 $ 266,540
Liabilities and Jan. 31, Nov. 1, Stockholders' Equity 2004 2003
Accounts payable $ 25,844 $ 27,612 Customer deposits 5,705 5,249
Accrued liabilities 11,815 16,842 Current maturities of long-term
debt 72,275 3,900 Total current liabilities 115,639 53,603
Long-term debt 106,003 161,485 Other long-term obligations 12,223
12,868 Stockholders' equity 27,134 38,584 $ 260,999 $ 266,540
DATASOURCE: Falcon Products, Inc. CONTACT: David L. Morley,
President & Chief Operating Officer, +1-314-991-9200, Falcon
Products, Inc.
Copyright
Falcon Prod (NYSE:FCP)
過去 株価チャート
から 6 2024 まで 7 2024
Falcon Prod (NYSE:FCP)
過去 株価チャート
から 7 2023 まで 7 2024