Interface’s cash up $18.5 million quarter over quarter, net debt rises

By Lisa Kerner

Charlotte, N.C., Oct. 23 – Interface, Inc. ended its third quarter on Sept. 29 with long-term debt of about $28 million. This compares to $26 million at Dec. 29, according to the company’s earnings release.

“We exited the quarter with $68.5 million in cash, which reflects an increase of $18.5 million as compared to the end of the second quarter this year,” senior vice president and chief financial officer Patrick Lynch said during the company’s earnings conference call on Thursday.

Interface reported cash of $72.8 million at Dec. 29.

Total sales were down less than 1% year over year at $252.2 million. Sales in the Americas business were basically flat, while European sales were down 3.8%. Sales were up 3% in the Asia-Pacific region, with strong momentum in Australia, the release stated.

Operating income in the third quarter was $19.6 million, or 7.8% of sales, compared to $27.8 million, or 10.9% of sales, in the prior-year period.

Interface reported net income for the quarter of $8.3 million, or $0.13 per share. This compares to net income of $15 million, or $0.23 per share, in the 2013 third quarter, according to the release.

For the first nine months of 2014, sales were up 3.3% to $731.8 million, operating income was down at $56 million, and net income was also down at $25.4 million, or $0.38 per share.

Interface is an Atlanta-based modular carpet company.

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