Business
Interface Reports First Quarter 2020 Results
ATLANTA, May 8, 2020 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today
About this update from Interface, Inc.
[{"type":"text","content":"ATLANTA, May 8, 2020 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the first quarter ended April 5, 2020.\n\n \n \n \n \n \n \n\n \nHighlights:\nStrong liquidity of $309 million at quarter end comprised of $73 million of cash and $236 million of borrowing availability under the revolving credit facility Q1 net sales down 3%; Q1 organic sales down 2% $121 million non-cash charge for impairment of goodwill and intangible assets driven by COVID-19 impact Including impairment charge, Q1 2020 GAAP loss per share of $1.75 vs. Q1 2019 GAAP EPS of $0.12; Q1 2020 adjusted EPS of $0.32 Providing update on COVID-19 impact and response strategies\"We had a strong start to the year, but we began to see disruption in our business due to the global COVID-19 pandemic as the first quarter progressed. We ended the quarter, which had an extra fiscal week this year, with net sales down 3%, and organic sales down 2% versus the first quarter last year,\" said Dan Hendrix, Chairman and CEO of Interface. \"The management team moved quickly in this unique situation to align operating costs with customer demand, driving first quarter adjusted EPS to $0.32, up 129% compared to adjusted EPS of $0.14 in the first quarter last year. As we face this challenging and unpredictable macroeconomic environment throughout 2020 and beyond, we expect continued solid growth in our resilient flooring portfolio, particularly in healthcare, education and industrial applications, and market leadership in carpet tile. We remain very diligent in continuing to reduce operating costs to prepare for a prolonged COVID-19 pandemic and its impacts on global commerce.\"\n\"Globally, the Interface team is doing an incredible job of managing through this unprecedented time. The health and well-being of our employees is our top priority as we stay open for business to support our customers. While we have experienced short-term disruptions in some of our manufacturing operations around the world, we continue to deliver for our customers and have uncovered new and valuable ways to connect with them in these unique circumstances, further strengthening our relationships,\" Hendrix added. \"In my nearly 40 years with Interface, we have successfully navigated several economic downturns...