Business
Interface Reports Second Quarter 2020 Results
ATLANTA, Aug. 7, 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, Aug. 7, 2020 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the second quarter ended July 5, 2020.\n\n \n \n \n \n \n \n\n \nQuarterly Highlights:\nStrong liquidity of $331 million at quarter end comprised of $92 million in cash and $240 million of borrowing availability under the revolving credit facility Amended credit facility includes financial covenant flexibility through first quarter of 2022 Q2 2020 GAAP earnings per share of $0.08; Q2 2020 adjusted earnings per share of $0.27 Cash provided by operating activities of $48 million Continued expense reductions and financial prudence during COVID-19 period\"During the second quarter, Interface managed through significant headwinds related to the global pandemic and resulting economic fallout by significantly reducing expenses and increasing our financial flexibility. We generated strong cash flow from operations of $48 million in the quarter, while pivoting our sales team to focus on more robust industries during this period, including healthcare and education. We also amplified our omni-channel marketing strategies, including online sales, in our FLOR business,\" said Dan Hendrix, Chairman and CEO of Interface.\n\"We will continue our efforts to expand market share during this difficult period through our targeted product innovation investments and focused sales and marketing initiatives. We remain committed to further improving the sustainability of our products, and we are on track to deliver our first-ever carbon negative carpet tile this year. We are encouraged by the early response from our customers as we prepare to bring our new non-vinyl and bio-based backing offerings to market before the end of 2020,\" he concluded.\n\"We continue to closely manage our cash flow and maintain solid liquidity during this ongoing period of softened demand,\" added Bruce Hausmann, CFO of Interface. \"We ended the second quarter with $92 million of cash on hand and $240 million of borrowing availability under our revolver. In addition, we recently amended our credit facility providing for enhanced financial covenant flexibility through the first quarter of 2022. Our net debt to adjusted EBITDA ratio was 2.9x at the end of Q2 2020.\"\nSecond Quarter 2020 Financial Summary\nS...