SSP, here is one for the list. Trading under book value. NASDQ stock. A hidden gem.
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MT. VERNON, N.Y.--(BUSINESS WIRE)--April 18, 2000--INTERIORS, INC. (NASDAQ: INTXA - news; NASDAQ:INTXP - news) today announced net sales of approximately $117.8 million for the nine-month period ended March 31, 2000 as compared to $42.7 million for the same nine-month period a year ago, an increase of $75.1 million or 176%. Revenues for the third quarter of this year were $44.7 million exceeding revenues of $19.5 million for the third quarter of last year by $25.2 million or 129%. The Company's successful acquisition strategy, as well as internal growth of its subsidiaries, has led to the Company's dynamic growth in top-line revenues.
Max Munn, Chairman, President and CEO, stated, ``The Interiors group of companies continue to show substantial year over year and quarter over quarter revenue growth. Our largest subsidiaries are growing beyond our earlier expectations. This is also the first quarter that includes revenues from our acquisition of Concepts 4, Inc. and we are very encouraged by the early results. This dramatic revenue growth should allow us to lower our acquisition and borrowing costs and increase long term shareholder value. Unfortunately, the market does not yet recognize the value we are creating.''
Interiors is a rapidly expanding manufacturer and marketer of quality decorative accessories for the home. One of the nation's largest home decor companies, Interiors designs, manufactures and markets more than 10,000 products sold through many of the nation's leading home furnishing chains. The Company is pursuing an aggressive acquisition strategy in the highly fragmented $54 billion decorative accents industry. As a result, annualized pro forma revenues have increased to approximately $180 million from $13 million the previous year. The Company's strategy is to further enhance sales by taking advantage of cross-merchandising opportunities and to differentiate itself from its competition by offering ``whole-room'' life-style solutions that make assembling a coordinated, designed look easier for both retailers and consumers. Interiors' web sites are located at Interiors.com and Petals.com.
This statement contains certain forward-looking statements, which may involve known and unknown risks, uncertainties, and other factors not under the Company's control which may cause actual results, performance and achievements of the Company to be materially different from the results, performance, or expectations of the Company. These factors include, but are not limited to those detailed in the Company's periodic filings with the Securities and Exchange Commission.
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Contact:
Interiors Inc., Mt. Vernon
Max Munn, 914/665-5400 |
