Ok, how about this.
.MT. VERNON, N.Y.--(BUSINESS WIRE)--Feb. 15, 2000--INTERIORS, INC. (NASDAQ: INTXA - news, INTXP - news) today announced net sales of $43.7 million for the three month period ended December 1999, up from $12.9 million from the same period last year. The Company's EBITDA, excluding extraordinary items, also rose to $1.5 million for the second quarter from $0.9 million for the same period of the prior year.
For the six month period ended December 31, 1999, net sales totaled $79.3 million, an increase of 240% over net sales of $23.3 million reported by the Company for the comparable six months ended December 31, 1998.
Max Munn, Chief Executive Officer of Interiors, commented, ``Through our rapid acquisition of businesses on the east and west coasts, we have acquired the bricks and mortar necessary so that we can now focus on a much more significant internet marketing effort. Shortly, we will be re-invigorating the Interiors.com and Petals.com websites to expand the Petals and Interiors brands and to capitalize on Petals' direct marketing expertise. We expect to add full e-commerce functionality during fiscal 2000. I am confident that our internet marketing program, combined with the many other important initiatives we have undertaken, will enable us to capitalize on the rapid growth we have achieved and increase shareholder value over the coming year.''
For the three month period ended December 31, 1999, Interiors reported a net loss of $1.5 million, excluding preferred dividends and extraordinary items, compared to a net loss of $364,000 for the same period last year. After giving effect to preferred dividends, the Company reported a net loss of $0.06 per diluted common share compared to a net loss of $0.02 per diluted common share for the same period in fiscal 1999. Last year, the Company also reported net income of $0.05 per share after giving effect to extraordinary items.
For the six month period ended December 31, 1999, there was a net loss of $664,000, excluding preferred dividends and extraordinary items, compared to a net loss of $81,000 for the same period last year. After giving effect to preferred dividends, the Company reported a net loss of $0.06 per diluted common share, compared to a net loss of $0.02 per diluted common share for the same period in fiscal 1999. Last year, the Company also reported net income of $0.08 per share after giving effect to extraordinary items.
Mr. Munn continued, ``Our east coast operations, including Petals, Stylecraft Lamps, Model Home Interiors and A.P.F. Master Framemakers are all doing exceptionally well. Their excellent performance, however, has been offset by our west coast operations, which are not performing as well as we had expected following their initial consolidation and integration into Interiors. We therefore recently adopted a strategic plan on the west coast to collect receivables at a faster rate, liquidate slow-moving inventory and expand our MIS system in order to better manage these companies. These initiatives have already begun in an effort to positively impact operating income on the west coast.''
Mr. Munn concluded, ``With the future in mind, we also took a number of important steps during the second quarter to position Interiors for growth. We engaged two investment banking firms to assist in the refinancing of our existing debt in order to significantly reduce our interest expense, and we acquired Concepts 4, Inc., a profitable merchandiser of decorative accessories for the hospitality industry.''
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 5,000 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:
Company Contact:
Interiors Inc.
Max Munn, CEO, 914/665-5400
or
Investor Relations:
Lippert Heilshorn Assoc. Inc.
Lisa Lettieri, VP, 212/838-3777
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