U.S. Furniture Brands in the third quarter loss of 23.5 million U.S. dollars

furnitureBrands International report released November 4, saying that third-quarter net loss of 23.5 million U.S. dollars, sales declined 28.9%.
The quarterly loss of 48 cents per diluted share. A loss last year amounted to 41.7 million U.S. dollars, equivalent to 86 cents per share.

Chairman of the Board and CEO Ralph Scozzafava said that although sales continued to decline this quarter, the company's balance sheet is still doing well. This quarter's gross margin was 23.1% over the same period last year out of about 7%, while corporate debt compared with the third quarter of 2007 and down nearly 200 million U.S. dollars.

In his view, through the supply chain, integration of production processes, the operating departments sharing efforts, with the help of products well received by consumers, the company can continue to increase gross margins.

Ending September 30 of the total sales for the quarter for the 293.7 million U.S. dollars, compared with 412.8 million U.S. dollars.

The quarterly loss included a one-time expenditure of the factory lay-off 7.1 million U.S. dollars, as well as severance pay and close the losses caused by retail stores, etc..

Loss in the same period last year include a one-time expenditure of 48.4 million U.S. dollars, including 15.6 million U.S. dollars in inventory reduction and 13.6 million U.S. dollars of bad loans.

This quarter, total sales for the first three quarters of 938.8 million U.S. dollars, compared with the same period in 2008 lowered 29.9%.

First three quarters of a net loss of 43.7 million U.S. dollars, with an average loss of 90 cents per share.

furniture Brands is the Broyhill, Lane, Thomasville, Drexel Heritage, Henredon and Maitland-Smith and so the parent company.