Company Name: Interface, Inc.
Stock Market: NASDAQ (IFSIA)
Industry Sector: Carpets and Rugs
Market Capitalisation: $299.0 million
Yearly Revenue: $1,081.3 million (as of December 30, 2007)
Operating Income: $131.3 million (as of December 30, 2007)
Net Income: $10.8 million (loss) (as of December 30, 2007)
Total Assets: $835.2 million (as of December 30, 2007)
Key People: Daniel T. Hendrix (President and Chief Executive Officer), Patrick C. Lynch (Senior Vice President and Chief Financial Officer), John R. Wells (Senior Vice President), Raymond S. Willoch (Senior Vice President-Administration, General Counsel and Secretary), Robert A. Coombs (Vice President), Lindsey K. Parnell (Vice President), Jeffrey J. Roman (Vice President)
Headquarters Address: 2859 Paces Ferry Road, Suite 2000 Atlanta, Georgia
Number of Employees: 3,701 (as of December 30, 2007)
Website Address: www.interfaceinc.com
Company Overview
Interface, Inc. is a global leader in sales, production and design of modular carpet. Its international market share of the specified carpet tile segment is almost 35 percent, which the company believes is greater than twice that of its closest competitors. The company’s Bentley Prince Street® brand is the leading high-end, designer-oriented section of the broadloom market segment, where high quality and custom design are the primary purchasing and specifying factors.
Interface, Inc. is an international company known for its premium positioning, reliability and high quality. The company markets its products in more than 110 countries. And if your looking for a good marketing tool, personalised usb sticks are an effective way to do it. Its modular carpet is marketed under the brand names FLOR™, Bentley Prince Street, Heuga® and InterfaceFLOR®; its broadloom carpet is marketed under the brands Prince Street House and Home™ and Bentley Prince Street; and its antimicrobial chemicals are marketed under the brand name Intersept®. The company’s primary geographic markets include Asia Pacific, Europe, and the Americas. The company’s sales were almost 11 percent, 34 percent and 55 percent, respectively, of the consolidated sales for the year ended December 30, 2007.
In March 2007, Interface, Inc. sold its Pandel business, which is the producer of specialty mat and vinyl carpet tile backing and foam products. In July 2007, the company sold its Fabrics Group business segment, which is the designer, manufacturer, and marketer of speciality fabrics for commercial interiors and open plan office furniture systems.
Current Financial Overview
In November 2006, the company sold 5,750,000 shares of its Class A common stock at a $14.65 per share public offering price, which led to net proceeds of approximately $78.9 million after deduction of the commissions and underwriting discounts and approximated offering expenses.
As of December 30, 2007, Interface, Inc. has a total of $82.4 million in cash. During this period it had no borrowings and $12.3 million in letters of credit were outstanding under the company’s domestic rotating credit facility; it could have incurred an additional $62 million of borrowings under it. Moreover, the company could have incurred the equivalent of $15.7 million of borrowings under its other global revolving credit facilities.
The company has almost $70.9 million in contractual cash obligations that are due by the fall of the 2008 fiscal year, including capital expenditure purchase commitments and interest payments on its debt. Its estimated total capital expenditures in 2008 are $48.0 million to $52.0 million. Based on existing debt and interest rate levels, the company anticipates that its total interest expense for 2008 will be $30 million to $32 million.
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