On May 2, Haverty Furniture Company
- Revenues declined by 8.6%, primarily because of lower sales volumes and negative comparable-store sales.
- The company has been very careful in managing its inventory, decreasing the total on hand by $5 million since the beginning of the year, in response to the slower business conditions.
- SG&A costs for the quarter were $3.4 million lower, as the company looked for ways to improve its efficiency and scale its operations to the current sales environment.
(Figures in millions, except per-share data)
Income Statement Highlights
Q1 2007 |
Q1 2006 |
Change |
|
---|---|---|---|
Sales* |
$191.1 |
$209.1 |
(8.6%) |
Net Profit |
$0.8 |
$5.1 |
(83.7%) |
EPS |
$0.04 |
$0.23 |
(82.6%) |
Diluted Shares |
23.0 |
22.6 |
1.6% |
Get back to basics with a look at the income statement.
Margin Checkup
Q1 2007 |
Q1 2006 |
Change* |
|
---|---|---|---|
Gross Margin |
49.9% |
50.1% |
(0.2) |
Operating Margin |
0.4% |
3.3% |
(2.9) |
Net Margin |
0.4% |
2.4% |
(2.0) |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
Assets |
Q1 2007 |
Q1 2006 |
Change |
---|---|---|---|
Cash + ST Invest. |
$8.0 |
$7.8 |
2.1% |
Accounts Rec. |
$64.7 |
$71.0 |
(8.9%) |
Inventory |
$119.8 |
$120.4 |
(0.5%) |
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
---|---|---|---|
Accounts Payable* |
$79.7 |
$98.0 |
(18.6%) |
Long-Term Debt |
$36.6 |
$29.5 |
24.0% |
Learn the ways of the balance sheet.
Cash Flow Highlights
Q1 2007 |
Q1 2006 |
Change |
|
---|---|---|---|
Cash From Ops. |
($7.2) |
($1.4) |
N/A |
Capital Expenditures |
$2.5 |
$7.3 |
(66.5%) |
Free Cash Flow |
($9.7) |
($8.8) |
N/A |
Free cash flow is a Fool's best friend
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