Newspaper article St Louis Post-Dispatch (MO)

Furniture Brands Posts Record Profit for 1996

Newspaper article St Louis Post-Dispatch (MO)

Furniture Brands Posts Record Profit for 1996

Article excerpt

Furniture Brands International, which rose out of the ashes of Interco, reported record operating results Tuesday for the fourth quarter and for 1996.

The dramatic jump in sales and profits was largely attributable to the acquisition of Thomasville Furniture Industries Inc., which the company acquired at the end of 1995.

Without Thomasville, sales would have risen 4.5 percent for the year. Each period included charges for depreciation and amortization related to the company's emergence from bankruptcy in 1992. The company reduced its long-term debt by $150.3 million last year. Furniture Brands, based in Clayton, is the nation's largest maker of residential furniture. Its main lines are Lane, Broyhill and Thomasville. Orders at the end of the year totaled $205.9 million, up 6.1 percent from a year earlier. LaBarge Profit Soars LaBarge Inc. said profit for its second quarter shot up 274 percent. Sales rose 62 percent for the three months, which ended Dec. 29. "New business during the second quarter was strong, including a contract award valued at $3.7 million to supply cable assemblies over the next four years to NASA's Space Shuttle program," said Craig E. LaBarge, chief executive. The company makes a range of custom electronic products and interconnect systems for the telecommunications, geophysical, medical, and aerospace and defense markets. …

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