Archive for the ‘bedroom furniture’ Category
The best seat in the house
I am not one to couch my comments, so I will come right out and say that I would be a couch potato if my wife, Sue, let me eat potatoes on the couch. Sadly, I can no longer eat, sleep, drink beer, watch football, get thrown up on by our kids or do anything else on the best couch we ever had because it has gone to what I assume is, appropriately, its eternal rest.
This couch had great sentimental value because it was our first major piece of furniture, a brown, beige and gold work of upholstered craftsmanship dating back to 1978, when Sue and I got married.
The couch was also called the sofa because I’d relax on it while I should have been doing household chores and would say to Sue, “Sofa, so good,” to which she would reply, “Maybe you’d like to sleep on it tonight.”
It was almost as comfortable as our bed, though with slightly less legroom. It also was durable enough to withstand the worst kind of abuse, such as spills (beer, soda, baby formula) and soils (from our daughters, Katie and Lauren, before they were potty trained). The messes were easily wiped away because the couch was made of some super-resistant, possibly bulletproof material that did not, unfortunately, repel cat and dog hair.
The couch was a repository for food — pretzels, popcorn and, of course, potato chips — that had been dropped between the cushions. A yearly cleaning could have produced enough nourishment to feed Luxembourg.
I often munched away on the couch because it was my ringside seat for televised sporting events. I parked myself there for Super Bowl clashes, World Series showdowns, Stanley Cup contests and March Madness matchups. When a big game wasn’t on, I would watch something intellectual, like the Three Stooges.
The couch will go down in posterity, if not prosperity, as the site of an infamous photo taken one Halloween when I dressed up as Groucho Marx and our next-door neighbor, Frank, dressed up as a lady of the evening, complete with a wig, lipstick, stockings and a padded dress. I must say, he looked pretty good. We sat next to each other on the couch as Sue took our picture. If it ever turns up, I could lose thousands of dollars in blackmail money.
The best couch photo of all time did turn up recently when Katie’s husband, Dave, posted an old shot of the girls on Facebook. Katie, who was about 3 years old, was sitting on the couch with two Strawberry Shortcake dolls and a box of Cheerios; Lauren, who was 1, was leaning against the couch, sucking her thumb. Under the photo was the announcement that, since Katie and Dave were moving, the couch was for sale.
Katie had taken possession of it nine years ago, when she graduated from college and had moved into the apartment that she and Dave were now vacating.
Sue and I would have taken back the couch, which no one bought, but we are empty nesters in the sense that our kids may have moved out, but a lot of their stuff is still with us, which means the nest isn’t empty at all.
We recently spent the weekend with Katie and Dave as they got ready to move. For two nights, Sue slept on the couch. “I had two of the best nights’ sleep of my life on that dumb couch,” she said.
That morning, Dave and I carried it to the curb, where it was claimed by the garbageman. Maybe he took it home, but more likely it went to the dump and was crushed to kindling.
Farewell, old couch. Rest in pieces.
Five Tips to Stage Your Home Like a Pro
When the housing inventory is bursting at the seams, it is tougher than ever for sellers to entice homebuyers. That doesn’t mean home sellers should just give up.
Instead, they should take proactive steps to stage their homes so potential buyers can envision themselves living there as soon as they walk through the doors. Professional home stagers set up furniture, decor and accessories to present homes in their best light.
Using the tricks of professional home stagers, you too can stage your home to sell.
Highlighting and downplaying
The key element to staging your home like a professional is to highlight the strengths and draw attention away from weaknesses.
“Organize all of the cabinets,” says Melinda Massie, owner of Organizing with a Side of Fabulous, a professional organizing and home-staging company in Fort Worth, Texas. “Messy cabinets make it look like you don’t have enough storage. Storage sells.”
If the weakness in the family room is the old brick fireplace, then decorate the room to distract attention from it. For example, embellish the two built-in bookcases that flank the fireplace.
Float your furniture
When arranging furniture, make the rooms look spacious. Control the flow of the room. Home sellers tend to push furniture against walls to create space, but “floating” the furniture — creating furniture groupings away from walls — adds space to the room.
For example, group a love seat, coffee table and two wingback chairs across from the sofa, all in the middle of the living room on a decorative rug. Dawn Ohnstad, an agent with Coldwell Banker Burnet in Wayzata, Minn., says rooms should almost be bare of furniture (but the furniture should be in good condition).
Repurpose rooms
Melissa Riche, president of Great Place LLC, an interior styling and home-staging company in Los Angeles, advises sellers to give each room a purpose. If you have a spare bedroom that can be used as a storage room, start by decluttering the room. Instead of a junk room, create a craft room, sewing room, reading room, office or game room.
When each room has a purpose, you show how the space can be used — without clutter.
Lighting is everything
Lighting makes a home appear welcoming and inviting. Unfortunately, many homes do not have the proper lighting to create this ambience.
Replace low-wattage light bulbs with higher wattages. Have 100 watts of light for every 50 square feet of the room. Each room should have three types of lighting: general (overhead), task (pendant or reading lighting), and accent (lamps or wall sconces).
If you are fortunate enough to have natural lighting, then use this to your advantage when showing your home. Open all the shades halfway so light streams in. “Remove heavy drapes — they block light and make rooms appear smaller,” Riche says.
Give bathrooms the spa treatment
Add accessories to your bathroom that transform it from a regular bathroom into a spa. When you visit a spa, you often find large and small towels rolled up and displayed inside of a basket or arranged on a decorative tray. Adding candles (lit or unlit) is another way to create a peaceful and calming atmosphere in your bathrooms, says Chantay Bridges, an agent with Clear Choice Realty Associates in Los Angeles. It’s all about creating a welcoming space.
No matter what the situation is in the housing market, you want to make your home as appealing as possible to potential buyers. Presentation is everything and can mean the difference between offers rolling in and your house languishing on the market.
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Bassett to launch HGTV Home furniture line
Will debut at High Point Market in April
Larry Thomas — Furniture Today, September 8, 2011
BASSETT, Va. — Bassett Furniture is teaming with HGTV to create a custom upholstery and accent furniture line that will be sold under the HGTV Home brand name.
The new line, which will debut at the High Point Market next April, will be available through Bassett Furniture Direct stores as well as Top 100 furniture stores and major independent retailers.
“This strategic alliance brings together Bassett’s knowledge of the furniture industry through more than a hundred years of building hand-crafted furniture with the popularity and credibility of the HGTV brand,” said Rob Spilman, president and CEO of Bassett. “These products will inspire homeowners and offer consumers exclusive designs and quality without compromise.”
The Bassett-produced line will be added to an HGTV Home consumer products lineup that already includes paint, flooring, lighting and soft goods.
“HGTV Home is all about creating smart and stylish products based on our years of experience informing and inspiring consumers both on-air and online,” said Ron Feinbaum, general manager of consumer products for HGTV. “Consumers trust HGTV to help them make informed decisions for their homes. Marrying the HGTV know-how with great furniture products from Bassett will help consumers find the right style, design and quality in their furniture buying process.”
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Furniture industry: Export and production on the rise
Furniture industry: Export and production on the rise
Date: 07-09-2011
The furniture production grew in Romania by 3.8%in the first 5 months to 789 million euro and exports grew by 18% to 572.5 million euro, according to data supplied by the Association of Furniture Producers of Romania (APMR). Furniture imports grew by 8.2% to 131.4 million euro.
In these conditions, domestic sales (local production and imports minus exports) went down by 12.2% over January-May to 347.9 million euro.
We think that until the end of the year the drop will be smaller because autumn months are the best for sales, the APMR president , Aurica Sereny said, quoted by Mediafax.In the domestic market, sales are backed either by cheap products or by luxury furniture, as the middle class is poor, she added.
Romanian firms export mainly traditional products, but modern furniture sales have grown, according to the source.
We hope exports will grow by 15% this year, Sereny said. Furniture exports reached a maximum in 2010 at 1.17 billion euro, on the rise by 13.6% against the previous year, The main foreign markets are Germany, France and Italy.The value of domestic production went down by 1.5% last year to 1.82 billion euro, while domestic sales dropped by 15.2% to 962 million euro.
APMR has 450 members in the furniture industry. Association members generate over 60% of production and 70% of furniture exports in Romania.
Six Savvy Ways to Save in September
As was the case in July, seasonal changes often bring opportunities to save. September is the gateway to the holiday season, which means a whole different pool of great deals you won’t want to pass up.
Here are six ways you and your family can save by taking advantage of this time of year:
Landscaping plants and trees
Local nurseries know another harsh winter is on the way. Many landscape plants won’t make it unless they’re offered a permanent home. Businesses also want to make room for holiday greens. This time of year often brings huge sales and discounts to existing stock.
We hit a plant and tree auction last year at this time and scored BIG TIME – purchasing 10- to 15-foot trees for just $1 – $5 apiece. Most trees this size retail for $150-300 each. Cha-CHING!
New Vehicles
It’s that time of year when all the new 2012 models are showing up on the lots. That means the 2011 models are old news. It also means great savings on brand new cars. If you’re in the market for a replacement, check out these older models and you’ll be driving in style with money in your pocket for gas.
Airfare
Now is the time to start planning those holiday escapades. If your travels involve airtime, hit sites likeKayak to find the best deals. Waiting too long will increase costs, so make September your travel-planning month to get the best deals.
Patio Furniture
Retailers know they’ll be stuck with a lot of patio sets if they don’t start slashing prices while the weather is still warm. Plus, they need to make room for all that holiday stock.
This is by far the best time of year to replace your used patio furniture as well as grills, lawn mowers and other outdoor gear. Check out deals at places like Sears, Kmart and Home Depot to get unbelievable savings.
We recently saw a table and six chairs with an original price tag of $450 marked down to $130. Can’t beat that! And if an item is out of stock, ask to contact other stores in the area. They might have it!
Bikes
Is little Tommy asking Santa for a bike under the tree this Christmas? As is true with car shopping, this is the time to make your new bike purchase. New models are being introduced for the upcoming year, so older models are being reduced for quick sale. Just make sure you have a good hiding place so you can surprise him at the holidays!
Large Appliances
Again, it’s time to roll out the old and bring in the new. Older models are being replaced, so take advantage of great discounts on household appliances like washers and dryers, dishwashers, ranges and refrigerators.
Hooker Furniture Reports Increased Sales and Earnings for Fiscal 2012 Second …
MARTINSVILLE, Va., Sep 6, 2011 (GlobeNewswire via COMTEX) –
Hooker Furniture
/quotes/zigman/73575/quotes/nls/hoft HOFT
+3.47%
today reported net sales of $55.6 million, a 4.1% year- over -year increase for its fiscal 2012 second quarter which began on May 2, 2011 and ended July 31, 2011. The Company increased net sales by $2.2 million from $53.4 million during the same period last year, marking the fifth consecutive quarter of year-over-year quarterly sales increases as unit volume grew across all divisions.
For the fiscal 2012 first half, which began on January 31, 2011 and ended July 31, net sales increased $9.2 million, or 8.8% to $114.0 million compared to $104.7 million for the fiscal 2011 first half.
Net income for the fiscal 2012 second quarter increased $468,000 to $1.6 million, or $0.15 per share, compared to net income of $1.2 million, or $0.11 per share, for the comparable period last year. The Company reported net income for the 2012 first half of $2.2 million, or $0.20 per share, compared with net income of $2.3 million, or $0.21 per share, in the fiscal 2011 six-month period.
“Given the environment we’re operating in and the softer sales we typically experience during the summer months, we’re quite pleased to have grown revenues this quarter, even though growth moderated compared to last quarter,” said Paul B. Toms Jr., chairman and chief executive officer. “While business has been more challenging since mid-April, we have continued to post positive year-over-year comps in quarterly net sales in two of our three businesses, Hooker casegoods and Sam Moore fabric upholstery. At Bradington-Young, we have struggled with a combination of reduced demand for leather and motion furniture and significant increases in raw material costs.”
Toms said Hooker is positioned well for the historically strong fall season. “We are in stock on best sellers, the products we introduced at the Spring High Point Market are in the pipeline, and the demand has remained relatively strong versus the prior-year periods. Consolidated incoming orders are up 9.3% year to date, with casegoods incoming orders again leading the way, up approximately 12% in the most recent completed quarter compared to a year ago.”
Gross profit decreased as a percentage of net sales to 21.9% from 22.4% for the fiscal 2012 second quarter, primarily due to increased product discounting and higher returns and allowance costs during the quarter.
“Discounting was still fairly heavy, but less severe towards the end of the quarter,” Toms said. “As Hooker continues to rationalize its product line and move excess inventory during the upcoming quarter, discounting will still be heavier than the prior year period, but it should have diminishing impact compared to the first and second quarters,” Toms said. “We believe the worst of the discounting is behind us and that we should work through most of the excess inventory by the end of the fiscal year. In addition, Hooker turned the corner this quarter by shipping out the last of our inventory that reflected higher freight costs,” Toms said. “Both quality-related and health care costs continue to remain elevated over prior-year and expected amounts. During the quarter, we exited the Chinese factory that was our worst performing in quality terms and have stepped up our quality auditing processes at our other Asian suppliers’ operations,” he added.
Selling and administrative expenses of $9.7 million, or 17.4% of net sales, decreased in actual dollars and as a percentage of net sales, compared to $10.4 million, or 19.5% of net sales for last year’s second quarter. The decrease in spending was principally due to:
-- Lower bad debt expense due to adjustments in our accounts receivable
reserves to reflect favorable collection trends;
-- Lower salary expense, due to realignments in our officer group; and
-- Lower depreciation and amortization expense primarily due to decreased
spending on our legacy information systems in anticipation of launching
a unified Enterprise Resource Planning software system this fall.
These decreased expenses were partially offset by:
-- Higher commissions due to increased sales; and
-- Higher advertising supplies expense to support sales growth.
“The improvements in our selling and administrative expenses are the result of our diligence in removing costs from the business, particularly in upholstery operations, during the last few years,” said Toms. “However the real improvement has come from leveraging our sales increases and spreading our costs over higher revenues,” he added.
Operating income for the fiscal 2012 second quarter was favorably impacted by lower selling and administrative expenses, increasing to $2.5 million, or 4.5% of net sales as compared to $1.6 million, or 2.9% of net sales, during the comparable 2011 quarterly period.
For the first half of fiscal 2012, the Company’s operating income decreased to $3.2 million, or 2.8% of net sales, compared to $3.3 million, or 3.1% of net sales, in the first six months of fiscal 2011. The Company reported net income for the 2012 first half of $2.2 million, or $0.20 per share, compared to $2.3 million, or $0.21 per share, in the fiscal 2011 six-month period. Fiscal year 2011 first half results include a $500,000 charge ($312,000, or $0.03 per share, after tax), representing the Company’s insurance deductible for a fire at one of its distribution facilities during the fiscal 2011 first quarter.
Cash, Inventory and Debt
Cash and cash equivalents increased $13.8 million to $30.4 million as of July 31, 2011 from $16.6 million on January 30, 2011, due principally to decreased inventories. Inventories decreased as a result of increased sales and a focused effort to reduce excess and obsolete inventory levels.
“Since late last year, we’ve reduced our finished goods inventory nearly 30% while maintaining our service levels to our customers and converting most of the reduced inventory to cash,” Toms said. “We are now close to our targeted inventory levels and believe we have the right mix of product to service the fall selling season,” he added.
The Company had no long-term debt at July 31, 2011 and had $13.1 million available on its $15.0 million revolving credit facility, net of $1.9 million reserved for standby letters of credit. The Company also had $15.5 million available to borrow against the cash surrender value of Company-owned life insurance.
Business Outlook
“While we expect the fall to be better than this summer, we believe we’re in for a prolonged period of economic challenges,” Toms said. “The issues impacting consumer confidence, such as stock market volatility, depressed real estate values and ongoing high unemployment, are not likely to be quickly resolved. However, I’m confident we have the right business model, the right product line, the right people and the right distribution to be as successful as possible given the environment. While we know we are in for tough times, we expect to do better than most, and I’m bullish on our prospects versus overall industry prospects.”
Casualty Loss
Over the weekend of August 8, 2011, an automatic fire protection sprinkler accidently operated and flooded a section of one of our leased warehouse facilities in Martinsville, Va. Repair and restoration efforts are essentially complete and we estimate the costs associated with this loss will approximate $250,000. We expect to record a casualty loss for this amount during our fiscal 2012 third quarter.
Dividends
At its September 6, 2011 meeting, our board of directors declared a quarterly cash dividend of $0.10 per share, payable on November 25, 2011 to shareholders of record at November 10, 2011.
Conference Call Details
Hooker Furniture will present its fiscal 2012 second quarter results via teleconference and live internet web cast on Thursday morning, September 8, 2011 at 9:00 AM Eastern Time. The dial-in number for domestic callers is 877-665-2466 and the number for international callers is 678-894-3031. The call will be simultaneously web cast and archived for replay on the Company’s web site at
www.hookerfurniture.com in the Investor Relations section.
Ranked among the nation’s top 10 largest publicly traded furniture sources based on 2010 shipments to U.S. retailers, Hooker Furniture Corporation is an 88-year old residential wood, metal and upholstered furniture resource. Major wood furniture product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand, and sold at moderate price points under the Envision Lifestyle Collections by Hooker Furniture brand. Youth bedroom furniture is sold under the Opus Designs by Hooker Furniture brand. Hooker’s residential upholstered seating companies include Hickory, N.C.-based Bradington-Young LLC, a specialist in upscale motion and stationary leather furniture, and Bedford, Va.-based Sam Moore Furniture LLC, a specialist in upscale fabric occasional chairs with an emphasis on cover-to-frame customization. Please visit our websites at
www.hookerfurniture.com ,
www.envisionfurniture.com ,
www.bradington-young.com ,
www.sammoore.com and
www.opusdesigns.com .
http://www.globenewswire.com/newsroom/prs/?pkgid=4305
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to: (1) general economic or business conditions, both domestically and internationally, and instability in the financial and credit markets, including their potential impact on our (i) sales and operating costs and access to financing, (ii) customers and suppliers and their ability to obtain financing or generate the cash necessary to conduct their respective businesses; (2) price competition in the furniture industry; (3) changes in domestic and international monetary policies and fluctuations in foreign currency exchange rates affecting the price of our imported products and raw materials; (4) the cyclical nature of the furniture industry, which is particularly sensitive to changes in consumer confidence, the amount of consumers’ income available for discretionary purchases, and the availability and terms of consumer credit; (5) risks associated with the cost of imported goods, including fluctuation in the prices of purchased finished goods and transportation and warehousing costs; (6) supply, transportation and distribution disruptions, particularly those affecting imported products, including the availability of shipping containers and cargo ships; (7) adverse political acts or developments in, or affecting, the international markets from which we import products, including duties or tariffs imposed on those products; (8) risks associated with domestic manufacturing operations, including fluctuations in capacity utilization and the prices and availability of key raw materials as well as transportation, warehousing and domestic labor costs and environmental compliance and remediation costs; (9) our ability to successfully implement our business plan to increase sales and improve financial performance; (10) risks associated with distribution through [third-party] retailers, such as non-binding dealership arrangements; (11) capital requirements and costs; (12) competition from non-traditional outlets, such as catalog and internet retailers and home improvement centers; (13) changes in consumer preferences, including increased demand for lower-quality, lower-priced furniture due to declines in consumer confidence and/or discretionary income available for furniture purchases and the availability of consumer credit; (14) higher than expected costs associated with product quality and safety, including regulatory compliance costs related to the sale of consumer products and costs related to defective products; (15) the direct and indirect costs associated with the implementation of our Enterprise Resource Planning system, including costs resulting from unanticipated disruptions to our business; (16) and achieving and managing growth and change, and the risks associated with acquisitions, restructurings, strategic alliances and international operations. Any forward looking statement that the Company makes speaks only as of the date of that statement, and the Company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise.
Table I
HOOKER FURNITURE CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Thirteen Weeks Twenty-Six Weeks
Ended Ended
August
July 31, 1, July 31, August 1,
2011 2010 2011 2010
--------- -------- ---------- ---------
Net sales $ 55,574 $ 53,377 $ 113,967 $ 104,730
Cost of sales 43,411 41,421 90,771 80,505
Casualty loss -- 183 -- 2,208
Insurance recovery -- (183) -- (1,708)
--------- -------- ---------- ---------
Total cost of
sales 43,411 41,421 90,771 81,005
Gross profit 12,163 11,956 23,196 23,725
Selling and
administrative
expenses 9,669 10,387 19,955 20,450
--------- -------- ---------- ---------
Operating income 2,494 1,569 3,241 3,275
Other income, net 27 44 81 56
--------- -------- ---------- ---------
Income before
income taxes 2,521 1,613 3,322 3,331
Income tax expense 875 435 1,153 1,079
--------- -------- ---------- ---------
Net income $ 1,646 $ 1,178 $ 2,169 $ 2,252
========= ======== ========== =========
Earnings per share:
Basic $ 0.15 $ 0.11 $ 0.20 $ 0.21
========= ======== ========== =========
Diluted $ 0.15 $ 0.11 $ 0.20 $ 0.21
========= ======== ========== =========
Weighted average
shares outstanding:
Basic 10,761 10,757 10,761 10,757
========= ======== ========== =========
Diluted 10,784 10,768 10,785 10,767
========= ======== ========== =========
Table II
HOOKER FURNITURE CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, including share data)
January
July 31, 30,
2011 2011
----------- ----------
Assets
Current assets
Cash and cash equivalents $ 30,427 $ 16,623
Accounts receivable, less
allowance for doubtful
accounts of $1,828 and
$2,082, respectively 26,414 27,670
Inventories 42,108 57,438
Prepaid expenses and other
current assets 5,018 4,965
----------- ----------
Total current assets 103,967 106,696
Property, plant and equipment,
net 21,279 20,663
Intangible assets 3,072 3,072
Cash surrender value of life
insurance policies 15,482 15,026
Other assets 5,017 4,954
----------- ----------
Total assets $ 148,817 $ 150,411
=========== ==========
Liabilities and Shareholders'
Equity
Current liabilities
Trade accounts payable $ 9,386 $ 11,785
Accrued salaries, wages and
benefits 2,816 3,426
Other accrued expenses 2,284 1,111
Accrued dividends 1,078 1,077
----------- ----------
Total current liabilities 15,564 17,399
Deferred compensation 6,533 6,242
----------- ----------
Total liabilities 22,097 23,641
Shareholders' equity
Common stock, no par value,
20,000 shares authorized,
10,793 and 10,782 shares
issued and outstanding on
each date 17,200 17,161
Retained earnings 109,013 109,000
Accumulated other
comprehensive income 507 609
----------- ----------
Total shareholders' equity 126,720 126,770
----------- ----------
Total liabilities and
shareholders' equity $ 148,817 $ 150,411
=========== ==========
Table III
HOOKER FURNITURE CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twenty-Six Weeks Ended
July 31, August 1,
2011 2010
----------- ----------
Cash flows from operating activities
Cash received from customers $ 115,290 $ 102,047
Cash paid to suppliers and employees (96,924) (107,059)
Insurance proceeds received on casualty
loss -- 1,350
Income taxes paid, net (115) (1,863)
Interest received / (paid), net 20 (54)
----------- ----------
Net cash provided by / (used in)
operating activities 18,271 (5,579)
----------- ----------
Cash flows from investing activities
Purchase of property, plant and equipment (1,871) (382)
Proceeds received on notes issued for the
sale of property 17 18
Proceeds from the sale of property and
equipment 3 --
Premiums paid on life insurance policies (1,020) (1,195)
Proceeds received on life insurance
policies 560 1,102
----------- ----------
Net cash used in investing activities (2,311) (457)
----------- ----------
Cash flows from financing activities
Cash dividends paid (2,156) (2,155)
----------- ----------
Net cash used in financing activities (2,156) (2,155)
----------- ----------
Net increase (decrease) in cash and cash
equivalents 13,804 (8,191)
Cash and cash equivalents at beginning of
period 16,623 37,995
----------- ----------
Cash and cash equivalents at end of
period $ 30,427 $ 29,804
=========== ==========
Reconciliation of net income to net cash
provided
by / (used in) operating activities:
Net income $ 2,169 $ 2,252
Depreciation and amortization 1,255 1,500
Non-cash restricted stock awards and
performance grants (101) 34
Provision for doubtful accounts 705 100
Deferred income taxes (346) (787)
Gain on disposal of property (3) --
Changes in assets and liabilities:
Accounts receivable 551 (1,551)
Inventories 15,330 (10,779)
Prepaid expenses and other current
assets 279 (792)
Trade accounts payable (2,399) 3,249
Accrued salaries, wages and benefits (448) 609
Accrued income taxes 1,384 3
Other accrued expenses (373) (41)
Deferred compensation 268 624
----------- ----------
Net cash provided by / (used in)
operating activities $ 18,271 $ (5,579)
=========== ==========
This news release was distributed by GlobeNewswire,
www.globenewswire.com
SOURCE: Hooker Furniture Corporation
CONTACT: Paul B. Toms Jr.
Chairman and Chief Executive Officer
Phone: (276) 632-2133, or
Paul Huckfeldt, Vice President, Chief Financial Officer
Phone: (276) 632-2133, or
Kim D. Shaver
Vice President, Marketing Communications
Phone: (336) 880-1230
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
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Add HOFT to portfolio
Sweets, novelty makers lead ‘Bulawan’ awardees
However, no winners were named in the garments category, health and wellness, delis, and furniture category because entries did not reach 90 points or above based on the scores provided by the judges, but they still gave special awards to these categories.
The Best in Visual Impact award was given to all categories while Best in Originality and Best in Product Appeal were given to food and health and wellness categories. The Best in Design Excellence and the Best in Craftmanship awards were given to fashion category, home furnishing, furniture, table top, and luminary categories, Rivera added.
Winners for Best in Visual Impact were Sugarlandia (pastries), Virgies and Fresh Start Oganics (confectionery), Fresh Start Organics (health and wellness), Alter Trade (deli), Noah (table top), Vito Prints (home furnishing), Atelier Aguila (furniture), Precious Ceramincs (luminary), Vito Prints (jewelry and accessories), Kiculo (bags and footware), and Reycon’s (garments).
Best on Originality winners were Sugarlandia (pastries), Virgies (confectionery), Jarvis (health and wellness), and Alter Trade (deli) while winners for Best in Product Appeal were Sugarlandia (pastries), Virgies (confectionary), Jarvis (health and wellness), and Alter Trade (deli).
Winners for Best in Design Excellence were Altarez Novelties (table top), Vito Prints (home furnishing), Golden Furnishing (furnishing), Tumandok Crafts (luminary), Vito Prints (jewelry and accessories), Kiculo (bags and footwear), and Ping’s Knitwear (garments.)
Best in Craftmanship winners were Noah and Novelty Handicrafts (table top), Golden Furnishing (furniture), Precious Ceramics (luminary), Craff MV (jewelry and accessories), Kiculo (bags and footwear), Ping’s Knitwear and Reycon’s (garments).
Rivera said only the winners for each category will be given 30 percent discount for their booth rental fees during the Negros Food Fair on Sept. 28 to Oct. 2.*LTG