Lumber Liquidators' (Toano, Va.) net income increased 31 percent to $9.1 million, or 32 cents per diluted share, in the second quarter of 2010 compared with $6.9 million, or 25 cents per diluted share, in the second quarter of 2009. The company's net sales increased $25.6 million, or 17.9 percent, to $168.7 million in the same quarter from $143.1 million last year. The company's same-store net sales rose 5.5 percent after falling 1.8 percent during the same period last year. Lumber Liquidators operates more than 200 stores, six of which opened during the second quarter. Also, the company updated its 2010 fiscal outlook and expects net sales for the full year in the range $630 million to $650 million on top of opening 19 to 23 new stores. The full release can be read here.
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Lumber Liquidators Net Income Up 31 Percent
Lumber Liquidators' (Toano, Va.) net income increased 31 percent to $9.1 million, or 32 cents per diluted share, in the second quarter of 2010 compared with $6.9 million, or 25 cents per diluted share, in the second quarter of 2009. The company's net sales increased $25.6 million, or 17.9 percent, to $168.7 million in the same quarter from $143.1 million last year. The company's same-store net sales rose 5.5 percent after falling 1.8 percent during the same period last year. Lumber Liquidators operates more than 200 stores, six of which opened during the second quarter. Also, the company updated its 2010 fiscal outlook and expects net sales for the full year in the range $630 million to $650 million on top of opening 19 to 23 new stores. The full release can be read here.
Mohawk Net Income Jumps 47 Percent
During the second quarter of 2010, Mohawk Industries Inc. (Calhoun, Ga.) posted net income of $68 million, or 99 cents per share, up 47 percent from $46 million, or 67 cents per share, during the same period in 2009. The company's net sales of $1.4 billion during the quarter were slightly down from 2009's second quarter mark. Mohawk Chairman and CEO Jeffrey S. Lorberbaum attributed his company's success to higher sales in certain segments, improved hardwood product mix, price increases and cost reduction programs.The full release can be found here.
Armstrong Net Income Falls 5 Percent
Net income at Armstrong World Industries (Lancaster, Pa.) fell 5 percent in the second quarter to $26.8 million, or 46 cents per share, from last year's second quarter mark of $28.3 million, or 50 cents per share. The company's net sales were up 3 percent to $724.8 million in the quarter from $705.7 million during the same period in 2009. The company says operating cost reductions more than offset the impact of inflation of lumber and oil-based raw materials, and that international volume growth offset domestic declines; its improved cost performance was driven by cutting manufacturing and SG&A costs. Armstrong expects 2010 overall sales between $2.7 billion and $2.9 billion.
Armstrong's wood flooring net sales of $127.2 million in the second quarter of 2010 were flat compared with $127.8 million in the same quarter in 2009. The wood flooring operating income of $1.1 million in the second quarter was slightly higher than $0.9 million reported in 2009 during the same period. The full release can be read here.
NWFA Introduces Consumer Labeling Program
The NWFA has introduced the Accepted Product seal program, which was developed to help consumers identify wood flooring products that meet established minimum standards for performance. Standards are determined for six product categories, each with its own testing requirements and performance criteria. The product categories are abrasives, adhesives, engineered flooring, fasteners, finishes/stains/sealers and underlayments; all evaluations are conducted by third-party testers using specific ASTM/ANSI testing requirements. Participation in the program is voluntary, and NWFA manufacturer members can submit test results to the NWFA for review. If the product is approved, the member must submit an annual licensing fee for use of the NWFA Accepted Product seal, which can be displayed on the product or in literature so consumers can identify it as meeting established industry standards. The seal may be carried for three years, after which new test results must be submitted. For more information, call 800/422-4556 (U.S. and Canada) or 636/519-9663 (local and international) or e-mail [email protected].
Bona Partners with Healthy Child Healthy World
Bona US (Aurora, Colo.) has partnered with Healthy Child Healthy World, a nonprofit that aims to protect children from harmful chemicals by increasing awareness of indoor air quality and reducing children's exposure to volatile organic compounds (VOCs), toxic chemicals and other pollutants from household products. Bona and Healthy Child will encourage consumers to choose only third-party-certified products. According to the EPA, Americans spend over 90 percent of their time indoors, breathing air that can be as much as ten times more polluted than outdoor air. "Partnering with Healthy Child Healthy World will help us spread the message about the importance of indoor air quality and the health of families as Bona's floor care solutions are pH-neutral, biodegradable, non-toxic and Greenguard-certified," Bona Director of Marketing Chad Nordhagen said in a release.
Senate Passes Pro-Hardwood Legislation
The U.S. Senate passed a pro-hardwood resolution Thursday. S. Res. 411 recognizes U.S. hardwood products as a sustainable resource, and urges that these products be given full consideration in any program to promote construction of environmentally preferable commercial, public, or private buildings. The non-binding resolution passed with unanimous consent. Background on the resolution can be viewed here.
Distributor News
WE Cork (Exeter, N.H.) has added six distributors. The distributors and their areas served are: The Bahr Company (Romeoville, Ill.) in Illinois; J.J. Haines and Company (Glen Burnie, Md.) in New Jersey, Pennsylvania, Delaware, Maryland, Virginia, West Virginia, North Carolina, South Carolina, eastern Tennessee, Georgia and northern Alabama; Patriot Flooring Supply Inc. (Wilmington, Mass.) in New Jersey, Pennsylvania and Long Island, N.Y.; Radio Distributing Company (Taylor, Mich.) in Michigan; Tri-State Wholesale Flooring Inc. (Sioux Falls, S.D.) in Nebraska, South Dakota, western Iowa, northern Wyoming, southwest Minnesota and the southern-central area of North Dakota; and Wheeler Distributing (Orlando, Fla.) in Florida.
Garco Clear Finishes (North Brunswick, N.J.) has added the following distributors: Patriot Flooring Supply in Wilmington, Mass., and Pompton Plains, N.J.; Tri Star Floor Supplies in Kenilworth, N.J.; A & B Hardwood Supplies in Chicago; and R & R Flooring Supply Corp. in Long Branch, N.J.
People News
Leitz Tooling Systems (Grand Rapids, Mich.), a wholly owned subsidiary of Leitz GmbH & Co. KG (Oberkochen, Germany), has made two personnel changes in its Western region. The company has named Claude Tiblier technical sales representative and Larry Costello shop supervisor at its Santa Fe Springs, Calif., facility. Tiblier brings with him six years of heavy-duty industrial experience from the oil and gas industries; Costello brings 20 years of tooling industry experience, three with Leitz and most recently with Atlas Saw & Grinding.
Mark Your Calendar
The NWFA will hold a Jigs and Staircase Workshop on Sept. 21-24 in St. Louis. For more information, visit www.nwfa.org, e-mail [email protected], or call 800/422-4556 (U.S. and Canada) or 636/519-9663 (local and international).
Follow Hardwood Floors
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NWFA Member Services
Health care costs have increased more than twice the rate of inflation in recent years. The key to finding affordable group and individual health insurance is to know exactly what you need and what you can afford. Mass Marketing Insurance Consultants can help NWFA members design healthcare programs to fit their needs. To get your free, no-obligation quote, contact Edwin Sterczek at 708/349-3900 or [email protected].
Correction
In Hardwood Floors' Aug. 2 E-news, the location of PAW Enterprises should have been listed as Portage, Mich., not Nashville. PAW will distribute Schafer Hardwood Flooring's (Tecumseh, Mich.) ¾-inch solid and ¾-inch engineered flooring lines in western Michigan and northern Indiana.