Lumber Liquidators Files IPO
Lumber Liquidators (Toano, Va.) plans to go public-the company filed its registration statement for an initial public offering (IPO) April 23, possibly offering as much as $150 million in common stock. As of press time, the actual date of the IPO was unknown. Between 2004 and 2006, Lumber Liquidators grew 48.2 percent in annual revenue, with an operating income rising from $7.2 million in 2004 to $21.4 million in 2006, according to the IPO filing. The company plans to open 25 stores in 2007 to add to its existing 93 stores.
In other company news, Lumber Liquidators has formed an alliance with HSBC Finance Corporation to offer customers a credit line for purchasing products.
Manufacturer News
Mapei Cooperation (Deerfield Beach, Fla.) has joined the Resource Commercial Flooring Network’s preferred supplier group.
Carlisle Wide Plank Floors (Stoddard, N.H.) has been certified by the Forest Stewardship Council (FSC) for its line of 100 Percent Post-Consumer Reclaimed Antique Wood.
BuildDirect (Vancouver, British Columbia) was featured on HGTV in Canada and Discovery Home in the U.S. as part of the "Holmes on Homes" renovation series in May. The Pasadena, Calif., family featured in the series had paid 90 percent of its fees to renovate its home, but only received a fraction of the completed work before remodelers bailed on the project. Mike Holmes, host of "Holmes on Homes," personally took on the project, with many manufacturers donating supplies including BuildDirect, which contributed bamboo flooring, among other products.
Distributor News
Higuera Hardwoods LLC (Poulsbo, Wash.) has moved its warehouse to a new full-service distribution facility located in Poulsbo. For more information, call 888/300-2059.
Robina Floors (Kennesaw, Ga.) has added Shoreline Flooring Supplies (Hollywood, Fla.) and David Young Distributing (Houston) as distributors.
Garco Clear Finishes (North Brunswick, N.J.) has added the following distributors: Woodlawn Floor Supply (Bronx, N.Y.); T.M. Hardwood Flooring and Supplies (East Hartford, Conn.); Downtown Floor Supplies (New York); and Kiran International (Kirachi, Pakistan).
Horizon Forest Products (Raleigh, N.C.) took its sales team to the Richard Petty Driving Experience April 29 at the Charlotte Motor Speedway.
People News
Blastrac (Oklahoma City) has promoted
Stephen Klugherz from North American vice president of sales to global vice president of strategic business development.
Donna Gordon, Blastrac vice president of marketing and national accounts, now oversees the entire North American sales operation.
Cikel America (Greensboro, N.C.) has named Keith Wiethe director of sales and marketing. Wiethe has nearly 14 years of experience in the floor covering industry, most recently with Kronotex.
Glitsa American Inc. (Seattle) has appointed Mike Osborn sales and technical representative. Osborn is responsible for Glitsa’s western territory and has 28 years of experience in the hardwood flooring industry.
By the Numbers
Total housing starts for April 2007 were at a seasonally adjusted annual rate of 1,225,000 units, according to the
U.S. Commerce Department. This is 1.6 percent above the March 2007 figure of 1,206,000 units.
The overall National Association of Home Builders/Wells Fargo Housing Market Index (HMI) declined three points from 33 in April to 30 in May, its lowest level since September 2006. The other three indices also fell from April: The index gauging sales expectations for the next six months dropped three points to 41, the index measuring current sales of new single-family homes fell two points to 31, and the index measuring traffic of prospective buyers fell four points to 23.
Mark Your Calendar
The NWFA will hold an Intermediate Installation, Sand and Finish School August 22-24 in Baltimore. For more information, e-mail
[email protected] or visit
www.nwfa.org.
Job Watch
Houtwerf B.V. (Holland) is looking for territory sales agents for its engineered and solid hardwood flooring products for the West Coast and the Northeast. The qualified candidates will have at least five years of experience in import and specialty hardwood products, as well as experience calling on distributors and large retailers. Résumés should be sent to
[email protected].
Resource Book Reminder
All NWFA members should look for their
Hardwood Floors Resource Book and NWFA Networking Guide update forms in the mail this week. Please review your form carefully and make any corrections to ensure your company is listed correctly in the
Hardwood Floors 2008 Resource Book.
Correction
The previous issue of
Hardwood Floors E-News listed the incorrect location for
Barefoot Flooring Inc. It should have been listed as Troy, Pa.
NWFA Member Services
The NWFA’s newest Distributor Profit Improvement Report, "Avoiding Investment Myopia," is now available. Written by
Dr. Al Bates, the report examines how proponents of the cash-flow perspective argue that both inventory and accounts receivable are cash traps that must be drained, but that reducing these investment factors has the potential to lower sales volume. The report examines the implications of lowering both investment in inventory and accounts receivable. To get the full report, visit
www.nwfa.org, click on "Services and Supplies," then "Statistical Reports," and finally, "Profit Improvement Reports," or contact the NWFA by phone at 800/422-4556 (U.S.), 800/848-8824 (Canada) or 636/519-9663 (local and international) or by e-mail at
[email protected].