MARTINSVILLE, Va., April 06, 2017 (GLOBE NEWSWIRE) — Hooker Appliance (NASDAQ:HOFT) today appear circumscribed net sales of $577.2 actor and net assets of $25.3 million, or $2.18 per adulterated share, for its fifty-two anniversary budgetary year that concluded January 29, 2017 (fiscal).
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This is the fourth analysis to accommodate circumscribed banking after-effects absorption Hooker’s accretion of the business of Home Meridian All-embracing (“Home Meridian”), which positions Hooker Appliance as one of the top casegoods sources for the U.S. appliance retail market. Because the Home Meridian accretion was completed on February 1, 2016, the aboriginal day of the Company’s 2017 budgetary year, Home Meridian’s after-effects are not included in the above-mentioned fiscal-year results.
Net sales in budgetary 2017 added $330.2 million, compared to the above-mentioned year, and antithesis per adulterated allotment added over 46% from $1.49 in the antecedent budgetary year. Circumscribed net assets added $9.1 million, or 56.2%, compared to the prior-year.
For the budgetary 2017 fourth quarter, circumscribed net sales added 187.2% to $173.9 million, compared to $60.6 actor for aftermost year’s fourth quarter. Circumscribed net assets for the fourth analysis added from budgetary 2016 by 165% to $11.0 million, or $0.95 per adulterated share.
Included in budgetary 2017 after-effects is $3.1 actor in acquisition-related abstract acquittal expense, $334,000 of which came in the fourth quarter, and $1.2 actor of non-recurring accretion accompanying costs.
“Our Hooker Casegoods, Upholstery and Home Meridian segments delivered their arch achievement of the year in the fourth quarter, enabling us to end the year with absolute drive and accompany our full-year after-effects in band with centralized expectations,” said Paul B. Toms Jr., administrator and arch controlling officer. “Outstanding fourth analysis after-effects were apprenticed by Home Meridian’s cogent excess at the end of the third quarter, consistent in almanac shipments in the fourth quarter, forth with an accomplished abatement appliance bazaar and post-market orders at Hooker bequest brands,” he continued. “With sales convalescent at both Home Meridian and Hooker bequest brands, we approved the cogent antithesis advantage accessible with our asset-light, low anchored bulk business model.”
The acquirement increase, forth with favorable ocean bales costs, low aggrandizement and advancing bulk ascendancy efforts beyond the enterprise, generated almanac operating assets during the quarter. Circumscribed operating assets added $10.5 million, or 162%, to $17.1 actor during the final analysis of the budgetary year. The admission was apprenticed primarily by the accession of Home Meridian’s sales aggregate as a aftereffect of the acquisition.
Consolidated gross accumulation added 122.2%, or $22.1 million, compared to the prior- year quarter, primarily due to the accession of Home Meridian’s sales volume.
“As a aftereffect of Home Meridian’s profitability, the accretion was accretive to antithesis per allotment in the year of acquisition, as we expected,” said Toms. “This provided added validation of the accretion and absolute drive to the accumulated companies,” he said.
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“It was a acceptable year for our shareholders as well,” Toms added. “We accept accomplished acceptable acknowledgment in our allotment bulk aback the Accretion was announced. Also, as a aftereffect of able earnings, we added our annual allotment by 20% in December 2016.”
The Aggregation is organized into four operating segments – Hooker casegoods, Home Meridian, Upholstery and an “All Other” segment. Details apropos anniversary articulation are discussed below:
Segment Reporting: Hooker Casegoods
“Following the arch abatement appliance bazaar for Hooker casegoods in bristles years, admission orders exceeded prior-year levels during the fourth quarter, accouterment a absolute about-face from the aboriginal three quarters,” Toms said. “We were able to catechumen the able bazaar and an animated excess to the best aircraft analysis of the year for Hooker casegoods.”
“Our action to pre-order two well-received collections from the abatement appliance bazaar fabricated them accessible for addition to retailers in the fourth quarter, rather than able-bodied into the afterward budgetary year, as the archetypal artefact aeon would accept allowed. That absolutely impacted fourth analysis sales, and should accord us added turns at retail in the accepted budgetary year by accepting the accumulating to bazaar 3 to 4 months beforehand than was archetypal in the past.”
Segment Reporting: Home Meridian
“Home Meridian had a absolute able fourth quarter,” said George Revington, arch operating administrator for Hooker Appliance Corporation. “Sales were up 23% over our pre-acquisition almanac analysis from the above-mentioned year. For the absolute year, sales were up 6%.”
In budgetary 2017, “Home Meridian met its objectives for sales and operating profit, and we accept affairs to abound during 2018. The backbone from the budgetary 2017 fourth analysis is accustomed over into the budgetary 2018 aboriginal quarter, as our adjustment breeze and excess abide strong, with orders for the aboriginal two months of budgetary 2018 up 19% over aftermost year,” Revington continued. “This success is a aftereffect of the strategies we accept in abode to abode the arising channels of distribution.”
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“For the absolute year, sales from barter in our arising channels were up decidedly as compared to the above-mentioned year. The clip of change in the administration channels for appliance is accelerating. We are demography abounding advantage of the disruptions occurring in our industry by authoritative absolute adjustments to our artefact array and sales focus,” he said.
Segment Reporting: Upholstery
“Our Hooker Upholstery alien upholstery band had the arch bazaar in its history, and broadcast into the appearance adipose bed category,” said Toms. “During the quarter, they additionally fabricated advance in accepting aback in banal on bestsellers. For the year, Upholstery articulation sales decreased abundantly by 2.5%. The abatement was apprenticed primarily by a quality-related affair that abnormally impacted sales at Hooker Upholstery during the additional and third abode that has now been resolved, and a net sales abatement at Sam Moore primarily due to activity accommodation challenges and departure barren relationships in the above-mentioned year.”
Segment Reporting: “All Other”
“H Contract, which provides adipose basement and casegoods to flush chief active facilities, was one of two analysis stand-outs for the year,” Toms said. “H Arrangement appear sales advance of about 30% compared to the above-mentioned year. Another non-residential division, Home Meridian’s Samuel Lawrence Accommodation unit, grew sales 69.2% for the budgetary year, with abundant of the advance advancing in the fourth quarter, and accomplished the year with an adjustment excess 23.8% college than the above-mentioned January,” Toms said.
“Our profitability, forth with acceptable account administration and alert basic spending, helped us advance a strong, abiding antithesis sheet,” Toms said.
The Aggregation accomplished the budgetary 2017 year with $39.8 actor in banknote and banknote equivalents and $47.6 actor in acquisition-related debt. Additionally, $28.5 actor was accessible on its $30.0 actor revolving acclaim facility, net of $1.5 actor aloof for standby belletrist of credit. Circumscribed inventories stood at $75.3 million.
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Toms added that the Aggregation completed the year with “inventories abutting to ambition levels.”
“We accomplished a audible uptick at retail backward in the fall, afterwards the ambiguity of the acclamation was past. Consumers assume to accept confused off the sidelines and are added accommodating to accomplish to larger-ticket purchases. The macroeconomic environment, which we accept is a able indicator for appliance sales, is about positive. Sales of absolute and new homes are trending positively, and new home architecture is robust. Banal bazaar assets accept kept customer aplomb at about aerial levels, accomplishment are trending up, application levels are solid and customer spending is solid. Based on the improvements we’ve apparent in our business over the aftermost two quarters, we are adequately bullish about the accountable future,” said Toms.
Conference Alarm Details
Hooker Appliance will present its budgetary 2017 after-effects via teleconference and alive internet web casting on Thursday afternoon, April 6, 2017, at 2:00 PM Eastern Time. The dial-in cardinal for calm callers is 877-665-2466, and 678-894-3031 is the cardinal for all-embracing callers. The appointment ID is 85032507. The alarm will be accompanying web casting and archived for epitomize on the Company’s web armpit at www.hookerfurniture.com in the Investor Relations section.
Hooker Appliance Corporation, in its 93rd year of business, is a designer, banker and importer of casegoods (wooden and metal furniture), accoutrement appliance and fabric-upholstered appliance for the residential, accommodation and arrangement markets. The Aggregation additionally domestically articles exceptional residential custom accoutrement and custom fabric-upholstered furniture. It is ranked amid the nation’s better about traded appliance sources, based on 2015 shipments to U.S. retailers, according to a 2016 analysis by a arch barter publication. Major casegoods artefact categories accommodate home entertainment, home office, accent, dining, and bedchamber appliance in the upper-medium bulk credibility awash beneath the Hooker Appliance brand. Hooker’s residential adipose basement artefact curve accommodate Bradington-Young, a specialist in flush motion and anchored accoutrement furniture, Sam Moore Furniture, a specialist in flush casual chairs, settees, sofas and exclusive basement with an emphasis on cover-to-frame customization, and Hooker Upholstery, alien adipose appliance targeted at the upper-medium price-range. The H Arrangement artefact band food adipose basement and casegoods to flush chief active facilities. The Home Meridian analysis addresses added abstinent bulk credibility and channels of administration not currently served by added Hooker Appliance accommodation or brands. Home Meridian’s brands accommodate Pulaski Furniture, specializing in casegoods accoutrement the complete architecture spectrum in a advanced ambit of bedroom, dining room, emphasis and affectation cabinets at boilerplate bulk points, Samuel Lawrence Furniture, specializing in value-conscious offerings in bedroom, dining room, home appointment and adolescence furnishings, Prime Resources, value-conscious alien accoutrement adipose furniture, Right 2 Home, a supplier to internet appliance retailers, and Samuel Lawrence Hospitality, a artist and supplier of auberge furnishings. Hooker Appliance Corporation’s accumulated offices and upholstery accomplishment accessories are amid in Virginia and North Carolina, with showrooms in Aerial Point, N.C. and Ho Chi Minh City, Vietnam. The aggregation operates eight administration centers in North Carolina, Virginia, California and Vietnam. Please appointment our websites hookerfurniture.com, bradington-young.com, sammoore.com, hcontractfurniture.com, homemeridian.com, pulaskifurniture.com and slh-co.com.
Certain statements fabricated in this release, added than those based on absolute facts, may be advanced statements. Advanced statements reflect our reasonable acumen with account to approaching contest and about can be articular by the use of advanced analogue such as “believes,” “expects,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “would,” “could” or “anticipates,” or the abrogating thereof, or added variations thereon, or commensurable terminology, or by discussions of strategy. Advanced statements are accountable to risks and uncertainties that could account absolute after-effects to alter materially from those in the advanced statements. Those risks and uncertainties accommodate but are not bound to: (1) accepted bread-and-butter or business conditions, both domestically and internationally, and alternation in the banking and acclaim markets, including their abeyant appulse on our (i) sales and operating costs and admission to costs or (ii) barter and suppliers and their adeptness to access costs or accomplish the banknote all-important to conduct their corresponding businesses; (2) the risks accurately accompanying to the concentrations of a actual allotment of our of sales and accounts receivable in alone a few customers; (3) accomplishing and managing advance and change, and the risks associated with new business lines, acquisitions, restructurings, cardinal alliances and all-embracing operations; (4) risks associated with our assurance on adopted sourcing and the bulk of alien goods, including aberration in the prices of purchased accomplished appurtenances and busline and warehousing costs; (5) adverse political acts or developments in, or affecting, the all-embracing markets from which we acceptation products, including duties or tariffs imposed on those articles by adopted governments or the U.S. government, including the accomplishing of a accessible border-adjustment tax; (6) our adeptness to auspiciously apparatus our business plan to admission sales and advance banking performance; (7) changes in actuarial assumptions, the absorption bulk environment, the acknowledgment on plan assets and approaching allotment obligations accompanying to the Home Meridian segment’s bequest Pension Plan, which can affect approaching allotment obligations, costs and plan liabilities; (8) the accessible crime of our abiding assets, which can aftereffect in bargain antithesis and net worth; (9) the bulk and adversity of business and affairs our articles in adopted markets; (10) disruptions involving our vendors or the busline and administration industries, decidedly those affecting alien articles from Vietnam and China, including community issues, activity stoppages, strikes or slowdowns and the availability of aircraft containers and burden ships; (11)the interruption, inadequacy, aegis breaches or affiliation abortion of our advice systems or advice technology infrastructure, accompanying account providers or the internet; (12) disruptions affecting our Virginia, North Carolina or California warehouses, our Virginia or North Carolina authoritative accessories or our adumbrative offices in Vietnam and China; (13) back or whether our new business initiatives, accommodated advance and advantage targets; (14) bulk antagonism in the appliance industry; (15) changes in calm and all-embracing budgetary behavior and fluctuations in adopted bill barter ante affecting the bulk of our alien articles and raw materials; (16) the alternate attributes of the appliance industry, which is decidedly acute to changes in customer confidence, the bulk of consumers’ assets accessible for arbitrary purchases, and the availability and agreement of customer credit; (17) risks associated with calm accomplishment operations, including fluctuations in accommodation appliance and the prices and availability of key raw materials, as able-bodied as changes in transportation, warehousing and calm activity costs and ecology acquiescence and remediation costs; (18) risks associated with administration through third-party retailers, such as non-binding dealership arrangements; (19) basic requirements and costs, including the application of our floating-rate appellation loans; (20) antagonism from non-traditional outlets, such as archive and internet retailers and home advance centers; (21) changes in customer preferences, including added appeal for lower-quality, lower-priced appliance due to, amid added things, declines in customer confidence, amounts of arbitrary assets accessible for appliance purchases and the availability of customer credit; and (22) college than accepted costs associated with artefact affection and safety, including authoritative acquiescence costs accompanying to the auction of customer articles and costs accompanying to abnormal or non-compliant products; (23) college than accepted agent medical and workers’ advantage costs that may admission the bulk of our self-insured healthcare and workers advantage plans; and (24) added risks and uncertainties declared beneath Allotment I, Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the budgetary year concluded January 31, 2016. Any advanced account that we accomplish speaks alone as of the date of that statement, and we undertake no obligation, except as appropriate by law, to amend any advanced statements whether as a aftereffect of new information, approaching contest or contrarily and you should not apprehend us to do so.
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