This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Furniture Brands International's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: FBN

Moving on to our balance sheet. Working capital consisting of inventory plus receivables less payables resulted in a $7.7 million use of cash during the quarter. March was our strongest sales month of the quarter, driving a large increase in receivables.

Cash at quarter end totaled 15.4 million and long-term debt was 77 million. We can borrow an additional 28.7 million above our $35 million threshold into our ABL at the quarter end, resulting in total liquidity of 44.1 million.

Capital expenditures for the quarter came in at $1.4 million. For the full-year of 2012, we continue to expect to generate positive free cash flow before our capital expenditures to be toward the lower end of our 16 to $18 million guidance range. Depreciation to be also towards the lower end of our 22 to $24 million guidance range and some contributions to be $14.5 million. We contributed $2.5 million to our pension plan in the first quarter of 2012; we will contribute $12 million of pension plan in the remaining three quarters of 2012.

I’ll now turn the call over to Ralph to provide more commentary on our results.

Ralph Scozzafava

Thanks Steve and good morning everybody. We reported sales of 287.3 million for the first quarter down 3.6% over the prior year, much like prior quarters, we saw above average performance on our higher end brands. And upholstery once again drove stronger volume than our Casegoods business.

I will discuss the highlights of particular brands in a few moments, but want to say that while we have much work to do to increase our revenues; we are pleased with our improved profitability. We spent considerable time in each earnings call over the past year detailing our cost and efficiency initiatives and their associated benefits. The improvement in our operating profit this quarter to 1.4 million was driven by the impact of these initiatives.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs