Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 16, 2009, Tempur-Pedic International ( TPX) reported a 1.3% decline in its Q1 FY09 earnings on lower sales. Net income for the latest first quarter inched down to $13.34 million from $13.51 million a year ago. On a per share basis, earnings remained unchanged at $0.18 per share. Earnings included a non-recurring $1.30 million tax charge related to a change in tax laws. The most recent consensus estimate was a profit of $0.12 per share. Total revenue decreased 28.4% to $177.10 million from $247.22 million a year ago, due to a decline in domestic and international sales. Domestic revenue slipped 28.0% to $106.43 million from $147.92 million, hurt by a 27.7% decline in retail sales and a 20.6% decrease in direct sales. Similarly, International revenue dropped 28.8% to $70.67 million, as sales from retail, direct, healthcare, and third party channels dropped 27.5%, 39.5%, 26.4%, and 39.1%, respectively. Product-wise, sales from mattresses dipped 29.1% to $119.13 million from $168.05 million. Pillows sales reduced 27.1% to $23.06 million, while sales from other products plunged 26.6% to $34.92 million. Cost of sales declined 31.5% to $95.24 million from $139.14 million in Q1 FY08. Selling and marketing expenses tumbled 36.3% to $33.87 million from $53.16 million. General, administrative and other costs fell 13.6% to $22.11 million from $25.59 million a year ago. During the quarter under review, the company reduced its total debt by $19.30 million to $400.00 million. Moreover, TPX generated $26.00 million of operating cash flow compared to $24.59 million in the first quarter of 2008. Looking ahead, Tempur-Pedic issued full year 2009 guidance for net sales and earnings per share. The management expects net sales for FY09 to range between $700.00 million and $740.00 million and EPS of $0.70 to $0.90 per share.