Furniture Brands (FBN) Posts Wider Than Expected Loss
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Furniture Brands (NYSE: FBN) reports Q4 loss of $7.00, versus the analyst estimate of ($1.12). Revenue for the quarter was $403.35 million, versus the consensus of $378.80 million.
Ralph P. Scozzafava, Chairman of the Board and Chief Executive Officer, commented: "Furniture Brands is aggressively reshaping the company to deliver the products and value that consumers seek. We are doing the right things and taking the right actions in the midst of an unprecedented economic downturn."
"Furniture Brands has the financial strength to execute our strategic plan. At December 31, 2008 the company had cash of $107 million and long-term debt of $190 million for a net debt position of $83 million. This is a strong improvement from the $162 million in net debt at the end of 2007 and reflects our disciplined and effective working capital management," Mr. Scozzafava said.
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