IHFC revenues rise 1.8%, net income grows 4.7%
Larry Thomas -- Furniture Today, February 16, 2004
HIGH POINT — Revenues edged up 1.8% and net income rose 4.7% in the latest fiscal year at the International Home Furnishings Center, High Point's largest showroom complex.
The results, included in Bassett Furniture's annual report filed with the Securities and Exchange Commission, indicate the Big Building remains very profitable, with a net margin of more than 29%.
Revenues for the fiscal year ended Oct. 31 totaled $43.5 million, including $36.6 million in rental income and just under $7 million in income from other sources, such as the Resource Guide the IHFC publishes.
Net income came to $12.9 million or $26.70 per share. For the previous fiscal year, the figure was $12.3 million, or $25.13 per share.
In both years, the IHFC paid out nearly all net income in dividends. Its cash flow statement shows that $11 million, or 85.5% of net income, was paid in dividends to shareholders in the most recent fiscal year. In the previous year, $12 million, or 97.7% of net income, was paid in dividends.
Bassett owns a 46.9% stake in the IHFC and received dividends of $5.15 million in the most recent fiscal year and $5.62 million the previous year.
Other principal shareholders are Jefferson-Pilot Corp. and Randall Terry, publisher of the High Point Enterprise.
| International Home Furnishings Center | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Year ended 10/31 | 2003 | 2002 | Change |
| (a) Includes non-rental revenues of $7 million in the 2003 year and $6.9 million in the 2002 year. | |||
| Revenues (a) | $43,518,276 | $42,765,722 | 1.8% |
| Operating income | 29,725,302 | 28,404,042 | 4.7% |
| Net income | 12,859,879 | 12,286,706 | 4.7% |
| Earnings per share | 26.70 | 25.13 | 6.2% |
