IHFC revenues flat, profit off 4.4% in '07
Larry Thomas -- Furniture Today, February 18, 2008
High Point — The International Home Furnishings Center, the city's largest showroom complex, said its revenues were essentially flat during its last fiscal year, but net income declined 4.4% due largely to higher operating expenses.
The big building, whose financial statements were included in a Securities and Exchange Commission filing Feb. 7 by Bassett Furniture Inds., a part-owner of the IHFC, had higher maintenance, depreciation, property taxes, insurance and utility costs during the year ended Oct. 31.
The building also reported a 5.4% increase in marketing expenses to $2.63 million.
Revenue for the year was $47.09 million, a 0.7% increase from the fiscal year ended Oct. 31, 2006.
Rental income from showroom tenants edged up 1.3% to $40.75 million, but other revenues, primarily from advertisements in market publications, were down 3% to $6.34 million.
Net income was $13.57 million or $28.17 per share. The previous year, the totals were $14.2 million or $29.48 per share.
The IHFC paid out nearly all of its net income — $13,000,002 to be exact — in dividends to stockholders.
Bassett, which owns 46.9% of the company's stock, is its largest shareholder.
| Year ended 10/31 | 2007 | 2006 | Change |
|---|---|---|---|
| Revenues | $47,088,845 | $46,763,562 | 0.7% |
| Operating income | 30,843,972 | 31,539,809 | (2.2%) |
| Net income | 13,569,709 | 14,198,128 | (4.4%) |
| Earnings per share | 28.17 | 29.48 | (4.4%) |
