SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 26, 2001 (July 26, 2001)
Furniture Brands International, Inc.
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(Exact name of Registrant as specified in charter)
Delaware I-91 43-0337683
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(State of Incorporation) (Commission (IRS Employer
File Number) Identification Number)
101 South Hanley Road, St. Louis, Missouri 63105
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(Address of principal executive offices)
(314) 863-1100
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(Registrant's telephone number)
Item 5. Other Matters
On July 26, 2001, the Company announced operating results for the
second quarter and first half of 2001.
Net sales for the second quarter were $459.6 million, off 13.8% from a
record second quarter in 2000. For the first half, net sales were $965.8 million
versus $1,097.0 million for the same period a year ago, a decrease of 12.0%.
Net earnings for the second quarter were $1.6 million or $0.03 per
diluted common share. Asset impairment and other restructuring charges related
to the realignment of selected domestic manufacturing operations and which were
recorded during the quarter totaled $12.3 million (net of an income tax benefit
of $6.6 million) or $0.24 per common share. Excluding these restructuring
charges, the Company's net earnings would have been $13.9 million or $0.27 per
common share. Net earnings for the first half were $21.3 million or $0.42 per
common share. Excluding all restructuring charges, net earnings for the first
half would have been $34.3 million or $0.67 per common share.
Excluding noncash charges for depreciation and amortization related to
a 1992 asset revaluation (most of which will no longer be required beginning
next year due to a recent change in accounting rules) and the restructuring
charges, the Company would have reported diluted net earnings per common share
of $0.32 for the second quarter and $0.77 for the first half.
The Company also announced that its current projection for earnings per
share in the third quarter is 25 to 27 cents and for full year 2001 is in the
$1.35 to $1.45 range.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press Release, dated July 26, 2001
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Furniture Brands International, Inc.
By: /s/ Steve W. Alstadt
Steven W. Alstadt
Controller and Chief Accounting Officer
Dated: July 26, 2001