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  • Hooker Furniture, Smith & Wesson Release Earnings 0 comments
    Dec 19, 2013 8:42 AM | about stocks: HOFT, SWHC

    Hooker Furniture Corporation (NASDAQ: HOFT) issued its third-quarter earnings this morning which saw the company posting its fifth consecutive quarter of increased sales. HOFT reported sales of $59.1 million and net income of $2.1 million, or $0.20 per share, for its fiscal 2014 third-quarter. Sales increased $2.3 million, or 4.1 percent, while net income decreased $317,000, or 13.0 percent, compared to last year's third-quarter. Earnings per share decreased to $0.20 from $0.23 in the comparable period a year ago. The net sales gain was driven in large part by higher than average selling prices in case goods and upholstery.

    "We're pleased with our year-to-date sales performance and the strength of incoming orders and backlogs as we enter a historically strong retail furniture-selling season," said Paul B. Toms Jr., chairman and chief executive officer. "This was one of our strongest shipping quarters in the last five years, and demand is up for both case goods and upholstery compared to a year ago," he said. "We had our second largest shipping quarter in five years, exceeded only slightly by last year's fourth quarter, which had an extra week. Our written business at the October High Point Market was the best in the last three years," he added.

    On another note, the company has no long-term debt on its books and had $12.9 million free on its $15 million revolving credit facility. Shares opened at $15.95 in today's session.

    Firearm manufacturer Smith & Wesson Holding Corp.'s (NASDAQ: SWHC) shares surged in after-hours trading on Tuesday as the company released strong second-quarter earnings. Handgun sales led the way with a whopping 27 percent increase over the same quarter in the prior year. Net sales for Q2 were $139.3 million, up 2 percent from the second-quarter last year. Net sales grew by 9.2 percent. Gross profit for the second quarter was $57.9 million, or 41.6 percent of net sales, compared with gross profit of $48.5 million, or 35.5 percent of net sales, for Q2 last year.

    James Debney, Smith & Wesson Holding Corporation President and Chief Executive Officer, stated, "Our results for the second quarter of fiscal 2014 reflected the continued successful execution of our growth strategy. By maintaining a strategic focus on increasing market share of our M&P polymer pistol family of products, we delivered handgun revenue growth of over 27 percent and a significant expansion of our gross margins. For the first six months of this fiscal year, our gross margins were 42.1 percent. At the same time, we continued to drive a number of initiatives in the quarter designed to strengthen our business and return increased value to our stockholders."

    Shares gapped up sharply in this morning's trading selling for $12.72 at the time of this writing.

    Stocks: HOFT, SWHC
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