Ceramic Industry News

Dal-Tile Reports Record Second Quarter Results

Dal-Tile International Inc. recently announced record sales and profits for the second quarter of 2001. Sales increased $18.4 million, or 7.5%, to $263.4 million compared to $245.0 million in the second quarter of 2000. On a pro forma--fully taxed basis, net income for the quarter increased $3.3 million, or 19.6%, over the second quarter of 2000 to $20.1 million, or $0.35 per share. Net sales increased 9.8% through company operated sales centers, 3.6% through home centers and declined 1.9% through distributors. Profit margin before tax increased 120 basis points to 12.4%. Reductions in administrative costs and lower interest expense more than offset lower gross margins, which declined due to higher energy costs and softness in average selling prices. Free cash flow was $21.9 million versus $17.9 million in the prior year, and debt was $296.2 million, which was $90.4 million lower than second quarter prior year. The company currently estimates that fiscal year ending December 28, 2001, sales growth will be between 6 and 8%, and earnings per share growth, on a fully taxed basis, will be between 8 and 10% versus prior year.

Additional information on the company and its products is available at http://www.daltile.com.

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