For the year, the Dubuque, Iowa-based furniture maker said revenue increased 6.5% to $467 million from $438.5 million representing the sixth consecutive year of improved sales. Year-end net income rose to $22.3 million, or $2.89 per diluted share, from $15 million, or $2 per diluted share, primarily driven by top-line growth and improved margin.
Sales totaled $121 million for the fourth quarter, a 9.2% increase from $111.1 million the prior year quarter. Net income was $5.8 million versus $5.6 million the previous year while earnings per diluted share were 74 cents in both periods.
Gross margin as a percent of net sales for the quarter was 22.7% compared to 23% for the prior year quarter. For the fiscal year, gross margin as a percent of net sales was 23.5% compared to 22.9% for the prior period. The improvement in gross margin for the fiscal year is primarily driven by declining inventory write downs.
To view the full report click here.