Interface Q1 Profit Down

(RTTNews) - Interface Inc. (TILE) reported that its net income in the first quarter of 2017 was $8.5 million, or $0.13 per share compared to $12.9 million, or $0.20 per share last year.

Net income during the first quarter of 2017 was $13.2 million, or $0.21 per share, excluding the restructuring and asset impairment charge.

On a constant currency basis, sales for the first quarter of 2017 were $223.4 million, up 0.4% over the prior year period. As reported, 2017 first quarter sales were $221.1 million, down 0.7% from sales of $222.6 million in the first quarter of 2016. Growth in the Americas and Australia effectively balanced weakness in Asia.

The company also announced that its board adopted a new share repurchase program in which the Company is authorized to repurchase up to $100 million of its outstanding shares of common stock, commencing as of today.