In the 1Q 2016, Armstrong Flooring's net sales increased 9.6% to $284.4 million compared to $259.4 million in the 1Q 2015. Net sales increased in both the Resilient and Wood segments, primarily attributable to higher volume and mix improvements, as the company said in the press release received by Lesprom Network.
The operating loss of $4.6 million in the quarter compares to a loss of $3.4 million in the prior year.
The net loss of $2.6 million in the 1Q 2016 compared to net income of $38.6 million in the 1Q 2015. The prior year quarter includes a gain of $42.5 million on the disposal of the European flooring operation.
Adjusted EBITDA grew to $9.7 million compared to $2.7 million in the prior year quarter. Adjusted EBITDA as a percent of adjusted net sales expanded to 3.4% compared to 1% for the comparable period, largely due to the margin benefit of higher net sales, lower input costs and improvement in SG&A as a percentage of net sales, partially offset by costs associated with the ramp up of the luxury vinyl tile (“LVT”) plant in Lancaster, Pa.
“We are pleased to emerge as a stand-alone public company on firm footing to deliver our full year 2016 objectives,” said Don Maier, CEO. “Our 1Q results demonstrate continued progress as we implement our transformation to grow net sales, enhance profitability and generate shareholder value. As we move forward, we remain committed to building on our brand legacy and differentiated go-to-market strategy to further invigorate profitable growth.”
Armstrong Flooring, Inc. is a North America’s largest producer of resilient and wood flooring products.
