FURNITURE BRANDS INTL INC
			Symbol			FBN

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Furniture Brands International Reports Third Quarter 2009 Financial Results

2009-11-04 18:48 ET - News Release

ST. LOUIS, Nov. 4, 2009 (GLOBE NEWSWIRE) -- Furniture Brands International (NYSE:FBN) announced today its financial results for the third quarter ended September 30, 2009.

Net sales from continuing operations for the 2009 third quarter were $293.7 million, compared with $412.8 million in the third quarter of 2008, a decline of 28.9% from the 2008 quarter. On a sequential basis, net sales increased 1.9% from the second quarter of 2009. Results from continuing operations were a loss of $0.48 per diluted share in the 2009 quarter compared to a loss of $0.86 per diluted share for the third quarter of 2008.

"Furniture Brands' actions during this unprecedented economic downturn have enabled the company to improve its balance sheet and gross margin while creating the opportunity for significant earnings leverage that will enhance financial results as industry fundamentals stabilize and improve," said Ralph P. Scozzafava, Chairman of the Board and Chief Executive Officer. "Our balance sheet continues to improve with a solid cash position, and we've reduced our debt by nearly $200 million from the third quarter of 2007. Through continued cost discipline, gross margin for the most recent quarter improved to 23.1%, reflecting more efficient manufacturing operations, workforce reductions, and the impact of continuing to consolidate our supply chain organization. We are not satisfied with this gross margin level, and we are focused on driving further improvements through the benefits of consumer tested products, shared services, further consolidation of our supply chain, and Lean manufacturing," Mr. Scozzafava said.

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