Furniture Brands International, Inc. announced that net sales for the fourth quarter of 2009 are expected to total between $280 million and $290 million. Reported financial results for the fourth quarter of 2009 will include selected items related to severance charges, store and plant closure expenses, inventory charges, plant downtime costs, and asset impairment. The selected items will be detailed in a press release announcing the fourth-quarter and year-end financial results that the company expects to issue on February 3, 2010.
The company expects to achieve its guidance of being cash flow positive for fiscal 2009, excluding the effects of debt paydown and tax refunds. The company expects to report a cash and cash equivalents balance of approximately $83 million with debt of $95 million at December 31, 2009, or net debt of approximately $12 million, compared to cash and cash equivalents of $106.6 million and debt of $190 million at December 31, 2008, or net debt of $83.4 million.
About Furniture Brands
Furniture Brands International (NYSE:FBN - News) is a global operating company that is one of the nation's leading designers, manufacturers, and retailers of home furnishings. It markets through a wide range of retail channels, from mass merchant stores to single-brand and independent dealers to specialized interior designers. Furniture Brands serves its customers through some of the best known and most respected brands in the furniture industry, including Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Pearson, Hickory Chair, Laneventure, and Maitland-Smith.