O'Sullivan Industries Reports Final FY1999 Results; Net Income Increases By $1.2 Million or $0.08 Per Diluted Share as Special Charge is Reversed

Furniture World Magazine

O'Sullivan Industries Holdings, Inc. (NYSE: OSU), the second-largest ready-to-assemble U.S. furniture manufacturer in terms of domestic sales, announced that net income for the fiscal 1999 fourth quarter and full year ended June 30 has been finalized, resulting in an increase in net income of $1.2 million or $0.08 per diluted share over the previously reported results. The increase was due to the reversal of a special charge, arising from the costs of retirement benefits for the company's chairman, which was originally recognized in the fourth quarter of fiscal 1999. As a result of the modification, fiscal 1999 fourth quarter net income was a record $5.0 million or $0.30 per diluted share, up 22.6 percent from net income of $4.1 million or $0.25 per diluted share reported for the fiscal 1998 fourth quarter ended June 30. Fourth quarter 1999 financial results now include an after-tax charge of about $150,000 or $0.01 per diluted share for the fiscal 1999 portion of the special charge. On Aug. 4, 1999, the company had reported net income of $3.8 million or $0.23 per diluted share for the fiscal 1999 fourth quarter, after accounting for the special charge.