Interface Provides COVID-19 Business Update, Reaffirms Balance Sheet Strength
Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, on Mar. 23 provided an update on its business and confirmed the health of its balance sheet.
“While this global coronavirus pandemic and everything about it are unprecedented, we have endured severe business downturns in the past. Globally, we are working diligently to support the health and wellbeing of our employees, while also maintaining our operations,” said Dan Hendrix, Chairman and CEO, Interface. “Due to our global footprint, we have experienced near-term disruption to our business, and we expect further such disruptions until the pandemic ends. However, despite these short-term headwinds, our business is built to last, and the long-term fundamentals are sturdy. We are confident that we can continue to deliver industry-leading new product innovation that will drive meaningful growth over the long term while bolstering our position as the industry leader in sustainability.”
Bruce Hausmann, CFO of Interface, added, “Our balance sheet remains very strong today, evidenced by our $80 million of available cash and $244 million of borrowing availability under our revolving credit facility. In addition, our minimum annual required debt payment is $31 million per year, and our syndicated credit facility does not mature until August of 2023. As we continue to navigate through this challenging business environment, we remain committed to prudent management of the Company’s financial resources and are focused on our stated financial objectives of paying down debt and reinvesting in our business.”
Interface’s first quarter 2020 will end on April 5, 2020, and the company looks forward to providing a more detailed update on current business conditions in its first quarter earnings conference call and release.
About Interface
Interface, Inc. is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (LVT) and nora® rubber flooring. We help our customers create high-performance interior spaces that support well-being, productivity, and creativity, as well as the sustainability of the planet. Our mission, Climate Take Back™, invites you to join us as we commit to operating in a way that is restorative to the planet and creates a climate fit for life.Â
Learn more about Interface at interface.com and blog.interface.com, our nora brand at nora.com, our FLOR® brand at FLOR.com, and our Carbon Neutral Floors™ program at interface.com/carbonneutral.
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