UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported) July 19,
2007
TEMPUR-PEDIC
INTERNATIONAL INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-31922
|
33-1022198
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
1713
Jaggie Fox Way
Lexington,
Kentucky 40511
(Address
of principal executive offices) (Zip Code)
(800)
878-8889
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation
of
the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
Item
2.02. Results from Operations and Financial
Condition
|
On
July 19, 2007, Tempur-Pedic
International Inc. issued a press release to announce its financial results
for
the second quarter ended June 30, 2007. This press release is
furnished herewith as Exhibit 99.1 and incorporated by reference
herein.
The
information in this report
(including Exhibit 99.1) shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liability of that section, and shall not be
incorporated by reference into any registration statement or other document
filed under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such
filing.
|
|
Item
7.01. Regulation FD
Disclosure
|
The
information furnished under Item
2.02 of this Form 8-K, including Exhibit 99.1 furnished herewith, is hereby
incorporated by reference under this Item 7.01 as if fully set forth
herein.
|
|
Item
9.01. Financial Statements and
Exhibits
|
(d) Exhibits
|
Exhibit
|
Description
|
|
99.1
|
Press
Release dated July 19, 2007, titled “Tempur-Pedic Reports Second Quarter
Earnings”
|
SIGNATURES
Pursuant
to
the requirements of the Securities Exchange Act of 1934, the registrant has
duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
Date: July
19, 2007
|
|||
| Tempur-Pedic International Inc. | |||
|
|
By:
|
/s/ H. Thomas Bryant | |
| Name: H. Thomas Bryant | |||
| Title: President and Chief Executive Officer | |||
TEMPUR-PEDIC
REPORTS SECOND QUARTER EARNINGS
|
|
|
-
EPS Up 30% in Second
Quarter
|
|
|
|
-
Net Sales Up 18% in Second
Quarter
|
|
|
|
-
Announces New $200 Million Share Repurchase
Authorization
|
|
|
|
-
Company Raises Financial Guidance for
2007
|
LEXINGTON,
KY, July 19, 2007– Tempur-Pedic International Inc. (NYSE: TPX), the
leading manufacturer, marketer and distributor of premium mattresses and
pillows
worldwide, today announced financial results for the second quarter ended
June
30, 2007. In addition, the Company increased full year 2007 financial guidance
and announced a new share repurchase authorization.
SECOND
QUARTER 2007 FINANCIAL SUMMARY
|
·
|
Earnings
per share (EPS) increased 30% to $0.39 per diluted share in the
second
quarter of 2007 as compared to $0.30 per diluted share in the second
quarter of 2006.
|
|
·
|
Net
sales rose 18% to $257.6 million in the second quarter of 2007
from $219.0
million in the second quarter of 2006. Retail sales increased 22%
worldwide. Domestic retail sales increased 23% and international
retail
sales increased 18%.
|
|
·
|
Operating
cash flow increased to $45.6 million in the second quarter of 2007
from
$35.0 million in the second quarter of 2006. The increase was principally
driven by net income growth. In addition, capital expenditures
were $2.4
million in the second quarter of 2007 down from $9.3 million in
the second
quarter of 2006.
|
|
·
|
The
Company achieved growth across all products and both geographic
segments.
Worldwide mattress revenue increased 20%. Domestic mattress revenue
increased 21% driven by 17% unit volume growth. Pillow sales rose
9%
worldwide driven by unit volume growth of 10%. Domestic pillow
unit
volumes were especially strong, up
19%.
|
For
the
second quarter of 2007, the Company reported net income of $32.9 million
as
compared to $26.1 million in the second quarter of 2006. Net income results
include stock-based compensation expense, which increased 122% to $1.6 million
in the second quarter of 2007.
President
and Chief Executive Officer H. Thomas Bryant commented, “Tempur-Pedic
International delivered another quarter of excellent results, with growth
across
all products and geographic segments. Through the first half, we are pleased
with our results and see abundant opportunities to continue to gain market
share.”
“Our
sales and marketing teams continue to deliver outstanding results. Account
productivity is improving and distribution of our products is expanding quickly.
Our new mattress models began shipping during the second quarter and continue
to
roll-out across our retail partner base. Importantly, our existing product
line
also gained additional floor space within our established accounts.
“The
selective price increases we took in the first quarter have improved margins
for
both Tempur-Pedic and our retail partners. Late in the third quarter, we
will
increase the prices for our Deluxe and Classic models, once again improving
margins for both Tempur-Pedic and retailers.
“Our
operations team continues to deliver strong performance, with our Albuquerque
manufacturing facility ramping up production of our U.S. mattress line. Across
our operations, we continue to identify and execute on productivity initiatives
driving cost savings and improved efficiencies. However, margins were modestly
impacted during the second quarter by new floor models and start-up costs
in
Albuquerque.”
Current
Share Repurchase Authorization Completed and Announces New
Authorization
During
the second quarter of 2007, the Company purchased 2.3 million shares of its
common stock at an average price of $26.33 for a total cost of $60.8 million.
From the commencement of the Company’s current repurchase program on January 25,
2007 through the end of the second quarter of 2007, the Company has purchased
3.8 million shares of its common stock for a total cost of $100.0 million,
thereby completing its prior repurchase authorization.
The
Company announced that the Board of Directors has authorized a new share
repurchase of up to an incremental $200.0 million. Stock repurchases under
this
program may be made through open market transactions, negotiated purchases,
or
otherwise, at times and in such amounts as management and a committee of
the
Board deem appropriate. The timing and actual number of shares repurchased
will depend on a variety of factors including price, financing and regulatory
requirements and other market conditions. Repurchases may also be made under
a
Rule 10b5-1 plan, which would permit shares to be repurchased when the Company
might otherwise be precluded from doing so under insider trading laws. This
share repurchase program may be limited, suspended or terminated at any time
without prior notice.
Chief
Financial Officer Dale Williams stated, “The strength of Tempur-Pedic’s cash
flow generation capabilities has been proven over a long period of time and
with
the recent completion of our third factory, we do not anticipate significant
new
capital expenditures over the next several years. As a result, we expect
strong
cash flow growth going forward. With this backdrop, we aggressively repurchased
shares in the second quarter thereby completing our existing authorization.
As
we continue to view stock repurchases as an excellent means to return value
to
shareholders, we are pleased the Board has authorized a new
buyback."
Tax
Rate
As
a
result of recent reductions in statutory tax rates and updated expectations
for
geographic income mix, the Company currently anticipates its on-going effective
tax rate for 2007 will be 34.5% as compared to prior guidance of
36%.
2007
Financial Guidance
Given
the
Company’s strong performance through the first half of 2007 and its continued
positive outlook for the year, the Company is increasing 2007 full year
financial guidance. The Company now expects net sales for 2007 to range from
$1.065 billion to $1.085 billion, rather than $1.040 billion to $1.070 billion.
This guidance reflects an increase of 13% to 15% compared to 2006 net sales
of
$945.0 million. The Company currently expects diluted earnings per share
for
2007 to range from $1.63 to $1.66 compared to its previous guidance of $1.54
to
$1.58. This guidance reflects an increase of 27% to 30% compared to 2006
EPS of
$1.28. This guidance reflects incremental earnings resulting from increased
sales expectations, shares repurchased through June 30, 2007, interest on
associated borrowings and a lower full year tax rate. This guidance does
not
take into account the anticipated effect of any additional share
repurchases.
The
Company noted its expectations are based on information available at the
time of
this release, and are subject to changing conditions, many of which are outside
the Company’s control.
Bryant
concluded, “Over the long term, we expect to continue to gain market share as we
lead the technology shift away from innersprings and ultimately reach our
goal
of becoming the worldwide bedding leader.”
Conference
Call Information
Tempur-Pedic
International will host a live conference call with President and Chief
Executive Officer H. Thomas Bryant and Chief Financial Officer Dale Williams
to
discuss financial results today, July 19, 2007 at 5:00 p.m. Eastern Time.
The
dial-in number for the conference call is 866-203-3436, participant code:
TEMPUR
(836787). The call is also being webcast and can be accessed on the investor
relations section of the Company’s website, www.tempurpedic.com.
For
those
who cannot listen to the live broadcast, a replay of the call will be available
from July 19, 2007 at 8:00 p.m. Eastern Time through July 26,
2007. To listen to the telephone replay, dial 888-286-8010,
participant code: 98144034. An archived webcast will also be available on
the
investor relations section of the Company’s website,
www.tempurpedic.com.
Forward-looking
Statements
This
release contains "forward-looking statements,” within the meaning of federal
securities laws, which include information concerning one or more of the
Company's plans, objectives, goals, strategies, and other information that
is
not historical information. When used in this release, the words "estimates,"
"expects," "anticipates," "projects," "plans," "intends," "believes," and
variations of such words or similar expressions are intended to identify
forward-looking statements. All forward-looking statements, including without
limitation, statements relating to expectations regarding market share expansion
and account productivity improvement, the ramp-up of the Albuquerque facility,
impact of initiatives to accelerate growth, maintain costs and improve
manufacturing productivity, the rollout and market acceptance of new products,
expectations regarding the Company’s corporate tax rate, net sales and earnings
per share for 2007 and growth in the Company’s cash flow, and the Company’s goal
of becoming the worldwide bedding leader, are based upon current expectations
and beliefs and various assumptions. There can be no assurance that the Company
will realize these expectations or that these beliefs will prove
correct.
There
are
a number of risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements contained in this release.
Numerous factors, many of which are beyond the Company's control, could cause
actual results to differ materially from those expressed as forward-looking
statements. These risk factors include general economic and industry
conditions and consumer confidence; uncertainties arising from global events;
the effects of changes in foreign exchange rates on the Company’s reported
earnings; consumer acceptance of the Company’s products; industry competition;
the efficiency and effectiveness of the Company’s advertising campaigns and
other marketing programs; the Company’s ability to increase sales productivity
within existing retail accounts and to further penetrate the US retail channel,
including the timing of opening or expanding within large retail accounts;
the
Company’s ability to address issues in certain underperforming international
markets; the Company’s ability to continuously improve its product line,
maintain efficient, timely and cost-effective production and delivery of
its
products, and manage its growth; changes in foreign tax rates: and rising
commodity costs. Additional information concerning these and other risks
and
uncertainties are discussed in the Company's filings with the Securities
and
Exchange Commission, including without limitation the Company's annual report
on
Form 10-K under the headings "Special Note Regarding Forward-Looking Statements"
and "Risk Factors." Any forward-looking statement speaks only as of the date
on
which it is made, and the Company undertakes no obligation to update any
forward-looking statements for any reason, including to reflect events or
circumstances after the date on which such statements are made or to reflect
the
occurrence of anticipated or unanticipated events or circumstances.
About
the Company
Tempur-Pedic
International Inc. (NYSE: TPX) manufactures and distributes
mattresses and pillows made from its proprietary TEMPUR® pressure-relieving
material. It is the worldwide leader in premium sleep, the fastest growing
segment of the estimated $13 billion global mattress market. The Company
is
focused on developing, manufacturing and marketing advanced sleep surfaces
that
help improve the quality of life for people around the world. The Company’s
products are currently sold in over 70 countries under the TEMPUR® and
Tempur-Pedic® brand names. World headquarters for Tempur-Pedic International is
in Lexington, KY. For more information, visit http://www.tempurpedic.com
or call
800-805-3635.
Investor
Relations Contact:
Barry
Hytinen
Vice
President, Investor Relations and Financial Planning & Analysis
800-805-3635
Media
Contact:
John
Moore
Edelman
404-832-6352
TEMPUR-PEDIC
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Statements of Income
(In
thousands, except per share amounts)
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||||||||||||||
|
June
30,
|
June
30,
|
||||||||||||||||||||||||
|
2007
|
2006
|
Chg
%
|
2007
|
2006
|
Chg
%
|
||||||||||||||||||||
|
Net
sales
|
$ |
257,642
|
$ |
218,962
|
18 | % | $ |
523,674
|
$ |
447,548
|
17 | % | |||||||||||||
|
Cost
of sales
|
133,073
|
112,446
|
271,446
|
229,778
|
|||||||||||||||||||||
|
Gross
profit
|
124,569
|
106,516
|
17 | % |
252,228
|
217,770
|
16 | % | |||||||||||||||||
|
Selling
and marketing expenses
|
47,320
|
40,511
|
95,800
|
85,403
|
|||||||||||||||||||||
|
General
and administrative expenses
|
20,559
|
17,829
|
44,869
|
36,286
|
|||||||||||||||||||||
|
Research
and development expenses
|
1,560
|
951
|
2,675
|
1,791
|
|||||||||||||||||||||
|
Operating
income
|
55,130
|
47,225
|
17 | % |
108,884
|
94,290
|
15 | % | |||||||||||||||||
|
Other
income (expense), net:
|
|||||||||||||||||||||||||
|
Interest
expense, net
|
(6,272 | ) | (6,217 | ) | (13,133 | ) | (10,674 | ) | |||||||||||||||||
|
Loss
on extinguishment of debt
|
(126 | ) |
—
|
(126 | ) |
—
|
|||||||||||||||||||
|
Other
income (expense), net
|
(88 | ) | (18 | ) | (377 | ) |
41
|
||||||||||||||||||
|
Total
other expense
|
(6,486 | ) | (6,235 | ) | (13,636 | ) | (10,633 | ) | |||||||||||||||||
|
Income
before income taxes
|
48,644
|
40,990
|
19 | % |
95,248
|
83,657
|
14 | % | |||||||||||||||||
|
Income
tax provision
|
15,713
|
14,878
|
32,537
|
30,652
|
|||||||||||||||||||||
|
Net
income
|
$ |
32,931
|
$ |
26,112
|
26 | % | $ |
62,711
|
$ |
53,005
|
18 | % | |||||||||||||
|
Earnings
per share:
|
|||||||||||||||||||||||||
|
Basic
|
$ |
0.40
|
$ |
0.31
|
$ |
0.75
|
$ |
0.61
|
|||||||||||||||||
|
Diluted
|
$ |
0.39
|
$ |
0.30
|
$ |
0.74
|
$ |
0.59
|
|||||||||||||||||
|
Weighted
average shares outstanding:
|
|||||||||||||||||||||||||
|
Basic
|
82,963
|
84,377
|
83,452
|
86,848
|
|||||||||||||||||||||
|
Diluted
|
84,222
|
87,460
|
85,041
|
90,246
|
|||||||||||||||||||||
TEMPUR-PEDIC
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Balance Sheets
(In
thousands, except per share amounts)
|
June
30,
|
December
31,
|
|||||||||||
|
2007
|
2006
|
Chg
%
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current
Assets:
|
||||||||||||
|
Cash
and cash equivalents
|
$ |
24,832
|
$ |
15,788
|
||||||||
|
Accounts
receivable, net
|
141,800
|
142,059
|
||||||||||
|
Inventories
|
77,434
|
61,736
|
||||||||||
|
Prepaid
expenses and other current assets
|
13,098
|
8,002
|
||||||||||
|
Income
taxes receivable
|
—
|
588
|
||||||||||
|
Deferred
income taxes
|
9,721
|
9,383
|
||||||||||
|
Total
Current Assets
|
266,885
|
237,556
|
12 | % | ||||||||
|
Property,
plant and equipment, net
|
207,239
|
215,428
|
||||||||||
|
Goodwill
|
198,287
|
198,207
|
||||||||||
|
Other
intangible assets, net
|
69,829
|
70,826
|
||||||||||
|
Deferred
financing and other non-current assets, net
|
3,982
|
3,649
|
||||||||||
|
Total
Assets
|
$ |
746,222
|
$ |
725,666
|
3 | % | ||||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||||
|
Current
Liabilities:
|
||||||||||||
|
Accounts
payable
|
$ |
48,223
|
$ |
51,220
|
||||||||
|
Accrued
expenses and other
|
68,594
|
61,050
|
||||||||||
|
Income
taxes payable
|
4,984
|
—
|
||||||||||
|
Current
portion of long-term debt
|
266
|
19,497
|
||||||||||
|
Total
Current Liabilities
|
122,067
|
131,767
|
(7 | %) | ||||||||
|
Long-term
debt
|
401,365
|
341,635
|
||||||||||
|
Deferred
income taxes
|
37,579
|
38,536
|
||||||||||
|
Other
non-current liabilities
|
318
|
380
|
||||||||||
|
Total
Liabilities
|
561,329
|
512,318
|
10 | % | ||||||||
|
Stockholders’
Equity:
|
||||||||||||
|
Common
stock, $.01 par value; 300,000 shares authorized;
99,215 shares issued as of June 30, 2007
and December 31, 2006
|
992
|
992
|
||||||||||
|
Additional
paid in capital
|
277,517
|
264,709
|
||||||||||
|
Retained
earnings
|
175,271
|
140,608
|
||||||||||
|
Accumulated
other comprehensive income
|
5,907
|
3,992
|
||||||||||
|
Treasury
stock, at cost; 17,714 and 15,993 shares as of June 30, 2007 and
December
31, 2006, respectively
|
(274,794 | ) | (196,953 | ) | ||||||||
|
Total
Stockholders’ Equity
|
184,893
|
213,348
|
(13 | %) | ||||||||
|
Total
Liabilities and Stockholders’ Equity
|
$ |
746,222
|
$ |
725,666
|
3 | % | ||||||
TEMPUR-PEDIC
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Statement of Cash Flows
(In
thousands)
|
Six
Months Ended
|
||||||||||||
|
June
30,
|
||||||||||||
|
2007
|
2006
|
Chg
%
|
||||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
|
Net
income
|
$ |
62,711
|
$ |
53,005
|
||||||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||
|
Depreciation
and amortization
|
16,870
|
12,373
|
||||||||||
|
Amortization
of deferred financing costs
|
541
|
820
|
||||||||||
|
Loss
on extinguishment of debt
|
126
|
—
|
||||||||||
|
Amortization
of stock-based compensation
|
3,380
|
1,504
|
||||||||||
|
Allowance
for doubtful accounts
|
3,508
|
1,491
|
||||||||||
|
Deferred
income taxes
|
(1,426 | ) | (2,411 | ) | ||||||||
|
Foreign
currency adjustments
|
535
|
274
|
||||||||||
|
Loss
on sale of equipment and other
|
(37 | ) |
288
|
|||||||||
|
Changes
in operating assets and liabilities:
|
||||||||||||
|
Accounts
receivable
|
(1,298 | ) | (9,516 | ) | ||||||||
|
Inventories
|
(14,509 | ) |
10,871
|
|||||||||
|
Prepaid
expenses and other current assets
|
(4,582 | ) |
72
|
|||||||||
|
Accounts
payable
|
(3,445 | ) |
5,223
|
|||||||||
|
Accrued
expenses and other
|
6,243
|
583
|
||||||||||
|
Income
taxes
|
14,900
|
17,073
|
||||||||||
|
Excess
tax benefit from stock based compensation
|
(9,333 | ) | (5,140 | ) | ||||||||
|
Net
cash provided by operating activities
|
74,184
|
86,510
|
(14 | %) | ||||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
|
Payments
for trademarks and other intellectual property
|
(461 | ) | (503 | ) | ||||||||
|
Purchases
of property, plant and equipment
|
(4,833 | ) | (18,561 | ) | ||||||||
|
Acquisition
of business
|
(969 | ) |
—
|
|||||||||
|
Proceeds
from sale of equipment
|
52
|
31
|
||||||||||
|
Net
cash used by investing activities
|
(6,211 | ) | (19,033 | ) | 67 | % | ||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
|
Proceeds
from long-term revolving credit facility
|
148,102
|
133,500
|
||||||||||
|
Repayments
of long-term revolving credit facility
|
(75,806 | ) | (13,000 | ) | ||||||||
|
Repayments
of long-term debt
|
(45,637 | ) | (52,873 | ) | ||||||||
|
Proceeds
from issuance of Series A Industrial Revenue Bonds
|
15,380
|
—
|
||||||||||
|
Repayment
of Series A Industrial Revenue Bonds
|
(3,840 | ) | (1,920 | ) | ||||||||
|
Common
stock issued, including reissuances of treasury
stock
|
5,573
|
2,851
|
||||||||||
|
Excess
tax benefit from stock based compensation
|
9,333
|
5,140
|
||||||||||
|
Treasury
stock repurchased
|
(100,000 | ) | (144,000 | ) | ||||||||
|
Dividend
paid to stockholders
|
(11,753 | ) |
—
|
|||||||||
|
Payments
for deferred financing costs
|
(1,269 | ) | (702 | ) | ||||||||
|
Net
cash used by financing activities
|
(59,917 | ) | (71,004 | ) | 16 | % | ||||||
|
NET
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
988
|
1,484
|
||||||||||
|
Increase/(Decrease)
in cash and cash equivalents
|
9,044
|
(2,043 | ) | |||||||||
|
CASH
AND CASH EQUIVALENTS, beginning of period
|
15,788
|
17,855
|
||||||||||
|
CASH
AND CASH EQUIVALENTS, end of period
|
$ |
24,832
|
$ |
15,812
|
57 | % | ||||||
Summary
of Channel Sales
The
Company generates sales through four distribution channels: retail, direct,
healthcare and third party. The retail channel sells to furniture,
specialty and department stores globally. The direct channel sells
directly to consumers. The healthcare channel sells to hospitals,
nursing homes, healthcare professionals and medical retailers. The
third party channel sells to distributors in countries where Tempur-Pedic
International does not operate its own distribution company.
The
following table highlights net sales information, by channel and by segment,
for
the second quarter of 2007 compared to 2006:
|
($
in thousands)
|
||||||||||||||||||||||||
|
CONSOLIDATED
|
DOMESTIC
|
INTERNATIONAL
|
||||||||||||||||||||||
|
Three
Months Ended
|
Three
Months Ended
|
Three
Months Ended
|
||||||||||||||||||||||
|
June
30,
|
June
30,
|
June
30,
|
||||||||||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||
|
By
Sales Channel
|
||||||||||||||||||||||||
|
Retail
|
$ |
210,941
|
$ |
173,351
|
$ |
145,039
|
$ |
117,634
|
$ |
65,902
|
$ |
55,717
|
||||||||||||
|
Direct
|
20,987
|
20,353
|
18,345
|
18,125
|
2,642
|
2,228
|
||||||||||||||||||
|
Healthcare
|
11,306
|
10,204
|
3,434
|
2,924
|
7,872
|
7,280
|
||||||||||||||||||
|
Third
Party
|
14,408
|
15,054
|
3,828
|
3,983
|
10,580
|
11,071
|
||||||||||||||||||
|
Total
|
$ |
257,642
|
$ |
218,962
|
$ |
170,646
|
$ |
142,666
|
$ |
86,996
|
$ |
76,296
|
||||||||||||
Summary
of Product Sales
A
summary
of net sales by product is reported below:
|
($
in thousands)
|
||||||||||||||||||||||||
|
CONSOLIDATED
|
DOMESTIC
|
INTERNATIONAL
|
||||||||||||||||||||||
|
Three
Months Ended
|
Three
Months Ended
|
Three
Months Ended
|
||||||||||||||||||||||
|
June
30,
|
June
30,
|
June
30,
|
||||||||||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||
|
Net
Sales
|
||||||||||||||||||||||||
|
Mattresses
|
$ |
179,568
|
$ |
149,870
|
$ |
126,968
|
$ |
105,149
|
$ |
52,600
|
$ |
44,721
|
||||||||||||
|
Pillows
|
31,799
|
29,050
|
14,601
|
12,625
|
17,198
|
16,425
|
||||||||||||||||||
|
Other
|
46,275
|
40,042
|
29,077
|
24,892
|
17,198
|
15,150
|
||||||||||||||||||
|
Total
|
$ |
257,642
|
$ |
218,962
|
$ |
170,646
|
$ |
142,666
|
$ |
86,996
|
$ |
76,296
|
||||||||||||