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) January 24,
2008
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
January 24, 2008, Tempur-Pedic International Inc. (“the Company”) issued a press
release to announce its financial results for the fourth quarter, ended December
31, 2007, and the full year, ended December 31, 2007. The Company also provided
an update on its existing share repurchase program, and issued full year 2008
guidance for net sales and earnings per share. A copy of 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 January 24, 2008 titled
“Tempur-Pedic Reports Fourth Quarter and Full Year
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: January 24,
2008
|
|||
| Tempur-Pedic International Inc. | |||
|
|
By:
|
/s/ H. Thomas Bryant | |
| Name: H. Thomas Bryant | |||
| Title: President and Chief Executive Officer | |||
|
EXHIBIT
INDEX
|
|
Exhibit
|
Description
|
|
99.1
|
Press
Release dated January 24, 2008, entitled “Tempur-Pedic
Reports Fourth Quarter Earnings”
|
TEMPUR-PEDIC
REPORTS FOURTH QUARTER AND
FULL YEAR EARNINGS
|
|
|
-
Net Sales Up 13% in Fourth
Quarter
|
|
|
|
-
Full Year Net Sales Exceed $1.1
Billion
|
LEXINGTON,
KY, January 24,
2008– Tempur-Pedic International Inc. (NYSE: TPX), the leading
manufacturer, marketer and distributor of premium mattresses and pillows
worldwide, today announced financial results for the fourth quarter and year
ended December 31, 2007. The Company also announced financial guidance for
2008.
FOURTH
QUARTER 2007 FINANCIAL SUMMARY
|
·
|
Earnings
per share (EPS) increased to $0.52 per diluted share in the fourth
quarter
of 2007 as compared to $0.36 per diluted share in the fourth quarter
of
2006. EPS in the fourth quarter of 2006 was reduced by a $10.7 million
pre-tax charge to income for a loss on extinguishment of
debt.
|
|
·
|
Net
sales rose 13% to $289.0 million in the fourth quarter of 2007 from
$256.6
million in the fourth quarter of 2006. Retail sales increased 17%
worldwide.
|
|
·
|
The
Company achieved net sales growth across all product lines both
domestically and abroad. Worldwide mattress revenue increased
14%.
|
FULL
YEAR 2007 FINANCIAL SUMMARY
|
·
|
EPS
was $1.74 per diluted share for the full year 2007 as compared to
$1.28
per diluted share for the full year 2006, an increase of
36%.
|
|
·
|
Net
sales for the full year 2007 totaled $1.107 billion, 17% higher than
net
sales for the full year 2006. Retail channel sales worldwide increased
21%.
|
The
Company reported net income of $141.5 million for the full year 2007 as compared
to $112.3 million in the full year 2006. Net income results include stock-based
compensation expense, which increased 76% to $6.7 million in 2007 as compared
to
$3.8 million in 2006. In addition, net income results in 2007 reflect a one-time
favorable tax rate reduction related to the elimination of certain valuation
allowances for net operating loss carry forwards in two foreign tax
jurisdictions.
President
and Chief Executive Officer H. Thomas Bryant commented, “Tempur-Pedic achieved
outstanding results in 2007 and we are pleased that we exceeded the goals we
established at the beginning of the year. The company delivered growth across
all product lines both domestically and abroad. In the retail channel, we
substantially improved account productivity while expanding floor space. We
introduced several new products around the world, which have been received
very
positively. And, most important to our long term objectives, we improved brand
awareness, increased market share and expanded capacity by opening the world’s
largest mattress factory. In addition, we maintained the profitability of the
business while absorbing the increased cost of starting up our Albuquerque
manufacturing facility.
“In
the
fourth quarter, despite a slowing macro environment, Tempur-Pedic achieved
double digit retail sales growth driven by solid mattress sales growth. Gross
profit margin trended to the highest quarterly level of the year, although
channel and product mix modestly impacted it relative to our prior
expectations.
“We
approach 2008 with confidence, yet a degree of caution as a result of the
uncertainty in the U.S. economy. Given this uncertainty, we believe it is
prudent to plan more conservatively in terms of 2008 sales growth. However,
as
noted before, we strongly believe the mattress industry is in the early stages
of a long-term shift away from innersprings to specialty bedding. In addition,
while Tempur-Pedic is already the industry leader for profitability, we remain
focused on our goal of ultimately becoming the worldwide bedding leader in
terms
of both sales and profitability.
“In
2008,
our aim is to build on the progress made in 2007. We will continue our efforts
to expand market share around the world driven by growing brand awareness.
We
plan to accomplish this by continuing to implement our advertising campaign
in
the U.S. and introduce it into international markets. We will also focus on
expanding floor space as this is a key driver of market share.
“In
addition, we believe expanding product offerings will help Tempur-Pedic continue
to substantially outperform the industry. We are planning to unveil several
new
mattresses and pillows around the world during 2008. For example, next week,
we
will introduce a new mattress model in the U.S., The AlluraBed by Tempur-Pedic™. This model,
featuring a very luxurious pillow-top made from our world renowned TEMPUR-HD™,
will have a suggested retail price point of $3,999 for a queen size
mattress.
“From
an
operational perspective, we have several initiatives underway to continue
improving productivity and drive margin gains. These initiatives cross all
areas
of our company including manufacturing, distribution, and sourcing as well
as
staying lean in terms of operational expenses. As a result, we anticipate
expanding operating leverage will help drive earnings per share
growth.
Bryant
concluded, “We enter 2008 with a solid operating and financial position. We have
a diverse business model and a growing assortment of compelling products.
Because our products are sold in over 70 countries, our financial performance
is
geographically diverse. Our go-to-market strategy of building brand awareness
and focusing on premium price points has proven to be a significant competitive
advantage. We are focused on long term growth opportunities and will continue
to
invest in new products, new markets, and research and development. In summary,
we are very confident in our long term prospects and look forward to what we
expect will be a very successful new year.”
Share
Repurchase Program
During
the fourth quarter of 2007, the Company purchased 0.7 million shares of its
common stock for a total cost of $19.9 million. Under its existing share
repurchase authorization, the Company has $280.1 million available for
repurchase.
2008
Financial Guidance
The
Company issued full year 2008 guidance for net sales and earnings per share.
It
currently expects net sales for 2008 to range from $1.195 billion to $1.250
billion, an increase of 8% to 13% over 2007. It currently expects EPS for 2008
to range from $2.03 to $2.20 per diluted share. This guidance reflects an
increase of 17% to 26% compared to 2007 EPS of $1.74 per diluted share. The
Company’s earnings guidance reflects the Company’s traditional practice of
incurring heavier marketing expenditures as a percentage of sales in the first
quarter of each year. The Company also 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.
This
guidance does not take into account the anticipated effect of any additional
share repurchases.
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, January 24, 2008 at 5:00 p.m. Eastern Time.
The
dial-in number for the conference call is 877-675-4749. 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 telephone replay of the call will be available from January 24, 2008at
8:00 p.m. Eastern Time through
January 31,
2008. To listen to the
replay, dial 888-203-1112,
participant code 1191674.
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
the Company’s goal of becoming the worldwide bedding leader, its plans to grow
brand awareness, roll out the Company’s new advertising campaign, expand floor
space and introduce new products, initiatives to continue improving productivity
and drive margin gains and earnings per share growth, and net sales and earnings
per share for 2008, 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, particularly in the
retail sector, as well as 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 and expand
its product line, maintain efficient, timely and cost-effective production
and
delivery of its products, and manage its growth; changes in foreign tax rates,
including the ability to utilize tax loss carry forwards; 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
premiumsleep,
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 headquartersfor
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
TEMPUR-PEDIC
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Statements of Income
(In
thousands, except per share amounts)
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
|
December
31,
|
December
31,
|
|||||||||||||||
|
2007
|
2006
|
Chg
%
|
2007
|
2006
|
Chg
%
|
|||||||||||
|
Net
sales
|
$
|
288,954
|
$
|
256,580
|
13%
|
$
|
1,106,722
|
$
|
945,045
|
17%
|
||||||
|
Cost
of sales
|
147,966
|
129,835
|
571,896
|
484,507
|
||||||||||||
|
Gross
profit
|
140,988
|
126,745
|
11%
|
534,826
|
460,538
|
16%
|
||||||||||
|
Selling
and marketing expenses
|
48,944
|
44,557
|
193,574
|
171,787
|
||||||||||||
|
General
and administrative expenses
|
22,715
|
20,197
|
91,212
|
75,718
|
||||||||||||
|
Research
and development expenses
|
1,648
|
697
|
5,926
|
3,728
|
||||||||||||
|
Operating
income
|
67,681
|
61,294
|
10%
|
244,114
|
209,305
|
17%
|
||||||||||
|
Other
expense, net:
|
||||||||||||||||
|
Interest
expense, net
|
(9,090
|
)
|
(6,518
|
)
|
(30,484
|
)
|
(23,920
|
)
|
||||||||
|
Loss
on extinguishment of debt
|
—
|
(10,722
|
)
|
(126
|
)
|
(10,722
|
)
|
|||||||||
|
Other
income (expense), net
|
(220
|
)
|
244
|
(630
|
)
|
102
|
||||||||||
|
Total
other expense
|
(9,310
|
)
|
(16,996
|
)
|
(31,240
|
)
|
(34,540
|
)
|
||||||||
|
Income
before income taxes
|
58,371
|
44,298
|
32%
|
212,874
|
174,765
|
22%
|
||||||||||
|
Income
tax provision
|
18,441
|
13,844
|
71,415
|
62,443
|
||||||||||||
|
Net
income
|
$
|
39,930
|
$
|
30,454
|
31%
|
$
|
141,459
|
$
|
112,322
|
26%
|
||||||
|
Earnings
per share:
|
||||||||||||||||
|
Basic
|
$
|
0.53
|
$
|
0.37
|
$
|
1.77
|
$
|
1.32
|
||||||||
|
Diluted
|
$
|
0.52
|
$
|
0.36
|
$
|
1.74
|
$
|
1.28
|
||||||||
|
Weighted
average shares outstanding:
|
||||||||||||||||
|
Basic
|
74,815
|
83,110
|
79,831
|
84,922
|
||||||||||||
|
Diluted
|
76,190
|
85,653
|
81,256
|
87,530
|
||||||||||||
TEMPUR-PEDIC
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Balance Sheets
(In
thousands, except per share amounts)
|
December
31,
|
December
31,
|
|||||||||
|
2007
|
2006
|
Chg
%
|
||||||||
|
ASSETS
|
||||||||||
|
Current
Assets:
|
||||||||||
|
Cash
and cash equivalents
|
$
|
33,315
|
$
|
15,788
|
||||||
|
Accounts
receivable, net
|
163,730
|
142,059
|
||||||||
|
Inventories
|
106,533
|
61,736
|
||||||||
|
Prepaid
expenses and other current assets
|
11,133
|
8,002
|
||||||||
|
Income
taxes receivable
|
—
|
588
|
||||||||
|
Deferred
income taxes
|
11,924
|
9,383
|
||||||||
|
Total
Current Assets
|
326,635
|
237,556
|
37%
|
|||||||
|
Property,
plant and equipment, net
|
208,370
|
215,428
|
||||||||
|
Goodwill
|
198,286
|
198,207
|
||||||||
|
Other
intangible assets, net
|
68,755
|
70,826
|
||||||||
|
Deferred
financing costs and other non-current assets, net
|
4,386
|
3,649
|
||||||||
|
Total
Assets
|
$
|
806,432
|
$
|
725,666
|
11%
|
|||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||
|
Current
Liabilities:
|
||||||||||
|
Accounts
payable
|
$
|
56,206
|
$
|
51,220
|
||||||
|
Accrued
expenses and other
|
66,080
|
61,050
|
||||||||
|
Income
taxes payable
|
4,060
|
—
|
||||||||
|
Current
portion of long-term debt
|
288
|
19,497
|
||||||||
|
Total
Current Liabilities
|
126,634
|
131,767
|
(4%
|
)
|
||||||
|
Long-term
debt
|
601,756
|
341,635
|
||||||||
|
Deferred
income taxes
|
29,645
|
38,536
|
||||||||
|
Other
non-current liabilities
|
259
|
380
|
||||||||
|
Total
Liabilities
|
758,294
|
512,318
|
48%
|
|||||||
|
Stockholders’
Equity:
|
||||||||||
|
Common
stock, $.01 par value; 300,000 shares
authorized;
99,215 shares issued as of December 31, 2007 and December 31,
2006
|
992
|
992
|
||||||||
|
Additional
paid in capital
|
283,564
|
264,709
|
||||||||
|
Retained
earnings
|
241,812
|
140,608
|
||||||||
|
Accumulated
other comprehensive income
|
13,550
|
3,992
|
||||||||
|
Treasury
stock, at cost; 24,681 and 15,993 shares as of December 31, 2007
and
December 31, 2006, respectively
|
(491,780
|
)
|
(196,953
|
)
|
||||||
|
Total
Stockholders’ Equity
|
48,138
|
213,348
|
(77%
|
)
|
||||||
|
Total
Liabilities and Stockholders’ Equity
|
$
|
806,432
|
$
|
725,666
|
11%
|
|||||
TEMPUR-PEDIC
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Statement of Cash Flows
(In
thousands)
|
Twelve
Months Ended
|
||||||||||
|
December
31,
|
||||||||||
|
2007
|
2006
|
Chg
%
|
||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||
|
Net
income
|
$
|
141,459
|
$
|
112,322
|
||||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||
|
Depreciation
and amortization
|
33,414
|
24,828
|
||||||||
|
Amortization
of deferred financing costs
|
903
|
1,868
|
||||||||
|
Loss
on extinguishment of debt
|
126
|
10,722
|
||||||||
|
Amortization
of stock-based compensation
|
6,728
|
3,848
|
||||||||
|
Provision
for doubtful accounts
|
5,997
|
3,464
|
||||||||
|
Deferred
income taxes
|
(8,961
|
)
|
(3,828
|
)
|
||||||
|
Foreign
currency adjustments
|
423
|
40
|
||||||||
|
Loss
on sale of equipment and other
|
324
|
488
|
||||||||
|
Changes
in operating assets and liabilities:
|
||||||||||
|
Accounts
receivable
|
(20,536
|
)
|
(27,608
|
)
|
||||||
|
Inventories
|
(38,216
|
)
|
21,284
|
|||||||
|
Prepaid
expenses and other current assets
|
(3,226
|
)
|
3,327
|
|||||||
|
Accounts
payable
|
1,861
|
12,253
|
||||||||
|
Accrued
expenses and other
|
3,532
|
4,066
|
||||||||
|
Income
taxes
|
13,606
|
6,434
|
||||||||
|
Excess
tax benefit from stock based compensation
|
(11,073
|
)
|
(7,693
|
)
|
||||||
|
Net
cash provided by operating activities
|
126,361
|
165,815
|
(24%
|
)
|
||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
|
Payments
for trademarks and other intellectual property
|
(1,057
|
)
|
(936
|
)
|
||||||
|
Purchases
of property, plant and equipment
|
(16,149
|
)
|
(37,211
|
)
|
||||||
|
Acquisition
of businesses
|
(5,805
|
)
|
—
|
|||||||
|
Proceeds
from sale of equipment
|
140
|
286
|
||||||||
|
Net
cash used by investing activities
|
(22,871
|
)
|
(37,861
|
)
|
40%
|
|||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
|
Proceeds
from long-term revolving credit facility
|
420,547
|
277,772
|
||||||||
|
Repayments
of long-term revolving credit facility
|
(146,293
|
)
|
(92,500
|
)
|
||||||
|
Repayments
of long-term debt
|
(45,488
|
)
|
(73,329
|
)
|
||||||
|
Proceeds
from issuance of Series A Industrial Revenue Bonds
|
15,380
|
—
|
||||||||
|
Repayment
of Series A Industrial Revenue Bonds
|
(5,760
|
)
|
(5,760
|
)
|
||||||
|
Repayments
of Senior Subordinated Notes
|
—
|
(97,500
|
)
|
|||||||
|
Redemption
premium on Senior Subordinated Notes
|
—
|
(7,620
|
)
|
|||||||
|
Excess
tax benefit from stock based compensation
|
11,073
|
7,693
|
||||||||
|
Common
stock issued, including reissuances of Treasury stock
|
8,175
|
4,045
|
||||||||
|
Treasury
stock purchased
|
(319,884
|
)
|
(144,000
|
)
|
||||||
|
Dividend
paid to stockholders
|
(23,811
|
)
|
—
|
|||||||
|
Payments
for deferred financing costs
|
(1,581
|
)
|
(1,277
|
)
|
||||||
|
Net
cash used by financing activities
|
(87,642
|
)
|
(132,476
|
)
|
34%
|
|||||
|
NET
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
1,679
|
2,455
|
||||||||
|
Increase/(Decrease)
in cash and cash equivalents
|
17,527
|
(2,067
|
)
|
|||||||
|
CASH
AND CASH EQUIVALENTS, beginning of year
|
15,788
|
17,855
|
||||||||
|
CASH
AND CASH EQUIVALENTS, end of year
|
$
|
33,315
|
$
|
15,788
|
111%
|
|||||
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 fourth quarter of 2007 compared to 2006:
|
($
in thousands)
|
||||||||||||||||||||||||
|
CONSOLIDATED
|
DOMESTIC
|
INTERNATIONAL
|
||||||||||||||||||||||
|
Three
Months Ended
|
Three
Months Ended
|
Three
Months Ended
|
||||||||||||||||||||||
|
December
31,
|
December
31,
|
December
31,
|
||||||||||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||
|
By
Sales Channel
|
||||||||||||||||||||||||
|
Retail
|
$ | 238,556 | $ | 204,334 | $ | 153,498 | $ | 135,169 | $ | 85,058 | $ | 69,165 | ||||||||||||
|
Direct
|
18,996 | 22,530 | 16,084 | 19,418 | 2,912 | 3,112 | ||||||||||||||||||
|
Healthcare
|
15,434 | 13,376 | 4,897 | 3,522 | 10,537 | 9,854 | ||||||||||||||||||
|
Third
Party
|
15,968 | 16,340 | 4,295 | 5,045 | 11,673 | 11,295 | ||||||||||||||||||
|
Total
|
$ | 288,954 | $ | 256,580 | $ | 178,774 | $ | 163,154 | $ | 110,180 | $ | 93,426 | ||||||||||||
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
|
||||||||||||||||||||||
|
December
31,
|
December
31,
|
December
31,
|
||||||||||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||
|
Net
Sales
|
||||||||||||||||||||||||
|
Mattresses
|
$ | 196,614 | $ | 172,782 | $ | 129,054 | $ | 115,822 | $ | 67,560 | $ | 56,960 | ||||||||||||
|
Pillows
|
41,020 | 38,872 | 19,987 | 19,471 | 21,033 | 19,401 | ||||||||||||||||||
|
Other
|
51,320 | 44,926 | 29,733 | 27,861 | 21,587 | 17,065 | ||||||||||||||||||
|
Total
|
$ | 288,954 | $ | 256,580 | $ | 178,774 | $ | 163,154 | $ | 110,180 | $ | 93,426 | ||||||||||||
The
following table highlights net sales information, by channel and by segment,
for
the full year of 2007 compared to 2006:
|
($
in thousands)
|
||||||||||||||||||||||||
|
CONSOLIDATED
|
DOMESTIC
|
INTERNATIONAL
|
||||||||||||||||||||||
|
Twelve
Months Ended
|
Twelve
Months Ended
|
Twelve
Months Ended
|
||||||||||||||||||||||
|
December
31,
|
December
31,
|
December
31,
|
||||||||||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||
|
By
Sales Channel
|
||||||||||||||||||||||||
|
Retail
|
$ | 919,913 | $ | 759,792 | $ | 625,904 | $ | 517,917 | $ | 294,009 | $ | 241,875 | ||||||||||||
|
Direct
|
79,748 | 85,482 | 68,865 | 75,239 | 10,883 | 10,243 | ||||||||||||||||||
|
Healthcare
|
50,846 | 45,205 | 15,725 | 12,610 | 35,121 | 32,595 | ||||||||||||||||||
|
Third
Party
|
56,215 | 54,566 | 14,855 | 16,015 | 41,360 | 38,551 | ||||||||||||||||||
|
Total
|
$ | 1,106,722 | $ | 945,045 | $ | 725,349 | $ | 621,781 | $ | 381,373 | $ | 323,264 | ||||||||||||
Summary
of Product Sales
A
summary
of net sales by product is reported below:
|
($
in thousands)
|
||||||||||||||||||||||||
|
CONSOLIDATED
|
DOMESTIC
|
INTERNATIONAL
|
||||||||||||||||||||||
|
Twelve
Months Ended
|
Twelve
Months Ended
|
Twelve
Months Ended
|
||||||||||||||||||||||
|
December
31,
|
December
31,
|
December
31,
|
||||||||||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||
|
Net
Sales
|
||||||||||||||||||||||||
|
Mattresses
|
$ | 768,530 | $ | 651,901 | $ | 535,706 | $ | 455,666 | $ | 232,824 | $ | 196,235 | ||||||||||||
|
Pillows
|
142,114 | 126,335 | 68,342 | 60,111 | 73,772 | 66,224 | ||||||||||||||||||
|
Other
|
196,078 | 166,809 | 121,301 | 106,004 | 74,777 | 60,805 | ||||||||||||||||||
|
Total
|
$ | 1,106,722 | $ | 945,045 | $ | 725,349 | $ | 621,781 | $ | 381,373 | $ | 323,264 | ||||||||||||