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![INTERFACE INC [TILE] reports annual net loss of $44.5 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FTILE.png&w=1200&q=75)
INTERFACE INC [TILE] has reported a net loss of $44.5 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.3 billion
Based in ATLANTA, Georgia, INTERFACE INC operates in the MANUFACTURING sector.
In the 12 months ended December 31, 2023, the company reported a decrease in net sales compared to the same period in the previous year. This year's net sales were $1.26 billion, down from $1.30 billion in the previous year. The cost of sales for the current period was $820.43 million, lower than the $860.19 million reported in the previous year.
The gross profit for the year 2023 was $441.07 million, slightly higher than the $437.73 million reported in the same period last year. Operating income for the current period saw a significant increase, reaching $104.52 million compared to $75.40 million in the previous year.
Despite the increase in operating income, the company's net income showed a decline in the 2023 fiscal year. The net income for this year was $44.52 million, a sharp decrease from $55.23 million in the prior year. Earnings per share for basic and diluted amounts also decreased to $0.77 and $0.76, respectively, from $0.94 in the previous year.
It is important to note that while operating income improved, the company faced higher income tax expenses in the current period, contributing to the decrease in net income. Overall, the company experienced mixed financial results in the 2023 fiscal year compared to the previous year.
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