Armstrong Flooring's 2Q net sales decreased by 18.1% to $145.6 million

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In the 2Q 2020, Armstrong Flooring's net sales decreased 18.1% to $145.6 million from $177.7 million in the 2Q 2019, including an adverse currency impact of 80 basis points. The decrease in net sales was primarily attributable to lower volumes due to the COVID-19 pandemic and shelter-in-place related business disruptions, including the temporary closing of many independent customer retail locations and the postponement of certain commercial projects, partially offset by increased activity with home centers.

The net loss in the 2Q 2020 was $6.3 million, or diluted loss per share of $0.29, as compared to net income of $14.7 million, or diluted earnings per share of $0.56, in the prior year quarter. Adjusted net loss was $5.1 million, or adjusted diluted loss per share of $0.23, as compared to adjusted net income of $9.4 million, or adjusted diluted earnings per share of $0.36, in the prior year quarter.

2Q 2020 adjusted EBITDA was $6.9 million, as compared to adjusted EBITDA of $20 million in the prior year quarter. The decrease in adjusted EBITDA was primarily attributable to lower net sales and higher SG&A expense, partially offset by reduced input costs.

Michel Vermette, President and CEO, commented, “Our 2Q results reflect the focused execution of our strategic plan during these challenging times. Since April, our top line performance improved month-over-month throughout the quarter as demand for our critical products began to recover. We are encouraged by improving end market trends and an overall positive response from our customers as we continue to streamline new product introductions and strengthen our service capabilities. As we look to the balance of 2020, our focus remains on expanding our reach within our addressable flooring market, simplifying our processes, and strengthening our competitive position while being mindful that extended shelter-in-place orders may continue to have an evolving impact on near term flooring demand. However, I am confident in our ability to continue improving our operations and with our recently enhanced liquidity position we are now better situated to execute our business transformation.”

Armstrong Flooring, Inc. is a leader in the design and manufacture of innovative flooring solutions.

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