- Adjusted EBITDA, $93 million up 69% from 2010
- Management raises full year guidance to adjusted EBITDA in the range of $375 to $415 million.
- Approval for construction of a heterogeneous China flooring plant
- Inflation remains challenging
"I am pleased to announce that, on an adjusted basis, EBITDA was up 69% from Q1 2010 levels, and exceeded our Q1 2011 guidance," said Matt Espe, President and CEO. "We achieved this with top-line sales growth of 4%, consistent with expectations. Results also reflect plant closures and other cost reduction activities we undertook in 2010, as well as pricing actions in all our businesses. First quarter 2011 operating results continue to demonstrate our ability to leverage investments in LEAN technologies and processes to generate increased operating margins and earnings. I am also pleased to announce that our Board of Directors has approved the construction of a heterogeneous flooring plant in China that is being built on the same site as our recently announced homogeneous flooring plant. This plant is expected to be operational in mid 2013."