ATLANTA, Feb. 22 /PRNewswire-FirstCall/ -- Interface, Inc. (Nasdaq: IFSIA), a worldwide floorcoverings and fabrics company, today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.02 per share payable March 23, 2007 to shareholders of record as of March 9, 2007. It will be the first dividend the Company has paid since July 2002. "We are pleased that the Company is in a position to resume paying a dividend, allowing our shareholders to enjoy some of the benefits of our many successes," said Daniel T. Hendrix, President and Chief Executive Officer.
The Company also announced the election of Harold Paisner to its board of directors. Mr. Paisner was elected as a Class B director, filling a vacancy created by the retirement of Clarinus C. Th. van Andel. (Thus, the total members of the Company's board of directors remains at 11, of which 9 are independent directors.) Mr. Paisner, age 67, is a Senior Partner with the law firm Berwin Leighton Paisner, LLP in London, England. He currently is a member of the respective boards of directors of FIBI Bank (UK) plc and Think London, and serves as a Governor of Ben Gurion University of the Negev and as a Trustee of the Institute of Jewish Policy Research. Formerly, Mr. Paisner has served as a director of Courts plc, LINPAC Group Limited, and Estates & Agency Holdings plc. He holds a Juris Doctorate degree from the College of Law, London, and a Bachelor of Arts degree in politics, philosophy and economics from University College of Oxford.
Mr. Hendrix commented, "Appointing Harold to the board will ensure that we maintain a vastly-experienced and highly knowledgeable European voice in our deliberations. Through his legal practice, he has been familiar with Interface's European operations for many years, and we are looking forward to him playing an even larger role in the growth of our company. We enthusiastically welcome him to Interface."
Interface, Inc. is a recognized leader in the worldwide interiors market, offering floorcoverings and fabrics. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value. The Company is the world's largest manufacturer of modular carpet under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the high quality, designer-oriented segment of the broadloom carpet market. The Company's InterfaceFabric business is a leading producer of interior fabrics and upholstery products, which it markets under the Guilford of Maine, Chatham and Terratex brands, and provides specialized automotive textile solutions.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. The forward- looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including risks and uncertainties associated with economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading "Risk Factors" included in the Company's prospectus supplement dated November 6, 2006, filed with the Securities and Exchange Commission, which discussion is incorporated herein by this reference, including, but not limited to, the discussion of specific risks and uncertainties under the headings "We compete with a large number of manufacturers in the highly competitive commercial floorcovering products market, and some of these competitors have greater financial resources than we do," "Sales of our principal products have been and may continue to be affected by adverse economic cycles in the renovation and construction of commercial and institutional buildings," "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives and our principal design consultant, and our loss of any of them could affect us adversely," "Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including by restrictive taxation or other government regulation and by foreign currency fluctuations," "Large increases in the cost of petroleum-based raw materials could adversely affect us if we are unable to pass the cost increases through to our customers," "Unanticipated termination or interruption of any of our arrangements with our primary third-party suppliers of synthetic fiber could have a material adverse effect on us," "We have a significant amount of indebtedness, which could have important negative consequences to us," "The market price of our common stock has been volatile and may continue to be volatile, and the value of your investment may decline," "Our earnings in a future period could be adversely affected by non-cash adjustments to goodwill, if a future test of goodwill assets indicates a material impairment of those assets," "Our Chairman, together with other insiders, currently has sufficient voting power to elect a majority of our Board of Directors," and "Our Rights Agreement could discourage tender offers or other transactions for our stock that could result in shareholders receiving a premium over the market price for our stock." Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.
SOURCE Interface, Inc.
Daniel T. Hendrix,
President and Chief Executive Officer,
or Patrick C. Lynch,
Vice President and Chief Financial Officer,
both of Interface, Inc.;
Christine Mohrmann or Bob Joyce,
both of Financial Dynamics
Web site: http://www.interfaceinc.com