Increases in Wood Flooring and Cabinets were offset by declines in the other business segments.
Operating income of $55.6 million in the second quarter of 2002 decreased 10.5 percent from $62.1 million in the second quarter of 2001. The only product segment reporting higher operating income was Wood Flooring.
Weak results in Europe, coupled with a reduced pension credit, higher medical costs and competitive pricing pressures in the U.S. were the primary causes for the year-to-year decline.
Earnings from continuing operations for the second quarter of 2002 were $27.7 million, or $0.68 per diluted share, as compared to $34.5 million, or $0.84 per diluted share, for the second quarter of 2001.