Reported before open today (5/10/16) Earnings: EPS -$1.20 Revenue $233.5M Estimates: EPS -$0.24 Revenue $237M Down 7.88% today
NEW YORK (AP) -- Federal regulators are closing an investigation of Lumber Liquidators after the company agreed not to resume sales of Chinese-made laminate flooring. Shares of Lumber Liquidators Holdings Inc. soared 9 percent at the open of trading Friday. The Toano, Virginia, company stopped selling the Chinese-made laminate flooring last year, a couple of months after a news report on "60 Minutes" said it contained high levels of the carcinogen formaldehyde. The U.S. Consumer Production Safety Commission says Lumber Liquidators has agreed to continue to test the air quality of homes for people that bought the floors. The company will pay for removal of floors or any other changes needed if a home has high levels of formaldehyde. The CPSC says 614,000 people bought the laminate flooring from 2011 to 2015.
March 31, 2018 was $1.4 million compared to an operating loss of $25.4 million in the comparable period in 2017. Operating loss as a percent of net sales was (0.5)% and (10.2)% for the three months ended March 31, 2018 and 2017, respectively. Excluding the items shown below in the attached supplemental schedule, Adjusted Operating Income (a non-GAAP measure) was $1.9 million for the three months ended March 31, 2018 compared to an Adjusted Operating Loss (a non-GAAP measure) of $5 million for the three months ended March 31, 2017. This improvement was driven by revenue growth and improved gross margin." data-reactid="23">Operating loss for the three months ended March 31, 2018 was $1.4 million compared to an operating loss of $25.4 million in the comparable period in 2017. Operating loss as a percent of net sales was (0.5)% and (10.2)% for the three months ended March 31, 2018 and 2017, respectively. Excluding the items shown below in the attached supplemental schedule, Adjusted Operating Income (a non-GAAP measure) was $1.9 million for the three months ended March 31, 2018 compared to an Adjusted Operating Loss (a non-GAAP measure) of $5 million for the three months ended March 31, 2017. This improvement was driven by revenue growth and improved gross margin. March 31, 2018 was $2 million, or $0.07 per diluted share, compared to a net loss of $26.4 million, or $0.93 per diluted share, for the three months ended March 31, 2017." data-reactid="24">Net loss for the three months ended March 31, 2018 was $2 million, or $0.07 per diluted share, compared to a net loss of $26.4 million, or $0.93 per diluted share, for the three months ended March 31, 2017.
