Daily News Archive
Brought to you by Home Furnishings Business
February 29,
2012 by in UnCategorized 
By Home Furnishings Business in Legal on March 1, 2012
Former Latex International CEO Kevin Coleman has entered a guilty plea to federal wire fraud and tax evasion charges.
The plea stemmed from Shelton, Conn.-based Latex International's discovery that significant funds had been embezzled from the company. Coleman is the second former senior executive of the company to plead guilty to embezzlement charges. Last month, Joanne Osmolik, the company's former head of human resources pleaded guilty to wire fraud charges.
Latex International President and Chief Executive Officer Dave Fisher said that after the embezzlement was discovered, "a comprehensive investigation was undertaken using experienced outside investigators and auditors. Evidence uncovered during that investigation was turned over to federal authorities who initiated an independent investigation. That investigation resulted in the guilty plea entered today."
Fisher added that the company is pleased that federal authorities are prosecuting the case and that mandatory federal restitution laws will assist the company to recover at least some of the embezzled funds.
"Coleman's guilty plea today demonstrates that he betrayed his obligations to the company, its employees and stakeholders," Fisher said. With Coleman and Osmolik pleading guilty, "this sad chapter in our company's history is now formally behind us."
February 29,
2012 by in UnCategorized
By Home Furnishings Business in Financial Reports on March 1, 2012
Home furnishings fabric supplier
Culp (
NYSE: CFI) reported net income of $1.8 million for the third quarter ended Jan. 29, a 25 percent decline from net income of $2.4 million reported in the third quarter of last year.
Net sales for the quarter climbed 17 percent to $60.5 million, compared to $51.7 million in the same quarter last year.
We are very pleased with the continued momentum in our sales for the third quarter of fiscal 2012, said Frank Saxon, Culp CEO. This positive trend reflects both improved industry demand and the success of our sales and marketing initiatives, along with the benefits of our innovative designs and lean global manufacturing platform. Both of our businesses had a strong sales performance in what is typically a slower quarterly period due to scheduled holiday plant shutdowns. Overall, our operating margins have continued to be affected by higher raw material costs and a stronger Chinese currency compared with the same quarter a year ago.
Mattress fabric sales for the third quarter were $34.7 million, a 24 percent increase compared with $28.0 million for the third quarter of fiscal 2011.
Upholstery fabric sales were $25.7 million, a 9 percent increase compared with $23.7 million in the third quarter of fiscal 2011. Sales of China-produced fabrics, which includes sales of Culp Europe, were $22.6 million in the third quarter of fiscal 2012, up 9.2 percent over the prior year period, while sales of U.S. produced fabrics were $3.1 million, up 5.5 percent from the third quarter of fiscal 2011.
The entire earnings release can be found online. http://phx.corporate-ir.net/phoenix.zhtml?c=62145&p=IROL-SingleRelease&ID=1667530&highlight=
February 28,
2012 by in UnCategorized
By Home Furnishings Business in High Point on February 29, 2012
High Point Furniture Market and
collaborative online community Decor Mentor will co-host two events for interior designers and retailers.
The first is a global Twitter chat on Wednesday, March 14, at 6 p.m. Using the hashtag #hpmkt, the chat will feature Decor Mentor ambassador design professionals who will showcase and discuss new products, trends, and events for the upcoming High Point Market, April 21-26.
Exhibitors who want to share their new product introductions or events are invited to e-mail information and photos to
marketing@highpointmarket.org before Monday, March 12.
"The Twitter chat will be a fun way to preview the incredible products and collections that will debut in April," said High Point Market Authority Vice President Cheminne Taylor-Smith. "Anyone interested in getting inside information and seeing early product shots is welcome to join in the chat."
During the High Point Market, an interactive and educational installation titled ELEVATE will be located in the 3rd floor lobby of
220 Elm. Designed by Decor Mentor founder Lisa Ferguson, ELEVATE is an interactive installation that will allow design pros to post their business cards and take cards left by others in an exchange of expertise, encouragement, and inspiration.
The ELEVATE wall will be launched Saturday, April 21, with a cocktail event starting at 4 p.m. in 220 Elm, a co-host for the event, and the wall will be up through all six days of Market.
"We are so excited to offer a way for design pros to take their businesses to new heights," Ferguson said. "Look for our mentors in their Tangerine Tango as they show you how to use the ELEVATE wall to find business contacts and to share information."
February 28,
2012 by in UnCategorized
By Home Furnishings Business in Bedding on February 29, 2012
Organic mattress manufacturer Royal-Pedic will introduce a German stretch knit, certified organic cotton ticking to the American market.
This optional upgrade adds a more luxurious feel to the Beverly Hills, Calif.-based company's Natural Organic Collection.
"With this fabric, there's a heightened sense of comfort because it actually flexes with you," said Royal-Pedic CEO Tony Kelemen. "It's much more supple than the traditional woven materials associated with organic mattresses. The quality of organic materials continues to evolve, and this knit ticking produced in Germany is as good as it gets. With this addition to our Natural Organic Collection, customers can get the renewable, sustainable, and chemical-free products they desire without sacrificing comfort."
The eco-friendly fabric is distinctive for its ability to stretch and rebound, always maintaining its shape. The added level of fabric flexibility helps to relieve pressure point pain. Moving with one's hips and shoulders, the stretch knit fabric works in harmony with the inner mattress components to adjust with the body's contours for muscle relaxation, while still maintaining buoyancy and support.
With this upgrade, Royal-Pedic intends to give the independent retailers it serves an advantage.
"Independent retailers rely on product differentiation to compete with larger retailers," Kelemen said. "We're one of the only manufacturers in America to use luxury certified organic knit ticking. In doing so, we're satisfying the needs of our dealers as well as consumers who are always looking for the latest achievements in green technology and products. When we aggressively pursue advancements in bedding, it benefits our retail partners."
February 28,
2012 by in UnCategorized
By Home Furnishings Business in High Point on February 29, 2012
Art and commercial photographer Bruce Barone will debut at the April 21-26 High Point Furniture Market with two goals in mind.
The first is selling his art photography in spaces G/ADC-30 B, C of Market Square's Antique Design Center. The second is offering commercial photography services during the show.
Barone's art images, many featuring nature subjects, outdoor landscapes, documentary, and portraiture, will be on display and available for ordering in custom sizes and framing options. Unframed work is priced to start at $80 per unit for 8 X 8-inch prints. Archival inks and fine art giclee printing are also available on either matte or glossy canvases.
Barone's High Point showroom will feature a fine art photography gallery and lounge, with a compact photography studio set up for scheduled headshots and photographic portraits on site. Exhibitors may also contact Barone regarding documentation photography for their showrooms.
Having worked for national consumer magazine titles that include Good Housekeeping, House Beautiful, and Town & Country, the former corporate photographer and writer at Hearst publications now divides his time in Western Massachusetts between studio work and on-location work throughout the Eastern seaboard.
"I attended High Point this past October, working as a commercial photographer for Pandora de Balthazar European Luxury Bedding," said Barone. "I was inspired by meeting so many of the great people in the interior design world, the best the design world has to offer in terms of creativity and quality. I knew this was the perfect place for me to exhibit my fine art photography and to offer my portrait services."