From staff reports
news@joplinglobe.com
CARTHAGE, Mo. — Leggett & Platt Inc. recently reported overall first-quarter earnings of 6 cents per share, compared with 25 cents per share in the same quarter one year ago.
Overall net earnings came to $8.6 million, compared with $44.6 million for the same period one year earlier.
First-quarter sales came to $718 million, 28 percent lower than the $998 million reported a year earlier.
The company, in a statement, said the sales drop-off was the result of “extremely weak market demand.”
David S. Haffner, president and chief executive officer, said in a statement: “First-quarter earnings were in line with what we anticipated; however, market demand was weaker than we expected, and was the driving force behind the year-over-year reduction in earnings. ...
“We continue to experience very weak demand across our markets. For many of our businesses, demand seems to have stabilized during the first quarter, albeit at levels below what we anticipated.”
Haffner said the company’s primary strategic objective remains to consistently achieve total shareholder return within the top third of the S&P; 500.
“From January 1, 2008, through April 21, 2009, we posted total shareholder return of negative 8 percent,” the statement said. “Our performance for that period, though disappointing, ranks within the top 9 percent of the S&P; 500 companies.”
Well-positioned
“Leggett & Platt remains well situated to weather the current challenging economic environment, even if it lasts for an extended period. The company is in an extremely strong financial position with: 1) nearly $600 million available under its existing commercial paper program and revolver facility; 2) net debt-to-capital well below the company’s long-term target; and 3) no significant long-term debt maturing until 2012.”
— Company first-quarter statement
Local News
<img src=" http://www.joplinglobeonline.com/images/zope/business.gif" Border=0> Leggett & Platt reports decline in sales, earnings
- Local News
-
-
City wants to buy weather radios for those without
Phil Jones had been working on a construction project outside his house all day on May 22 and was unaware that a tornado watch had been issued. Once he was inside, though, his weather radio went off, and he learned that a warning had been issued.
-
Architects present preliminary JHS plans at community meeting
Reaction appeared mostly supportive Thursday night among the roughly 50 people who attended a community meeting at which architects presented their preliminary site plans for the future combined Joplin High School and Franklin Technology Center.
-
Confessed shooter testifies against co-defendants in Pittsburg murder case
Rickey Smith testified Thursday that as he came in the back door of Ryan Bailey’s home in Pittsburg with a 9 mm pistol in his hand, Bailey looked up from the couch in his living room.
-
School district’s proposed street-closing plan questioned
Plans to close some streets near the proposed Joplin High School drew questions, including a challenge from a former Joplin mayor, during a public hearing this week.
-
Neosho council approves new golf cart contract
The purchase of golf carts was back on the agenda this week for the Neosho City Council. City Attorney Steve Hays said there were errors in the financing terms that were part of a bid approved last month for the purchase of 55 gas-powered carts from E-Z-Go for $144,195, so the purchase of a new fleet was rebid.
-
Mike Pound: Spirit of competition evident during double-overtime game
When I played basketball in high school, I played in several very close games.
Now, some people who may have known me in high school are probably laughing right now and saying, “What Mike meant to say is that when he was in high school, he came very close to playing in some games.” -
Mo. optometrist filed $40 million refund claim
A southwest Missouri optometrist who filed a tax return claiming a $40 million refund has been sentenced to four years and three months in federal prison.
-
Okla. receives waiver from No Child Left Behind
Oklahoma’s top education official reacted with glee Thursday with the announcement that the state is one of 10 states being granted a waiver from the federal No Child Left Behind law that requires students be proficient in reading and math by 2014 — but focused on getting students to “just pass the tests.”
-
Kan. House approves bipartisan redistricting bill
Power in the Kansas House is likely to shift next year from rural parts of the state to the Kansas City area after members overwhelmingly approved a bipartisan bill Thursday for redrawing their districts.
-
Fugitive in 1993 British heist arrested in Ozark
A man suspected of stealing about $1.5 million from a security van in England in 1993 has been arrested in southwest Missouri.
- More Local News Headlines
-






