Mission Viejo, CA - Within Armstrong Holdings results announcement it was reported that their Building Products division (i.e. Ceilings) had operating income of $17.2 million on net sales of $210.5 million during the latest October - December 2003 quarter. Armstrong's 8.2% EBIT/sales ratio was ahead of USG Ceiling's EBIT/sales ratio of 6.7% during the same quarter.
For the full year, Building Products (Ceilings) net sales of $862.2 million increased 4.3% from 2002. Excluding the translation effect of the changes in foreigh exchange rates of $48.9 million, sales decreased by 1.5%, primarily due to lower sales volume in commercial markets, partially offset by improved pricing in the U.S. commercial and residential markets. Operating income decreased to $95.2 million from operating income of $96.5 million in 2002. This decrease resulted from lower sales volume, increased energy costs, wage and salary inflation, price concessions in Europe and expense for cost reduction initiatives. Operating income for 2003 also benefited by approximately $4.1 million due to the translation effect of the changes in foreigh exchange rates.
Armstrong's complete results announcement can be viewed by visiting www.armstrong.com
