AFI - AFI STOCK NEWS

Armstrong Flooring (AFI) has filed for voluntary Chapter 11 bankruptcy protection, aiming to secure a value-maximizing sale of its business. The company's operations in China and Australia are excluded from the filing. To facilitate operations during this process, Armstrong Flooring has secured $30 million in debtor-in-possession financing, pending court approval. The firm plans to maintain customer and vendor commitments while minimizing operational disruptions. CEO Michel Vermette highlighted ongoing challenges such as supply chain issues and inflation, asserting the bankruptcy process will help preserve stakeholder value.

Armstrong Flooring announced price increases effective March 1, 2022, to counter rising input costs. Residential product prices will rise by 0-10%, while commercial product prices will increase by 0-15%. Ocean and freight surcharges will remain in effect. Senior VP Brent Flaharty emphasized the company's commitment to high-quality products and the necessity of this pricing action due to escalating costs. Armstrong Flooring is a leading global manufacturer of flooring products with a strong legacy of over 150 years.

Armstrong Flooring, Inc. (NYSE:AFI) announced a successful amendment to its ABL Credit Facility and Term Loan Facility with unanimous support from lenders, effective until June 30, 2022. This includes a $35 million term loan from Pathlight Capital, increasing financial flexibility for operational goals. The company has also engaged Houlihan Lokey Capital to explore sales and strategic alternatives to maximize value for shareholders. CEO Michel Vermette expressed optimism about the company's future and commitment to stakeholders.

Armstrong Flooring (NYSE:AFI) reported its Q3 2021 results, showcasing net sales of $168.5 million, an 8% year-over-year increase. However, the company faced a net loss of $29.7 million and an adjusted EBITDA loss of $17.9 million due to ongoing supply chain disruptions and inflationary pressures. Despite a strong order backlog of $67 million, significant inflation in product costs led to lower gross profits. The company is implementing comprehensive pricing actions and cost-saving measures to improve financial health and is in discussions with lenders for long-term relief.

Armstrong Flooring (NYSE:AFI) will announce its third quarter 2021 financial results on November 9, 2021, prior to market opening. A webcast and conference call will occur at 10:00 a.m. Eastern Time the same day to review results and engage in a Q&A session. Investors can access the live webcast via the company’s website and join the conference call by dialing the provided numbers. The company emphasizes its commitment to innovative flooring solutions and maintaining high service and quality standards, drawing on a rich 150-year legacy.

Armstrong Flooring (NYSE:AFI) reported second-quarter results for 2021, showing a net sales increase of 15.5% year-over-year, totaling $168.1 million. However, the company faced a net loss of $19.5 million, significantly wider than the previous year's loss of $6.3 million. Adjusted EBITDA was a loss of $3.5 million, down from a positive $6.9 million in Q2 2020. Supply chain disruptions and inflation led to increased costs, with costs of goods sold at 87.4% of net sales. The company is adapting through price increases and expanding customer reach as part of its multi-year transformation plan.

Armstrong Flooring, Inc. (NYSE: AFI) announced it will release its second quarter 2021 financial results on July 21, 2021, before market opening. A live webcast and conference call will follow at 10:00 a.m. Eastern Time to discuss these results and engage in a Q&A session. Investors can access the webcast via the company's website, with phone options available for those unable to join online.

Armstrong Flooring focuses on innovative flooring solutions and operates seven global manufacturing facilities, continuing its 150-year legacy of quality and service.

Armstrong Flooring (NYSE: AFI) announced that Michel Vermette, President & CEO, and Amy Trojanowski, SVP & CFO, will speak at the Sidoti Virtual Microcap Conference on May 20, 2021, at 9:15 a.m. ET. A live audio webcast will be accessible via the Investors section of Armstrong Flooring's website, with a replay available afterward. Armstrong Flooring is recognized as a leader in innovative flooring solutions, operating seven manufacturing facilities globally while upholding a 150-year tradition of quality and service.

Armstrong Flooring (NYSE:AFI) reported a strong first quarter of 2021, with net sales increasing 7.4% to $148.9 million. The company achieved a net income of $27.2 million, significantly improving from a net loss of $13.2 million in the same period last year, largely due to a $46 million gain from the sale of a property. However, adjusted EBITDA showed a loss of $7.6 million, primarily impacted by lower production from winter storms and rising raw material costs. The company's liquidity stood at approximately $104 million.