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UNITED STATESSECURITIES AND EXCHANGE COMMISSION

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Washington, D.C. 20549

______________

FORM 8-K

______________

CURRENT REPORT

Pursuant to Area 13 OR 15(d)

of the Balance Exchange Act of 1934

Date of Report:  February 21, 2018

(Date of ancient accident reported:  February 20, 2018)

______________

HAVERTY FURNITURE COMPANIES, INC.

(Exact name of apprentice as authentic in its charter)

______________

Maryland

1-14445

58-0281900

(State or added administration of assimilation or organization)

(Commission File Number)

(I.R.S. Employer

  Identification No.)

780 Johnson Ferry Road, Suite 800,

Atlanta, Georgia 30342

(Address of arch controlling officers) ( Zip Code)

Telephone number, including breadth code: (404) 443-2900

Check the adapted box beneath if the Form 8-K filing is advised to accompanying amuse the filing obligation of the apprentice beneath any of the afterward accoutrement (see Accepted Instruction A.2. below):

☐ Written communications pursuant to Rule 425 beneath the Balance Act (17 CFR 230.425)

☐ Soliciting actual pursuant to Rule 14a-12 beneath the Exchange Act (17CFR240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) beneath the Exchange Act (17CFR240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) beneath the Exchange Act (17CFR240.13e-4(c))

Indicate by assay mark whether the apprentice is an arising advance aggregation as authentic in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Balance Exchange Act of 1934 (§240.12b-2 of this chapter).   ☐

If an arising advance company, announce by assay mark if the apprentice has adopted not to use the continued alteration aeon for acknowledging with any new or revised banking accounting standards provided pursuant to Area 13(a) of the Exchange Act. ☐

Item 2.02     After-effects of Operations and Banking Condition

On February 20, 2018, Haverty Furniture Companies, Inc. (the “Company”) issued a columnist absolution apropos its after-effects of operations for the division and year concluded December 31, 2017.  A archetype of the columnist absolution is furnished as Exhibit 99.1. The absorbed Exhibit 99.1 is not filed, but is furnished to accede with Regulation FD. The advice appear in this Item 2.02 Accepted Address on Form 8-K is not advised to be “filed” for purposes of Area 18 of the Balance and Exchange Act of 1934 and is not accountable to the liabilities of that section.

Item 9.01     Banking Statements, Pro Forma Banking Advice and Exhibits

(c)     Exhibits

SIGNATURES

Pursuant to the requirements of the Balance Exchange Act of 1934, the apprentice has appropriately acquired this address to be active on its account by the undersigned hereunto appropriately authorized.

HAVERTY FURNITURE COMPANIES, INC.

February 21, 2018

By:

Jenny Hill Parker

Senior Vice President, Secretary and Treasurer

Exhibit 99.1

Havertys Letters Balance for Fourth Division and Abounding Year 2017

Atlanta, Georgia, February 20, 2018 – HAVERTYS (NYSE: HVT and HVT.A) letters balance for the division concluded December 31, 2017 of $0.13 per allotment compared to $0.51 per allotment for the aforementioned aeon of 2016.  The balance per allotment for the abounding year 2017 were $0.98 compared to $1.30 per allotment for 2016. The achievement of the 2017 Tax Cuts and Jobs Act (the Tax Act) resulted in a abridgement in adulterated balance per allotment of $0.27 for both the fourth division and abounding year 2017.

Clarence H. Smith, chairman, admiral and CEO, said, “Our balance for the fourth division reflect the appulse of beneath plan sales and the Tax Act. Our sales and in-home artist teams accept added our boilerplate admission for the 13th beeline quarter, about breeding abundance cartage charcoal challenging.

We accept the benign accoutrement of the Tax Act will activate to be accomplished by individuals and companies during the abutting few months. The abridgement in accumulated tax ante will beggarly our estimated able tax bulk for 2018 will be 25% compared to 38%. We will be application some of these tax accumulation to admission Havertys’ bout of agent contributions to our 401(k) Plan, enhance employees’ medical adjustable agreement accounts, and admission starting alternate wages.

We concluded the year with a able banknote position which allows us adaptability in our basic deployment. The abstracts from afresh completed assay on our chump is actuality advised and allegorical business and affairs affairs in key markets. Our teams feel a renewed faculty of accountability and activity as we assignment to drive sales, admission margins, advance execution, and amuse our customers.”

Financial Highlights

Fourth Division 2017 Compared to Fourth Division 2016

·

As ahead reported, net sales decreased 2.6%.  On a commensurable abundance basis, sales were bottomward 3.5%.  Absolute accounting sales were up 0.3% and accounting commensurable abundance sales decreased 0.7% over the aforementioned aeon aftermost year.

·

Average accounting admission added 2.2% over aftermost year’s division and custom upholstery accounting business rose 11.5%.

·

Gross accumulation allowance decreased 80 base credibility to 54.1%.  There was a $0.7 actor admission in the LIFO assets in 2017 against a $0.8 actor abatement in 2016, a abrogating change of $1.5 actor or 69 base points.

·

Selling, accepted and authoritative costs fell $0.9 actor and as a percent of sales added 90 base credibility to 48.2% from 47.3%. Anchored and arbitrary costs decreased $0.6 million. The apparatus of this change include: a $0.9 actor admission in announcement and business expenses; a $0.7 actor admission in depreciation, hire and added control costs; and a $2.0 actor abatement in authoritative costs primarily from bargain medical account costs and allurement compensation. Capricious costs were 18.6% as a percent of sales in 2017 compared to 18.2% in 2016 as commitment costs rose and sales from our in-home architecture affairs increased.

·

Other assets in 2017 includes $1.9 actor in assets from allowance recoveries accompanying to a damaged abundance in Wichita, KS and claims accompanying to Hurricane Irma.

·

Tax bulk was added by $5.9 actor for the achievement of the Tax Act which added our able tax bulk to 79.2% and bargain adulterated balance per allotment $0.27.

 

NEWS RELEASE – FEBRUARY 20, 2018

Page 2

Twelve Months concluded December 31, 2017 Compared to Aforementioned Aeon of 2016

·

As ahead reported, net sales totaled $819.9 million, compared with $821.6 actor in 2016, apery a abatement of 0.2%.  Commensurable abundance sales decreased 1.3%.

·

Average accounting admission was up 2.1 % and custom upholstery accounting business added 5.5%.

·

Gross accumulation allowance added 30 base credibility to 54.3% from 54.0%. Our LIFO account appraisal adjustment generated a $2.7 actor or 33 base credibility abrogating appulse in 2017.

·

Selling, accepted and authoritative costs as a percent of sales added 50 base credibility to 49.1% from 48.6% as costs were able-bodied controlled but with the abatement in sales not as leveraged. Anchored and arbitrary costs added $3.3 actor to $253.2 million. This admission was apprenticed by greater depreciation, rent, and added control costs accretion $3.7 actor and greater announcement and business costs of $2.9 million.  These were partially account by $3.0 actor lower authoritative costs consistent in allotment from lower medical account costs.

·

Other assets in 2017 includes $2.9 actor in assets from allowance recoveries accompanying to damaged abundance locations in Lubbock, TX and Wichita, KS and claims accompanying to Hurricane Irma.

·

Tax bulk was added $5.9 actor for the achievement of the Tax Act which added our able tax bulk to 51.2% and bargain adulterated balance per allotment $0.27.

·

We added our annual banknote allotment 25% in the third division to $0.15 per accepted share.

·

Our retail abundance calculation remained at 124 as we opened one abundance in a new market, opened two backup stores, and bankrupt an underperforming store.

Expectations and Other

·

Total accounting sales for the aboriginal division to date are up about 1.7% over the aforementioned aeon aftermost year and accounting commensurable abundance sales are up 0.9%. Absolute delivered sales for the aboriginal division to date are bottomward 1.7% and commensurable abundance sales decreased 2.4% over the aforementioned aeon aftermost year.

·

Our gross accumulation allowance for the abounding year of 2018 is accepted to be 54.7% compared to 54.3% in 2017. Aboriginal bisected gross accumulation allowance is projected to be 20 base credibility lower than the boilerplate for 2018, with the added bisected active about 20 base credibility higher.

·

Fixed and arbitrary blazon costs aural SG&A are accepted to be in the $258 to $260 actor ambit for 2018, up about 2.3% over those aforementioned costs in 2017. The admission is abundantly due to added business expenses, college control costs from new and relocated stores, increases in agent accumulation medical costs, college agent advantage and allowances expense, and inflation. Anchored and arbitrary blazon costs in absolute should boilerplate $65.3 actor per quarter, excluding the added division which is accepted to be $2.0 actor lower.  For 2017 these costs averaged $64.0 actor per division in all but the added division which was $60.9 million. Capricious SG&A costs for 2018 are advancing to be 18.5% as a percent of sales, somewhat college than in 2017 due to increases in cadre costs.

·

Our able tax bulk for 2018 is accepted to be 25% excluding any changes in our 2017 accouterment accompanying to the Tax Act and the appulse from the vesting of stock-based advantage awards.

·

Planned basic expenditures for 2018 are $20.0 actor which accommodate aperture a abundance in a new bazaar in the fourth quarter. We additionally accept abundance closures planned in the aboriginal and added bisected of the year. Retail aboveboard footage is accepted to abatement 1.4% in 2018. The 150,000 square-foot amplification of our Western Distribution Center is accepted to be completed in the added quarter.

NEWS RELEASE – FEBRUARY 20, 2018

Page 3

 

HAVERTY FURNITURE COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per allotment abstracts – Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2017

2016

2017

2016

Net sales

$

214,962

$

220,595

$

819,866

$

821,571

Cost of appurtenances sold

98,769

99,575

374,943

378,234

Gross profit

116,193

121,020

444,923

443,337

Credit account charges

35

56

161

229

Gross accumulation and added revenue

116,228

121,076

445,084

443.566

Expenses:

Selling, accepted and administrative

103,573

104,427

402,884

399,236

Provision for ambiguous accounts

43

97

224

383

Other income, net

(1,927

)

(1,308

)

(3,358

)

(4,107

)

Total expenses

101,689

103,216

399,750

395,512

Income afore absorption and     assets taxes

14,539

17,860

45,334

48,054

Interest expense, net

469

513

2,111

2,233

Income afore assets taxes

14,070

17,347

43,223

45,821

Income tax bulk (1)

11,149

6,400

22,148

17,465

Net assets (1)

$

2,921

$

10,947

$

21,075

$

28,356

Diluted balance per share:

Common Banal (1)

$

0.13

$

0.51

$

0.98

$

1.30

Class A Accepted Stock

$

0.13

$

0.51

$

0.94

$

1.27

Diluted abounding boilerplate shares outstanding:

Common Stock

21,647

21,476

21,599

21,847

Class A Accepted Stock

1,790

1,977

1,801

2,014

Cash assets per share:

Common Stock

$

0.1500

$

1.1200

$

0.5400

$

1.4400

Class A Accepted Stock

$

0.1425

$

1.0625

$

0.5100

$

1.3650

(1) In December 2017, the 2017 Tax Cuts and Job Act was allowable and decidedly impacted U.S. tax law. As a aftereffect of this legislation, our fourth division and abounding year 2017 assets tax bulk added $5.9 million, which impacted net assets and balance per share.  Our adulterated balance per accepted allotment decreased $0.27 for both the fourth division and abounding year 2017.

NEWS RELEASE – FEBRUARY 20, 2018

Page 4

HAVERTY FURNITURE COMPANIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In bags – Unaudited)

December 31,

2017

2016

ASSETS

Current assets

Cash and banknote equivalents

$

79,491

$

63,481

Restricted banknote and banknote equivalents

8,115

8,034

Accounts receivable

2,408

4,244

Inventories

103,437

102,020

Prepaid expenses

11,314

8,836

Other accepted assets

5,922

7,500

Total accepted assets

210,687

194,115

Accounts receivable, long-term

254

462

Property and equipment

229,215

233,667

Deferred assets tax

12,375

18,376

Other assets

8,798

7,885

Total assets

$

461,329

$

454,505

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

$

20,501

$

25,662

Customer deposits

27,813

24,923

Accrued liabilities

37,582

41,904

Current allocation of charter obligations

3,788

3,461

Total accepted liabilities

89,684

95,950

Lease obligations, beneath accepted portion

50,803

52,013

Other liabilities

26,700

24,671

Total liabilities

167,187

172,634

Stockholders’ equity

294,142

281,871

Total liabilities and stockholders’ equity

$

461,329

$

454,505

NEWS RELEASE – FEBRUARY 20, 2018

Page 5

 

HAVERTY FURNITURE COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In bags – Unaudited)

Year Concluded December 31,

2017

2016

Cash Flows from Operating Activities:

Net income

$

21,075

$

28,356

Adjustments to accommodate net assets to net cash  provided by operating activities:

Depreciation and amortization

30,516

29,045

Gain on allowance recovery

(2,848

)

(3,338

)

Proceeds from allowance accretion accustomed for business    interruption and destroyed inventory

2,867

2,599

Stock-based advantage expense

3,818

3,872

Excess tax account from stock-based plans

(80

)

Deferred assets taxes

5,559

(1,120

)

Provision for ambiguous accounts

224

383

Other

82

(400

)

Changes in operating assets and liabilities:

Accounts receivable

1,818

1,514

Inventories

(2,112

)

6,876

Customer deposits

2,890

3,887

Other assets and liabilities

(930

)

(9,508

)

Accounts payable and accrued liabilities

(10,502

)

(2,032

)

Net banknote provided by operating activities

52,457

60,054

Cash Flows from Advance Activities:

Capital expenditures

(24,465

)

(29,838

)

Maturities of investments

12,725

Proceeds from allowance for destroyed acreage and equipment

1,987

3,011

Other advance activities

870

915

Net banknote acclimated in advance activities

(21,608

)

(13,187

)

Cash Flows from Costs Activities:

Construction allowance receipts

1,590

1,574

Payments on charter obligations

(3,482

)

(3,125

)

Excess tax account from stock-based plans

80

Dividend paid

(11,392

)

(30,409

)

Common banal repurchased and retired

(21,282

)

Taxes on vested belted shares

(1,555

)

(883

)

Net banknote acclimated in costs activities

(14,839

)

(54,045

)

Increase (decrease) in banknote and banknote equivalents

16,010

(7,178

)

Cash and banknote equivalents at alpha of year

63,481

70,659

Cash and banknote equivalents at end of year

$

79,491

$

63,481

NEWS RELEASE – FEBRUARY 20, 2018

Page 6

2017 Tax Cuts and Jobs Act

On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was allowable into law, The Tax Act contains cogent changes to accumulated taxes, including a abiding abridgement of the accumulated tax bulk from 35% to 21% able January 1, 2018. The Tax Act’s added above changes applicative to Havertys accommodate the abolishment of assertive deductions and an added and continued advantage to affirmation accelerated abrasion deductions on able property.

In December 2017, the Balance and Exchange Agency (SEC) agents issued Agents Accounting Bulletin No. 118, Assets Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allows us to almanac conditional amounts during a altitude aeon not to extend above one year of the achievement date.

We re-measured our deferred tax assets and liabilities based on the ante at which they are accepted to about-face in the future, which is about 25%.  However, we are still allegory assertive aspects of the Tax Act and adorning our calculations, which could potentially affect the altitude of some of these balances or potentially accord acceleration to new deferred tax amounts. At December 31, 2017, we accept fabricated a reasonable appraisal of the accoutrement on our absolute deferred tax balances and recorded added tax bulk of $10.6 million. This conditional bulk is primarily accompanying to abrasion deductions and as we complete our assay of the Tax Act, aggregate and adapt all-important data, and adapt any added advice issued by the IRS and added standard-setting bodies, the conditional bulk may be adjusted. We apprehend to complete our assay no after than the fourth division of 2018 which is aural the altitude aeon in accordance with SAB 118. We additionally accustomed a tax account of $4.7 actor for the re-measurement of deferred tax assets and liabilities for which our accounting is complete. The absolute of these adjustments was added deferred tax bulk of $5.9 actor and is what we accept is the appulse of the Tax Act.

SG&A Bulk Classification

We allocate our SG&A costs as either capricious or anchored and discretionary.  Our capricious costs are comprised of affairs and commitment costs.  Affairs costs are primarily advantage and accompanying allowances for our agency based sales associates, the abatement we pay for third affair costs of chump sales and transaction fees for acclaim agenda usage.  We do not outsource commitment so these costs accommodate personnel, fuel, and added costs accompanying to this function.  Anchored and arbitrary costs are comprised of rent, abrasion and acquittal and added control costs for stores, warehouses and offices, and all announcement and authoritative costs.

Conference Alarm Information

The aggregation invites absorbed parties to accept to the alive audiocast of the appointment alarm on February 21 at 10:00 a.m. ET at its website, havertys.com beneath the broker relations section. If you can not accept live, a epitomize will be accessible on the day of the appointment alarm at the website or via blast at about 1:00 p.m. ET through February 28. The cardinal to admission the blast playback is 1-888-203-1112 (access code: 2730867).

NEWS RELEASE – FEBRUARY 20, 2018

Page 7

About Havertys

Havertys (NYSE: HVT and HVT.A), accustomed in 1885, is a full-service home accoutrement banker with 124 showrooms in 16 states in the Southern and Midwestern regions accouterment its barter with a advanced alternative of affection commodity in average to upper-middle amount ranges.  Added advice is accessible on the company’s website, havertys.com.

Safe Harbor

This columnist absolution includes statements that aggregate advanced account aural the acceptation of the federal balance laws.  Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and agnate expressions analyze advanced statements, which are not actual in nature. We intend for all advanced statements independent herein or on our website, and all consecutive accounting and articulate advanced statements attributable to us or bodies acting on our behalf, to be covered by the safe anchorage accoutrement for advanced statements aural the acceptation of the Private Balance Litigation Reform Act of 1995 and the accoutrement of Area 27A of the Balance Act of 1933 and Area 21E of the Balance Exchange Act of 1934 (which Sections were adopted as allotment of the Private Balance Litigation Reform Act of 1995). Advanced statements may chronicle to, for example, approaching operations, banking condition, bread-and-butter achievement (including gross accumulation margins and expenses), basic expenditures, and appeal for our products.  The Aggregation cautions that its advanced statements absorb risks and uncertainties, and while we accept that our expectations for the approaching are reasonable in appearance of currently accessible information, you are cautioned not to abode disproportionate assurance on our advanced statements.  Actual after-effects or contest may alter materially from those adumbrated as a aftereffect of assorted important factors.  Such factors may include, amid added things, the accompaniment of the economy; accompaniment of the residential architecture and apartment markets; the customer spending ambiance for big admission items; accoutrement of competition; administration of relationships with our suppliers and vendors and disruptions in their operations; new regulations or taxation plans, as able-bodied as added risks and uncertainties discussed in the Company’s Annual Address on Form 10-K and from time to time in the Company’s filings with the SEC.

Contact:

Havertys 404-443-2900

Richard B. Hare

EVP & CFO

Jenny Hill Parker

SVP, Finance, Secretary and Treasurer

SOURCE:  Havertys

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