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Domco Tarkett reports Fourth Quarter, year-end results

March 15, 2002
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Domco Tarkett Inc., North America's second largest hard surface floor covering manufacturer, released flat fourth quarter and year-end results for the period ended Dec. 31, 2001.

FARNHAM, QUEBEC--Domco Tarkett Inc. (TSE:DOC), North America's second largest hard surface floor covering manufacturer, released flat fourth quarter and year-end results for the period ended Dec. 31, 2001. 2001 net earnings were $7.9 million, or 31-cents per share, compared to $7.8 million, or 31-cents per share, for same period in 2000. Sales in 2001 were $649.6 million compared to $657.3 million a year ago.

"While full year results were flat with the previous year, the company showed signific ant year-over-year second half improvement in net earnings, despite the weak economy and the events of Sept. 11," said Domco Tarkett president Ulf Mattsson.

In 2001, 84.7 percent of the $649.6 million in total sales were generated in the U.S., compare d to 84.8 percent during the same period in 2000. In the resilient flooring segment, sales of $387.6 million were generated compared to $420.7 million the previous year, an 8 percent drop.

Sales of hardwood flooring jumped 15 percent to $183.6 million from $159.1 million a year ago. The hardwood segment accounted for 28.3 percent of the company's consolidated net sales, compared to 24.2 percent a year ago.

These results combine strong performance in the hardwood segment, modest growth in distribution activities and a decrease in sales in the resilient flooring segment, the company reports. Domco Tarkett said the decline in the resilient segment was primarily in the residential sector, while sales of commercial resilient flooring remained constant. The softness in the residential market reflects the popularity among consumers of flooring surfaces such as wood and ceramic. The company is responding by developing new products that compete more effectively with these surfaces.

"While we significantly increased our hardwood business we felt it was necessary to take decisive measures to improve the profitability of our resilient segment," said Mattsson. "As such, we undertook an aggressive cost reduction program and separated the resilient business into Domco Tarkett Residential and Domco Tarkett Commercial. The new structure consolidates responsibility and decision-making within each division. It also improves our speed-to-market and facilitates timely product innovation. I believe this reorganization makes the best use of the considerable talents of all our people."

Domco Tarkett Inc. (www.domcotarkett.com), headquartered in Farnham, Quebec, Canada, is the second largest North American manufacturer of resilient and hardwood flooring. With 10 manufacturing facilities and extensive distribution networks serving all regions of Canada and the United States, Domco Tarkett offers high-quality product lines in the flooring industry. Its products are sold to commercial and residential users under the Azrock, Domco, Harris Tarkett, Nafco and Tarkett brands.

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