ST. LOUIS, May 21, 2010 (GlobeNewswire via COMTEX) -- Furnishings Brands International (FBN 7.13, +0.04, +0.56%) announced these days the company has created a contribution of 2.three million shares of its common stock towards the company's pension strategy ("the plan"). The shares were contributed in a private placement transaction and in consideration for the reduction in future funding obligations to the strategy. Furniture Brands will file a registration declaration for the shares contributed towards the strategy and has appointed an independent fiduciary, Evercore Trust Company, N.A., to be solely accountable for all investment decisions with respect to the shares. Following the contribution, the company has around 50.9 million shares of typical stock issued and outstanding.
The company's previous contributions to the plan in the year 2010 have totaled approximately $5 million. The majority with the 2010 strategy contributions are eligible for favorable tax-loss carryback therapy and the company anticipates an extra money tax refund of around $7 million throughout 2010.
"Proactively addressing our pension funding in the year 2010 produces tax benefits and preserves Furniture Brands' monetary flexibility as the company invests in the long term of our company," said Senior Vice President and Chief Financial Officer Steven G. Rolls.
About Furnishings Manufacturers
Furnishings Manufacturers Worldwide (FBN seven.13, +0.04, +0.56%) is one with the world's leading designers, manufacturers, sourcers, and retailers of house furnishings. It markets through a wide range of retail channels, from mass merchant stores to single-brand and independent dealers to specialized interior designers. Furniture Manufacturers serves its customers through some with the greatest recognized and most respected brands in the furnishings business, including Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Pearson, Hickory Chair, Laneventure, and Maitland-Smith.
The Furniture Manufacturers International logo is accessible at shopatzing.com
Cautionary Declaration Concerning Forward-Looking Claims
Matters discussed in this document and within our public disclosures, regardless of whether written or oral, relating to long term occasions or our future efficiency, including any discussion, express or implied, of our anticipated growth, operating outcomes, long term earnings per share, or plans and objectives, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Area 21E of the Securities Exchange Act of 1934. These statements are often identified through the words "will," "believe," "positioned," "estimate," "project," "target," "continue," "intend," "expect," "future," "anticipates," and comparable expressions that are not statements of historical fact. These statements aren't guarantees of long term efficiency and involve particular dangers, uncertainties and assumptions which are difficult to predict. Our actual results and timing of certain events could differ materially from those anticipated in these forward-looking claims consequently of certain factors, such as, but not restricted to, individuals set forth under "Risk Factors" in our Annual Record on Form 10-K for the year ended December 31, 2009, and within our other public filings with the Securities and Exchange Commission. Such factors consist of, but aren't restricted to: dangers associated with the execution of our strategic strategy; modifications in economic conditions; reduction of market reveal because of competition; failure to forecast demand or anticipate or respond to changes in customer tastes and fashion trends; failure to accomplish projected mix of item sales; business failures of large customers; distribution realignments; manufacturing realignments and cost savings programs; elevated reliance on offshore (import) sourcing of various items; fluctuations within the cost, availability and quality of raw materials; item liability uncertainty; environmental regulations; future acquisitions; impairment of intangible assets; anti-takeover provisions which could result in a decreased valuation of our typical stock; loss of funding sources; and our ability to open and operate new retail shops successfully. It is routine for internal projections and expectations to alter as the 12 months or each quarter within the year progresses, and consequently it should be clearly understood that all forward-looking statements and also the internal projections and beliefs upon which we base our expectations included on this record or other periodic reports are created only as of the date made and might change. Although we may elect to update forward-looking claims at some point within the future, we don't undertake any obligation to update any forward-looking statements regardless of whether as a result of new information, future occasions or otherwise.
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