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Net income for the 2011 fiscal year was $89.1 million, up from $70.9 million in the previous year. Net revenue was $1,557.6 million, an increase of 14.9% over 2010. Higher average selling prices, favorable foreign currency translation, acquisitions, and higher volume inclusive of an extra week in the fiscal year reportedly had a positive impact on net revenue growth.
“We are very pleased with our results for the fourth quarter and the 2011 fiscal year,” said Jim Owens, president and CEO. “The business delivered a second consecutive year of strong organic growth, displayed a positive trend in gross margin progression throughout the year in the face of continued raw material cost escalation, and leveraged our investments to drive SG&A as a percent of net revenue down by over 100 basis points. We expect a strong 2012 fiscal year and steady progress toward the long-term financial goals that we laid out in July of 2011. The addition of Forbo’s Industrial Adhesive business will further strengthen our business as it is integrated and we realize the potential of the combined businesses.”
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