Interface Announces Changes to Segment Reporting Structure

Rhea-AI Summary

Interface, Inc. (Nasdaq: TILE) has announced a restructuring of its financial reporting, effective from Q1 2021, into two segments: Americas (AMS) and Europe, Africa, Asia, and Australia (EAAA). This change aligns with the integration of their nora business and aims to enhance visibility into the company's performance. Comparable historical financial data will be provided with the Q1 2021 results on May 7, 2021. Importantly, this realignment does not affect previously reported consolidated results.

Positive

• Enhanced visibility into company performance with new segment reporting.
• Alignment with nora business integration improving operational efficiency.

Negative

• No significant changes to previously reported consolidated results, indicating limited immediate financial impact.

ATLANTA, May 5, 2021 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, announced today it has expanded its financial reporting into two reportable segments, Americas (AMS) and Europe, Africa, Asia, and Australia (EAAA). The change will be effective with the first quarter 2021 financial statements.  

"The timing of this change is aligned with the largely completed integration of our nora business and integration of our European and Asia Pacific commercial areas into a EAAA region, despite delays due to COVID-19. This change also provides greater visibility into performance and results across the Company," said Dan Hendrix, Chairman and CEO of Interface.

The Company will provide comparable historical financial data when it reports its first quarter 2021 results on May 7, 2021. The realignment solely impacts the Company's segment reporting and there is no change to previously reported consolidated results.

About Interface

Interface, Inc. is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (LVT) and nora® rubber flooring. We help our customers create high-performance interior spaces that support well-being, productivity, and creativity, as well as the sustainability of the planet. Our mission, Climate Take Back™, invites you to join us as we commit to operating in a way that is restorative to the planet and creates a climate fit for life. 

Learn more about Interface at interface.com and blog.interface.com, our nora brand at nora.com, our FLOR® brand at FLOR.com, and our Carbon Neutral Floors™ program at interface.com/carbonneutral.  

Follow us on Twitter, YouTube, Facebook, Pinterest, LinkedIn, Instagram, and Vimeo. 

View original content to download multimedia:http://www.prnewswire.com/news-releases/interface-announces-changes-to-segment-reporting-structure-301283817.html

SOURCE Interface, Inc.

FAQ

What is Interface's new segment reporting structure for 2021?

Interface is now reporting in two segments: Americas (AMS) and Europe, Africa, Asia, and Australia (EAAA).

When did Interface announce the changes to their segment reporting?

The changes were announced on May 5, 2021, and will be effective for the first quarter 2021.

How will the changes in reporting segments affect Interface's financial statements?

The changes primarily improve visibility into performance but do not alter previously reported consolidated results.

What are the implications of the new segment reporting for investors in TILE?

The new reporting structure aims to provide clearer insights but has no immediate financial impact on consolidated results.