MIAMI--()--Revealing results of a $3.5 million “extreme makeover,” City Furniture has opened the first of five stores in its tri-county expansion – the newly transformed Dadeland showroom in the Miami market.
“Consumers’ tastes and expectations are changing fast, and our next-generation design reflects that reality”
With business on the upswing as the economy improves, City Furniture President Keith Koenig said South Florida’s top-selling furniture retailer is launching construction of additional stores to dramatically increase sales in proven locations. Construction begins this month for Cutler Bay and Oakland Park stores. The company added 25 permanent jobs in connection with the Dadeland store and will add about 60 more firmwide by early 2013, Koenig said.
City Furniture’s highest performing location per square foot, the Dadeland showroom is one of the nation’s “greenest” furniture stores and brings City Furniture’s upscale next- generation store design into sharp focus for consumers.
“Consumers’ tastes and expectations are changing fast, and our next-generation design reflects that reality,” Koenig explained. “Today’s customers want a shopping experience that inspires their imagination, delivers outstanding quality for the price – and reflects a company’s lasting values. They research first online and expect a ‘wow’ factor when they invest time to visit a store.”
To meet those expectations, City Furniture is reinventing its store environments and introduced a new website this spring. While City Furniture’s exceptional value for the price and same-day delivery are unchanged, the store design features a host of energy efficient features. Each store in the expansion is being built to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council, as an extension of City Furniture’s values and sustainable practices. Nationwide, only a handful of furniture stores have achieved LEED certification.
At the Dadeland store, a dramatic 27-foot-high central atrium (photo) adds eye appeal, along with richly textured “green” materials such as a cherry Hitchcock panel wall (photo) made with reclaimed wood, and natural stone feature walls with recycled Italian stone. Energy- and water-saving features include LED lighting and a super high efficiency HVAC system, plus drip irrigation and environmentally sound paints, coatings, adhesives, carpet and flooring.
At each new South Florida location, the company builds on the success of its City Furniture/Ashley Furniture HomeStore superstore concept. City Furniture is the Ashley Furniture HomeStore licensee in southeast and southwest Florida and has had strong results offering the two brands in adjoining stores. Once the Cutler Bay store is completed, the site’s existing City Furniture store will be transformed as an adjacent Ashley Furniture HomeStore. In the Fort Lauderdale market, an Ashley Furniture HomeStore will be built, and a fully renovated City Furniture store is a few doors north. Construction of a new Ashley Furniture HomeStore in West Palm Beach begins in August.
The retailer operates 14 City Furniture and nine Ashley Furniture HomeStore locations in Florida. For information visit www.cityfurniture.com.
Source: www.businesswire.com
City Furniture unveils new store, expansion plans - slideshow - The Business Journal
City Furniture President Keith Koenig believes that what makes the company’s brands stand out is the “great style, great value, great people [and] great delivery.”
City Furniture has unveiled its new, expanded Pinecrest location and plans for further expansion in South Florida.
The Tamarac-based furniture retailer transformed its showroom at 9255 S. Dixie Highway, adding a second floor and green-design upgrades, and created 25 jobs.
The new showroom is part of City Furniture’s $17 million South Florida expansion, which includes five new stores built to meet green-building standards, as the company seeks Leadership in Energy and Environmental Design certification from the U.S. Green Building Council.
“We admire and value environmental sustainability so the whole green building movement is very much consistent with what we were doing even before there was a green building movement or an LEED certification,” President Keith Koenig said.
In addition, today’s consumer values companies that do the right thing, both socially and environmentally, he said.
A City Furniture location is currently under construction next to an existing store at 18780 S. Dixie Highway in Cutler Bay. Upon completion, City Furniture will open in the new location, and the existing store will be transformed into an Ashley Furniture HomeStore . City Furniture is the Ashley Furniture HomeStore licensee for southeast and southwest Florida.
An Ashley Furniture HomeStore is also under construction at Federal Highway and Northeast 38th Street in Oakland Park, and construction of an Ashley Furniture adjacent to an existing City Furniture showroom in West Palm Beach is to begin in August.
With the new stores, City Furniture plans to create about 60 additional jobs by 2013.
The company has strategically placed City Furniture locations next to Ashley Furniture HomeStores because consumers can then “drive once, shop twice,” Koenig said.
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The sky’s NOT the limit: Vintage plane parts destined for the scrap heap are reborn as furniture - Daily Mail
- Many of the scrap parts require more than 100 hours of cutting, grounding, buffing and polishing to be transformed
- Their prices range from from 65 for a desk watch to 39,000 for a one-of-a-kind conference table made from a wing
By Jill Reilly
|
Vintage plane parts destined for the scrap heap have been given a new lease of life and being transformed into beds chairs and desks
Californian company Motoart spends hours transforming wings, doors and engine cowls into stylish furniture.
Many of the parts require more than 100 hours of cutting, grounding, buffing and polishing before they are ready to buy.
Powerful desk: The B-727 Cowling Airplane Valet Desk - this once covered the 727's engines which offered 14,000 pounds of thrust
Hot seat: The B-52 Bomber Ejection Chair, that comes with the original ejection pin with the remove before flight warning tag
Time for bed: The DC-10 Cowling Bed was formerly a 380 passenger McDonnell Douglas DC-10 plane and is now a modern 84" round bed measuring 105" in diameter where it features an illumination with LED's on the base and port holes
The company's bomber seats even come with the original ejector pin and 'remove before flight' warning tag.
Their prices range from from 65 for a desk watch to 39,000 for a one-of-a-kind conference table, made from a wing.
Dave Hall, joint owner of Motoart, based next to Los Angeles International Airport, said:
'The mile high beds are very popular with men - and they are almost always bachelors.
'The bed frames are made from the tail fins of a DC-9 aircraft.
Centre of attention: A C-119 Airplane desk made from the plane's rudder
Table top inspraiton: The B-52 Spinner Table (left) is an art deco design fabricated from an aerodynamic nose assembly gear box cover that protruded from each of the eight Pratt & Whitney J-57 jet engines, while the Douglas Pedal Table (right) is from the very rare Douglas C-133 aircraft
Bar: The PW-747 Cowling Bar made from authentic cowling that housed a Pratt & Whitney jet engine which powered a Boeing 747
Famous client list: Motoart have produced items for A-list celebrities, royalty in the Middle East, and big business clients including Microsoft and Boeing
'They cost between 10,000 and 20,000 but all our prices reflect the rarity of the aeroplane model.
'We only have 12 of the ejector seats left, so they are priced at 8,000 each.'
Motoart have produced items for A-list celebrities, royalty in the Middle East, and big business clients including Microsoft and Boeing.
Mr Hall said: 'A business executive who buys one of our desks certainly has a conversation starter when someone walks into their office.
'They are also being environmentally smart by owning one of our pieces.'
Labour of love: Dave Hall, owner of Motoart pictured at work in Los Angeles, California. 'The mile high beds are very popular with men - and they are almost always bachelors,' he said
The sky's not the limit: Employees working in the 20,000 square foot Motoart factory in Los Angeles
Mr Hall 45, set up Motoart in 2001 with Donovan Fell, 64.
The business now employs 17 people and turns over around 26 million a year.
They first got the idea of transforming aircraft parts after selling a set of formerly scrap propellors as art, in the late 1990s.
Office fun: The Fuselage desk - the company says it 'is also available as a set of four connected to form cubicles for extra privacy and an efficient use of office space'
Piece of history: The F-4 Ejection Seat , right, from the authentic F-4 bucket seat, has been left in original condition to reflect the Vietnam era plane
Trolley dolly: The Galley Cart Credenza is fitted with original brakes where the credenza can be fixed in a stationary position or be rolled and is completed with two diamond plated airline beverage carts
Mr Hall said 'Donovan had his doubts at first, but we cleaned the propellors up and sold them for 6,500 a piece - so we knew we were on to a winner.
'The scrap parts make up ancient aircraft history. The engineering that went into them is incredible and we only enhance that.
'Why wouldn't you want to own a piece of history that looks this good?'
Flying high: Named the Mile High Bed, this piece is fabricated from two DC-9 rear stabilizers and a C-130 inner flap - the bed is accented by 1/2" Plexiglas and illuminated with internal LED lighting
Inspiration: The pair got the idea of transforming aircraft parts after selling a set of formerly scrap propellors as art, in the late 1990s
Source: www.dailymail.co.uk
Hooker Furniture Reports Higher Net Income for First Quarter Fiscal 2013 - NASDAQ
MARTINSVILLE, Va., June 4, 2012 (GLOBE NEWSWIRE) -- Hooker Furniture (Nasdaq:HOFT) today reported net sales of $51.7 million and net income of $1.0 million, or $0.09 per share, for its fiscal 2013 first quarter which began on January 30, 2012 and ended April 29, 2012, compared to $523,000, or $0.05 per share, for the comparable period last year. The higher net income was the result of decreased discounting, lower selling and administrative costs and a $760,000 bottom-line improvement in upholstery segment results.
Net sales for the first quarter of fiscal 2013 decreased $6.7 million, or 11.4% compared to $58.4 million for the same period a year ago. Unit volume declined in both of the Company's operating segments compared to the prior year quarter. The sales decrease was driven by out-of-stock positions on some key products, decreased discounting and, to a lesser extent and consistent with the Company's fiscal 2012 fourth quarter, delayed shipments due to vendor shifts from China to other countries. Lower sales volume was partially offset by increased average selling prices for both segments, due primarily to lower discounting.
"This quarter's sales results are disappointing because stock-outs on key items and groups offset the progress we have made in so many other facets of our business," said Paul B. Toms Jr., chairman and chief executive officer. "We're extremely pleased to have recorded a small operating profit in the upholstery segment this quarter. In addition, we have successfully worked through the heavy product discounting that impacted the first three quarters of last year, and ocean freight rates have stabilized at more favorable levels. The freshening of our product line has been rewarded with strong retailer acceptance of recent product introductions."
In domestic upholstery, Hooker "reduced operating losses by about 90%," Toms said. "We turned around an over $1 million operating loss in last year's first quarter to a slight profit for the upholstery segment in the current quarter," he said. A year ago, upholstery profitability was negatively impacted by the transfer of Bradington-Young's manufacturing and corporate headquarters from an older, inefficient plant in Cherryville, N.C. to a newer and more efficient factory in Hickory, N.C.
In addition to reaping the benefits of more efficient domestic production at Bradington-Young, improvements in upholstery results have also been accomplished by "purging the business of non-value added costs," said Michael Delgatti, president of Hooker Upholstery. "The introduction of creative and innovative programs and products at higher gross margins and our sales growth at Seven Seas Seating and Sam Moore have also been factors," he said.
Sam Moore Furniture, the Company's custom fabric upholstery line, grew sales approximately 9% this quarter compared to the same period a year ago, marking the fifth consecutive quarter of year-over-year sales increases.
"We believe these improvements in upholstery profitability are sustainable and that our out-of-stock challenges in imported leather and case goods are manageable," Toms said. "We have already addressed these issues by strengthening our team in Asia, which we expect will result in improved vendor performance and alignment and improved quality and delivery times. We expect our best-selling and new product inventory availability to improve by the middle of the second quarter, which will position us to regain the momentum we've lost."
Gross profit decreased in absolute terms by $111,000 to $10.9 million, but increased as a percentage of net sales to 21.1% in the fiscal 2013 first quarter, compared to $11.0 million, or 18.9% of net sales in the same period a year ago mainly as a result of decreased net sales which were negatively impacted due to the best-seller out-of-stocks discussed earlier. The decrease in net sales was partially offset by lower discounting in both segments, as well as significantly lower domestic upholstery manufacturing costs. As a percentage of net sales, gross margins increased due primarily to lower freight costs, decreased discounting and improved upholstery segment results.
Selling and administrative expenses decreased in absolute terms by $892,000 to $9.4 million, but increased as a percentage of net sales to 18.2% for the fiscal year 2013 first quarter, compared to $10.3 million, or 17.6% of net sales for the fiscal year 2012 first quarter. The increase in selling and administrative expenses as a percentage of net sales is primarily due to the decline in net sales during the fiscal 2013 first quarter. In absolute terms, selling and administrative expenses decreased primarily due to lower charitable contribution expense, lower sales and design commissions, lower bad debts expense, lower sample expense and lower salaries expense.
Operating income for the fiscal 2013 first quarter increased to $1.5 million or 3.0% of net sales as compared to $747,000, or 1.3% of net sales during the comparable 2012 quarterly period.
Cash, Inventory and Debt Levels
Cash and cash equivalents increased by $7.6 million to $48.0 million as of April 29, 2012 from $40.4 million on January 29, 2012 due principally to lower inventories and accounts receivable, which together decreased approximately $5.5 million during the quarter and increased accounts payable.
"The Company's financial and cash position remains very strong," Toms said. "We will spend down some of that cash as we rebuild inventories over the remainder of the fiscal year and through our planned capital expenditures. We are leveraging our strong financial condition by continuing to pay cash dividends to our shareholders and through the share repurchase program we announced in April."
The Company had no long-term debt at April 29, 2012 and had $13.2 million available on its $15.0 million revolving credit facility, net of $1.8 million reserved for standby letters of credit.
Business Outlook
"The spring furniture market was very strong for Hooker," Toms said. "Our attendance was up about 20% compared to a year ago, and there was a lot of excitement surrounding our new showroom. We had great reaction to many of our introductions, especially our Rhapsody casegoods and upholstery collection and our new Sam Moore fabric sofa program. However, retailers reported a marked slowing of business in March and April, which was reflected in weaker incoming orders during our first quarter. In the second quarter, we'll still be working through the temporary impact of not being able to convert our backlog into shipments, although we expect to begin shipping key collections in June. As the usually slower summer selling season progresses, we expect our in-stock position will improve steadily. It will take a little longer to regain the floor space we've lost, but we are positioning ourselves to recapture it and fully expect to in time. We don't expect a significant improvement in demand until fall, but are gratified by encouraging developments in the economy such as improvements in the housing market, stable employment and the adjustment of consumers to a 'new normal.' We expect the consumer will continue to regain confidence to spend on larger ticket, deferrable purchases but also believe the recovery will be slow and choppy."
Dividends
At its June 4, 2012 meeting, our board of directors declared a quarterly cash dividend of $0.10 per share, payable on August 31, 2012 to shareholders of record at August 17, 2012.
Conference Call Details
Hooker Furniture will present its fiscal 2013 first quarter results via teleconference and live internet web cast on Wednesday morning, June 6th, 2012 at 9:00 AM Eastern Time. The dial-in number for domestic callers is 877-665-2466, and 678-894-3031 is the number for international callers. The call will be simultaneously web cast and archived for replay on the Company's web site at www.hookerfurniture.com in the Investor Relations section.
Ranked among the nation's top 10 largest publicly traded furniture sources based on 2011 shipments to U.S. retailers, Hooker Furniture Corporation is an 88-year old residential wood, metal and upholstered furniture resource. Major casegoods product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand, and sold at moderate price points under the Envision Lifestyle Collections by Hooker Furniture brand. Youth bedroom furniture is sold under the Opus Designs by Hooker Furniture brand. Hooker's residential upholstered seating companies include Hickory, N.C.-based Bradington-Young LLC, a specialist in upscale motion and stationary leather furniture, and Bedford, Va.-based Sam Moore Furniture LLC, a specialist in upscale fabric occasional chairs with an emphasis on cover-to-frame customization. Please visit our websites at www.hookerfurniture.com, www.envisionfurniture.com, www.bradington-young.com, www.sammoore.com and www.opusdesigns.com.
The Hooker Furniture Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4305
Certain statements made in this report, other than those based on historical facts, are forward-looking statements. These statements reflect our reasonable judgment with respect to future events and typically can be identified by the use of forward-looking terminology such as "believes," "expects," "projects," "intends," "plans," "may," "will," "should," "would," "could" or "anticipates," or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Those risks and uncertainties include but are not limited to: (1) general economic or business conditions, both domestically and internationally, and instability in the financial and credit markets, including their potential impact on our (i) sales and operating costs and access to financing, (ii) customers and suppliers and their ability to obtain financing or generate the cash necessary to conduct their respective businesses; (2) risks associated with domestic manufacturing operations, including fluctuations in capacity utilization and the prices and availability of key raw materials as well as transportation, warehousing and domestic labor costs and environmental compliance and remediation costs; (3) our ability to successfully implement our business plan to increase sales and improve financial performance, including possible adverse effects on our results due to material restructuring or asset impairment charges if we are unsuccessful; (4) volatility in the increased costs of imported goods, including fluctuations and increases in the prices of purchased finished goods and transportation and warehousing costs; (5) higher than expected costs associated with product quality and safety, including costs related to defective or non-compliant products as well as regulatory compliance costs related to the sale of consumer products; (6) the direct and indirect costs associated with the implementation of our Enterprise Resource Planning system, including costs resulting from unanticipated disruptions to our business; (7) price competition in the furniture industry; (8) changes in domestic and international monetary policies and fluctuations in foreign currency exchange rates affecting the price of our imported products and raw materials; (9) the cyclical nature of the furniture industry, which is particularly sensitive to changes in the housing markets, consumer confidence, the amount of consumers' income available for discretionary purchases, and the availability and terms of consumer credit; (10) supply, transportation and distribution disruptions, particularly those affecting imported products, including the availability of shipping containers and cargo ships; (11) achieving and managing growth and change, and the risks associated with international operations, acquisitions, restructurings, and strategic alliances; (12) adverse political acts or developments in, or affecting, the international markets from which we import products, including duties or tariffs imposed on those products; (13) risks associated with distribution through third-party retailers, such as non-binding dealership arrangements; (14) capital requirements and costs; and (15) competition from non-traditional outlets, such as catalogs and internet retailers and home improvement centers; changes in consumer preferences, including increased demand for lower-quality, lower-priced furniture due to declines in consumer confidence and/or discretionary income available for furniture purchases and the availability of consumer credit. Any forward looking statement that we make speaks only as of the date of that statement, and we undertake no obligation, except as required by law, to update any forward-looking statements whether as a result of new information, future events or otherwise.
| Table I | ||
| HOOKER FURNITURE CORPORATION AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (In thousands, except per share data) | ||
| (Unaudited) | ||
| Thirteen Weeks Ended | ||
|
April 29, 2012 |
May 1, 2011 |
|
| Net sales | $ 51,730 | $ 58,393 |
| Cost of sales | 40,808 | 47,360 |
| Gross profit | 10,922 | 11,033 |
| Selling and administrative expenses | 9,394 | 10,286 |
| Operating income | 1,528 | 747 |
| Other income, net | 44 | 54 |
| Income before income taxes | 1,572 | 801 |
| Income tax expense | 552 | 278 |
| Net income | $ 1,020 | $ 523 |
| Earnings per share: | ||
| Basic | $ 0.09 | $ 0.05 |
| Diluted | $ 0.09 | $ 0.05 |
| Weighted average shares outstanding: | ||
| Basic | 10,772 | 10,761 |
| Diluted | 10,794 | 10,778 |
| Cash dividends declared per share | $ 0.10 | $ 0.10 |
| Table II | ||
| HOOKER FURNITURE CORPORATION AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
| (In thousands) | ||
| (Unaudited) | ||
| Thirteen Weeks Ended | ||
|
April 29, 2012 |
May 1, 2011 |
|
| Net Income | $ 1,020 | $ 523 |
| Other comprehensive income: | ||
| Amortization of actuarial gain | (9) | (51) |
| Adjustments to net periodic benefit cost | (9) | (51) |
| Comprehensive Income | $ 1,011 | $ 472 |
| Table III | ||
| HOOKER FURNITURE CORPORATION AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (In thousands, including share data) | ||
| (Unaudited) | ||
|
April 29, 2012 |
January 29, 2012 |
|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 47,978 | $ 40,355 |
| Trade accounts receivable, less allowance for doubtful accounts of $1,442 and $1,632 on each date, respectively | 23,957 | 25,807 |
| Inventories | 30,524 | 34,136 |
| Prepaid expenses and other current assets | 3,389 | 4,194 |
| Total current assets | 105,848 | 104,492 |
| Property, plant and equipment, net | 23,268 | 21,669 |
| Intangible assets | 1,257 | 1,257 |
| Cash surrender value of life insurance policies | 16,814 | 16,217 |
| Other assets | 5,599 | 5,536 |
| Total assets | $ 152,786 | $ 149,171 |
| Liabilities and Shareholders' Equity | ||
| Current liabilities | ||
| Trade accounts payable | $ 13,415 | $ 9,233 |
| Accrued salaries, wages and benefits | 2,656 | 3,855 |
| Other accrued expenses | 1,424 | 792 |
| Accrued Dividends | 1,079 | 1,078 |
| Total current liabilities | 18,574 | 14,958 |
| Deferred compensation | 7,127 | 7,100 |
| Total liabilities | 25,701 | 22,058 |
| Shareholders' equity | ||
| Common stock, no par value, 20,000 shares authorized, 10,793 and 10,782 shares issued and outstanding on each date, respectively | 17,302 | 17,262 |
| Retained earnings | 109,683 | 109,742 |
| Accumulated other comprehensive income | 100 | 109 |
| Total shareholders' equity | 127,085 | 127,113 |
| Total liabilities and shareholders' equity | $ 152,786 | $ 149,171 |
| Table IV | ||
| HOOKER FURNITURE CORPORATION AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (In thousands) | ||
| (Unaudited) | ||
| Thirteen Weeks Ended | ||
|
April 29, 2012 |
May 1, 2011 |
|
| Cash flows from operating activities | ||
| Cash received from customers | $ 53,631 | $ 56,963 |
| Cash paid to suppliers and employees | (42,548) | (51,595) |
| Income taxes (paid) / received, net | (14) | 204 |
| Interest (paid) / received, net | (8) | 23 |
| Net cash provided by operating activities | 11,061 | 5,595 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (2,211) | (969) |
| Proceeds received on notes issued for the sale of property, plant and equipment | 9 | 6 |
| Proceeds from the sale of property and equipment | 30 | 3 |
| Premiums paid on company-owned life insurance | (187) | (187) |
| Net cash used in investing activities | (2,359) | (1,147) |
| Cash flows from financing activities | ||
| Cash dividends paid | (1,079) | (1,078) |
| Net cash used in financing activities | (1,079) | (1,078) |
| Net increase in cash and cash equivalents | $ 7,623 | $ 3,370 |
| Cash and cash equivalents at the beginning of the period | 40,355 | 16,623 |
| Cash and cash equivalents at the end of the period | $ 47,978 | $ 19,993 |
| Reconciliation of net income to net cash provided by operating activities: | ||
| Net income | $ 1,020 | $ 523 |
| Depreciation and amortization | 595 | 632 |
| Non-cash restricted stock awards and performance grants | 58 | (123) |
| Provision for doubtful accounts | 160 | 187 |
| Restructuring credit | -- | (129) |
| Deferred income taxes | 5 | (312) |
| (Gain) on disposal of property | (13) | (3) |
| (Gain) on insurance policies | (126) | -- |
| Changes in assets and liabilities: | ||
| Trade accounts receivable | 1,690 | (1,651) |
| Inventories | 3,612 | 7,997 |
| Prepaid expenses and other current assets | 450 | (330) |
| Trade accounts payable | 4,182 | (1,156) |
| Accrued salaries, wages, and benefits | (1,199) | (789) |
| Accrued income taxes | 533 | 794 |
| Other accrued expenses | 100 | (260) |
| Deferred compensation | (6) | 215 |
| Net cash provided by operating activties | $ 11,061 | $ 5,595 |
CONTACT: Paul B. Toms Jr. Chairman and Chief Executive Officer Phone: (276) 632-2133, or Paul Huckfeldt, Vice President, Chief Financial Officer Phone: (276) 632-2133, or Kim D. Shaver Vice President, Marketing Communications Phone: (336) 454-7088
Source: www.nasdaq.com
Furniture Row Racing display strength after early accident - 9News
DOVER, Del. - The monster crushed them early, but Regan Smith and the Furniture Row Racing team got off the mat and muscled their way back to a 27th-place finish after falling more than 90 laps down as a result of a Lap 9 multicar wreck in Sunday's Sprint Cup race at Dover International Speedway.
As the 43-car field was getting settled in at Dover's Monster Mile, a flurry of spins and crashes erupted on the daunting all-concrete oval, which included Smith's No. 78 Furniture Row/CSX Play it Safe Chevrolet.
The 12-car wreckfest started when Tony Stewart and Landon Cassill made contact coming out of Turn 2. Smith, who was trailing Stewart, ran out of real estate and rammed into Stewart's Chevy, causing a chain reaction.
Smith initially took the blame, but Stewart quickly countered and acquitted Smith of any wrongdoing.
"It wasn't Regan's fault -- he was right behind us and he didn't have anywhere to go," Stewart said. "The No. 83 (Cassill) was trying to get back down to the bottom and we were just in the wrong place at the wrong time."
After Smith drove his heavily-damaged car to the garage for lengthy repairs he gave his view on what happened.
"I got into the back of the No. 14 (Stewart) and started the whole thing," Smith said, who qualified 26th. "I will take full blame for that. Somehow they got checked up in front of me. I just didn't have time to slow up. I hate that there are so many wrecked race cars here. It's not fun for anybody, especially my guys on the Furniture Row/CSX Play it Safe Chevy."
The wreck, which was the biggest of the season, forced NASCAR to red-flag the race for nearly 20 minutes.
When the red flag was lifted the Furniture Row Racing crew went to work to repair the crippled race car. Within 45 minutes of the gold medal performance by the crew Smith returned to action, positioned in 37th place. He went on to gain 10 additional spots even though he finished the race 94 laps down.
"What is really shocking is to finish that many laps down and still post a 27th-place result," said Smith. "Though I am disappointed to get knocked out of contention early, I am proud of this Furniture Row Racing team for their hard and talented work to get me back on the track."
The finish dropped Smith from 23rd to 25th in the driver point standings. He is one point out of 24th and 10 out of 23rd.
"All I can say is that I am leaving Dover with a lot of pride due to how hard this entire race team worked to salvage a 27th-place finish today," Furniture Row crew chief Pete Rondeau said.
The FedEx 400 race winner was Jimmie Johnson. Rounding out the top-10 in order were: Kevin Harvick, Matt Kenseth, Dale Earnhardt Jr., Clint Bowyer, Aric Almirola, Martin Truex Jr., Joey Logano, Kasey Kahne and Marcos Ambrose.
The race saw one red flag and seven cautions for 32 laps. There were 17 lead changes among seven drivers.
The next Cup race is Sunday (June 10) at Pocono Raceway in Long Pond, Pa.
(KUSA-TV © 2012 Multimedia Holdings Corporation)
Source: www.9news.com
Artwork's long journey home ends desert mystery - Sydney Morning Herald
Lost and found: The missing painting will be removed from sale after it was offered for auction as part of the late American billionaire and philanthropist John W Kluge's estate. Photo: Joe Armao
A SIGNIFICANT Papunya Tula painting missing for more than 10 years has turned up at auction in Melbourne, and its journey — from hanging in a remote Northern Territory health service to yesterday’s withdrawal from sale as part of an American billionaire’s collection — is rockier than Uluru.
The work, catalogued as Old Tatump and Natuma Tjaltjarri (1915-1987), was last month identified by Melbourne-based curator John Kean, formerly arts adviser to Papunya Tula Artists and the interim administrator for Pintupi Homelands Health Service at Walungurru (or Kintore) community in the NT in the mid-80s.
Mr Kean says he commissioned the work, depicting the journey of the Pintupi and Luritja people from Papunya, where they unhappily lived from 1957 to 1981, to their homeland 530 kilometres west of Alice Springs, from artist Charlie Wartuma, a founder of Papunya.
The work was part of the late American billionaire and philanthropist John W. Kluge’s collection being sold tomorrow night through Mossgreen Auctions to benefit Columbia University, where Mr Kluge studied. It will now be repatriated to the health service for its historic, not financial, worth.
Dubious sales have plagued this important art movement, and establishing provenance remains the most challenging issue facing the indigenous Australian art market today — and this painting, despite the happy ending, is no exception.
Several weeks ago, Mr Kean was showing a slide of the large acrylic on plywood story board during a lecture at the Victorian Arts Centre, explaining it had disappeared 10 years ago, when a member of the audience told him it was in the latest Mossgreen catalogue under a different title.
Mr Kean, who believes it is the work he commissioned despite the title difference, alerted Mossgreen’s indigenous art specialist, Shaun Dennison, and Pintupi Health Service board.
Mr Dennison traced the provenance and the Pintupi Health Service board wrote to Columbia University explaining the work’s historic significance, requesting the work’s donation.
Mr Dennison says he believes the painting’s disappearance from the health service goes back further. Documentation shows it was purchased by the Mr Kluge in 1996.
Mr Dennison cites four prior owners – a ranger in the Kintore area, Peter Bartlett; Yuendumu community dealer Peter Van Groesen; Kimberly Art director Peter Harrison; and the Museum Art International Adelaide director, David Cossey.
Mr Kean said last night that discussions he had had with senior health worker at Pintupi Health Service, Marlene Nampitjinpa, and board member, Tommy Conway, indicated that the painting had been “illegally taken” from the health service.
Mrs Nampitjinpa, who still works at the health service, says “it must have been wrapped in a blanket at night time and taken away”.
Source: www.smh.com.au
Now that's a creative approach - 'plane' and fancy at the same time!
- DrMallard, West Palm Beach, Florida, USA, 04/6/2012 19:34
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