growth of the Company's Lea Industries
division ("Lea"), production in Chilhowie, Virginia was realigned
to Lea in the fourth quarter for its Charter House product line
and production in Marion, Virginia was realigned to Lea for its
Design Horizons product line. The Company believes that the
realigned production better utilizes its manufacturing capacity.
LADD's Businesses
Lea Industries manufactures and sells wood furniture for the
youth and adult bedroom markets. Lea Industries' products
include beds, dressers, night stands, mirrors, desks,
bookshelves, hutches, armoires, and correlated modular furniture
in a variety of styles, including traditional, contemporary and
colonial. The products are priced in the medium to low-medium
price ranges and are considered high volume, promotional products
to major furniture retailers. The products are marketed under
the "Lea Industries,""Charter House,"
-2-
and "Design Horizons"
brand names primarily to national and regional chains,
independent furniture retailers, national general retailers and
department stores.Lea Industries products are manufactured in
five plants located in Waynesville, NC, Marion, VA, Chilhowie,
VA, and Morristown, TN.
American Drew manufactures and sells medium to high-medium
priced wood furniture. The products include various types of
wood bedroom furniture (beds, dressers, night stands, mirrors,
armoires, and dressing tables), wood dining room furniture
(tables, chairs, buffets, chinas, and serving pieces), and wood
living room occasional pieces (desks, end tables, coffee tables,
entertainment units, wall units, and secretaries). American Drew
products are manufactured in three plants located in North
Wilkesboro, NC and are sold primarily to major independent
furniture retailers, department stores, and regional furniture
chains.
Daystrom Furniture manufactures and sells kitchen, dinette,
dining room, and bar furniture for the home furnishings market.
Daystrom products are priced in the medium price range and
include tables, chairs, bars and bar stools in contemporary
styles that incorporate the use of