LOFT's 2009 Results Strong and Planning Expansion in 2010

GREENFIELD, Ind., April 2 /PRNewswire/ -- University Loft Company ("ULC"), also known as LOFT, today announced strong growth in profitability in 2009 despite a tough economic environment with expected high growth in 2010 in all markets.  The company is highly optimistic about growth opportunities in 2010 in part because of large contracts with Universities and retailers such as Lowe's and Sam's.

ULC has just hired 5 new managers and, in anticipation of swift business growth, is making plans to hire 6-8 higher paid managers in various departments.

The company has started the process of adding 10 new sales people in offices outside Indiana with 3 new sales people in an office outside the USA focused in the Middle East.

"We are pleased with the growth we are experiencing in selling and installing furnishings throughout the world," commented James Jannetides, owner.  James stated that "there are also new opportunities now that we have moved out of the retail wholesale market."

ULC dropped over 400 ULC retail galleries in favor of a focus on contract furniture and big box retailers.   A new and larger credit facility was put in place at the end of last September to support this anticipated growth. ULC maintains a credit facility to finance short-term demands for working capital.

James Jannetides founded ULC in 1986 while living on campus in a freshmen dorm.  He turned a marketing idea into some cash and applied 400 level course work into a business plan while essentially earning a 3 credit course in entrepreneurship while attending Southern Illinois University College of Business.

This was Jannetides second business at the age of 20 years. It started by building a lofted bunk bed to maximize on space for his small dorm room. Earlier in 1980 as a freshman in high school Jannetides started a pay parking lot at the 400 block of East and Washington Street.  With the money in hand from the parking business, college was paid for and Jannetides was looking for the next big thing.   LOFT started after moving into a 12 x 12 dorm with 4 guys and some steel bunk beds when Jannetides thought, "I can do better than this!" Other students started asking where did we get the loft beds and the idea came to sell these beds to freshmen. During 1984 the idea went from design to proto-type. Jannetides said, "The next thing I knew I was hiring salesmen to pedal lofts to incoming freshmen."

One big problem surfaced early after building a large stock of inventory.  "We only looked at one dorm and there were about 22 on campus with all different size rooms so about 50% of our beds did not fit…I was done as parents were asking for their money back and Loft kits were half assembled in rooms across the campus.  I was ruined with all my saving tied up in Loft kits I had made the summer before school started.  Fortunately I went to my friends and asked for help.  A design student came up with a fix and in about 24 hrs we were back up and running. The lesson learned was to trust in God as I prayed a lot over that 24 hour period."

In the years since its beginnings in a college dorm room, James Jannetides has grown LOFT into an industry-leading enterprise which currently holds accounts with 1,200 colleges over 1/3 of all the Universities with housing across the country.  In recent years, ULC has used skills in the design of wood, metal and glass furniture to expand into military, hospitality, fashion plumbing, kitchen and bath markets.  LOFT has a 508,000 sq. building on a 400 acre campus just outside Indy and a second plant in Tennessee manufacturing upholstery.

Committed to providing a superior product with an unmatched service level, ULC is the leader in the contract furniture industry.

SOURCE University Loft Company