Interface Announces $100 Million Stock Repurchase Authorization and Declares Regular Quarterly Dividend

ATLANTE, May 17, 2022 /PRNewswire/ — Interface, Inc. (Nasdaq: TILE), a global commercial flooring company and global leader in sustainability, today announced that its Board of Directors has authorized a new buyout program of shares for a maximum of $100 million ordinary shares of the Company. Additionally, the Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.01 per share, payable June 17, 2022to shareholders registered in June 3, 2022.

Laurel HurdCEO, said: “The Board’s approval of the new share buyback program underscores its confidence in the long-term value creation opportunities for Interface. Given our strong financial position, including our ability to consistently generate strong free cash flow, we remain committed to returning capital to shareholders through regular quarterly dividends and now share buybacks. We will continue to balance our capital allocation strategy between investing in the business, managing our debt ratio and returning capital to shareholders in a timely manner.

Interface may purchase shares on a discretionary basis from time to time, without notice, subject to prevailing market conditions and other considerations. Purchases made under the Program will be made either on the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements, including by through Rule 10b5-1 trading plans. The timing, manner, price and amount of any redemption will be determined by the Company in its discretion and will be subject to economic and market conditions, the share price, applicable legal requirements and other factors. The program does not obligate the Company to repurchase a specific number of shares or quantity of shares and may be modified, suspended or discontinued at any time at the discretion of the Company and without notice.

About the interface

Interface, Inc. is a global flooring company specializing in carbon neutral carpet tiles and resilient flooring, including luxury vinyl tiles (LVT) and nora® rubber flooring. We help our clients create high-performance interior spaces that promote 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 repairs the planet and creates a climate 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. To learn more about our carbon negative products, visit interface.com/carbonnegative.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Except for historical information contained in this release, the other matters set forth in this press release are forward-looking statements. Forward-looking statements may be identified by words such as “may”, “expect”, “plan”, “anticipate”, “intend”, “plan”, “believe”, “could”, “should”, “aim”, “aim”, “aim”, “seek”, “project”, “estimate”, “target”, “will” and similar expressions. The forward-looking statements set forth above involve a number risks and uncertainties that could cause actual results to differ materially from such statements, including, but not limited to, risks under the following subheadings under “Risk Factors” in the Company’s Annual Report the corporation on Form 10-K for the fiscal year ended January 2, 2022 and our subsequent quarterly report on Form 10-Q for the period ended April 3, 2022“The COVID-19 pandemic could have a material adverse effect on our ability to operate, our ability to protect our employees from the pandemic, our results of operations, our financial condition, our liquidity, our capital investments, our ability short-term and long-term to remain in compliance with covenants under our syndicated credit facility and our senior notes, our ability to refinance our existing indebtedness and our ability to obtain capital markets financing” ; “Sales of our main products have been and may continue to be affected by the COVID-19 pandemic, adverse economic cycles and effects on the new construction and renovation market” ; “Our earnings could be adversely affected by non-monetary adjustments to goodwill, when a test of goodwill assets indicates a significant impairment of those assets”; “No s significant international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including foreign currency fluctuations, tax restrictions, customs duties, border closures or other adverse government regulations “; “Uncertainty surrounding the ongoing implementation and effect of the UK’s exit from the European Union, and related negative developments in the European Union, could adversely affect our business, our results of operations or our financial condition”; “We have a substantial amount of indebtedness, which could adversely affect our business, financial condition and results of operations, as well as our ability to meet our payment obligations under our indebtedness”; “Serving our debt requires a significant amount of cash, and we may not have sufficient cash flow from our operations to pay our debt”; “We could incur substantial additional indebtedness, which could further exacerbate the risks associated with our substantial indebtedness”; “We compete with a large number of manufacturers in the highly competitive flooring products market, and some of those competitors have greater financial resources than we do. prices, investments in our business or competition on product design”; “Our success is largely dependent on the efforts, abilities and continued service of our senior managers, our principal design consultant and other key personnel (including experienced sales and manufacturing personnel), and the loss of one of them could affect us negatively”; “Significant increases in the cost of our raw materials, shipping costs, duties or tariffs could adversely affect us if we are unable to pass these cost increases on to our customers”; “The unscheduled termination or discontinuance of any of our agreements with our primary third-party suppliers of synthetic fibers or our primary third-party supplier of luxury vinyl tile (“LVT”) or other key raw materials could have an adverse effect material adverse effect on us”; “The market price of our common stock has been volatile and the value of your investment may decline”; “Changes to our facilities, manufacturing processes, product construction and product composition could disrupt our operations, increase our manufacturing costs, increase customer complaints, increase warranty claims, adversely affect to our reputation and have a material adverse effect on our financial condition and results. operations ” ; “Our business operations could sustain significant losses due to natural disasters, acts of war, terrorism, catastrophes, fires, adverse weather conditions, pandemics, endemics or other unexpected events”; “Disturbances or failures of our IT systems could harm our business”; and “We face risks associated with litigation and claims”; and “The conflict between Russia and Ukraine could adversely affect our business, results of operations and financial condition”. You should take into account any additional or updated information that we include under the heading “Risk Factors” in our subsequent and annual reports.

All forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise any forward-looking statements made in this press release and cautions readers not to place undue reliance on such forward-looking statements.

SOURCE Interface, Inc.