FLEX Ceases Operations, Proceeds Go to FCIF

Anaheim, CA: June 28, 2006–After 19 years of service supporting the growth of credit within the floor covering industry, the Floor Covering Consumer Credit Association (FLEX) will cease operations on June 30, 2006.

In a statement released by the board of directors of FLEX, all funds remaining in the association as of June 30, 2006 will be donated to the Floor Covering Industry Foundation (FCIF).

The total gift is $770,700. Of this amount $532,700 represents sponsor funds that were originally invested in the association. An additional $245,000 of operating capital will also be given to the FCIF. The FLEX board made only one restriction on the gift. $329,500 will go to establish a permanent endowment to be used for the charitable purposes at the FCIF.

“This infusion of funds creates a marvelous situation that places the foundation on solid footing to continue well into the future to provide assistance to those in the floor covering industry in need,” said Keith S. Campbell, chairman of the board, F.C.I.F., and chairman of the board, Mannington Mills, Inc.

“This gift to the Floor Covering Industry Foundation is one more example of the selfless contributions the FCCCA has made to the industry over the last two decades. We are all touched by their generosity and honored to be given the responsibility to carry on their good works by helping those in our industry most in need,” said D. Christopher Davis, president of the Floor Covering Industry Foundation. “The men and women who helped make FLEX so successful are true heroes and deserve to be called “champions of our industry.”

“Ever since our inception, we have been dedicated to raising the professionalism of the retail community and to making specialty retailers more competitive in the marketplace. To this end, we have supported industry certification, education and training program. In this same selfless spirit, we chose the Floor Covering Industry Foundation to make this legacy gift of $777,700. As we have helped many in the floor covering industry over the last two decades, we hope our work lives on in the FCIF and continues to assist those most in need,” said Paul Comiskey, chairman of FLEX.

The Floor Covering Industry Foundation is dedicated to financially assisting those who are or have been affiliated with the floor covering industry who experience catastrophic illnesses, severe disabilities, or other life-altering hardships. The Foundation ensures that these philanthropic efforts are accomplished with compassion, confidentiality, and preservation of dignity for the individuals concerned.

Floor Covering Consumer Credit Association
At A Glance

Year Started 1987
Year Dissolved 2006
Founding Organization Floor Covering Consumer Credit Association

Founding Members–World Floor Covering Association, Carpet and Rug Institute Dalton Floor Covering Market Association, Floor Covering Installation Contractors Association; National Association of Floor Covering Distributors

Founding Chairman Ralph Boe, president, Horizon Industries

Current Chairman Paul Comiskey, SVP, Mohawk Industries

Founding Member
Investment $842,750
Initial Retailer Participants Carpetland, Chicago, IL
Total Cumulative Sales Since Inception $16.5 billion
Total Retailer Participation 21,191
Calendar 2005
Private Label
Average Ticket Sale $2,636
Visa/Mastercard
Average Ticket Sale $702

Cash
Average Ticket Sale $750

Remaining Association funds $777,700.00

Beneficiary of FCCCA
Floor Covering Industry Foundation