Guilford Mills has until March 29 to restructure
By Furniture Today Staff -- Furniture Today, February 24, 2002
GREENSBORO, N.C. — Fabric supplier Guilford Mills, with mounting losses in its first quarter, has until March 29 to fashion a restructuring plan and refinance its $275 million debt.
John Emrich, chief executive officer, said lenders had extended loan waivers. "We are continuing to negotiate to come up with a new structure," he said.
The company may exchange debt for stock. Documents filed by Guilford last week said a deal under consideration with its lenders would have the effect of "severely diluting the ownership of the company's existing stockholders."
Guilford Mills also said last week it would sell its direct-to-retail Home Fashions subsidiary to Homestead Fabrics, a subsidiary of U.K.-based Broome & Wellington.
Operating results for the first quarter ended Dec. 30 showed a net loss of $15.1 million, compared to a net loss of $7.7 million in the previous year's first quarter. Sales dropped 20.7%, which Guilford said stemmed mainly from earlier decisions to exit the domestic apparel fabrics and certain dyeing and finishing businesses.
| • Guilford Mills | |||
|---|---|---|---|
| Owns Guilford House | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| 13 weeks ended 12/30 | 2001 | 2000 | Change |
| Sales | $137,568,000 | $173,558,000 | (20.7%) |
| Operating income | (6,931,000) | (1,319,000) | — |
| Net income(a) | (15,081,000) | (7,652,000) | — |
| Earnings per share(b) | (0.82) | (0.40) | — |
| (a) Includes pretax restructuring charges of $886,000 in the 2001 13 weeks and $3.8 million in the 2000 13 weeks. The 2000 13 weeks also includes a $3.4 million income tax benefit. (b) Based on average shares outstanding of 18.5 million in the 2001 13 weeks and 19 million in the 2000 13 weeks. | |||
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