Quaker 4Q sales rise 15%
By Furniture Today Staff -- Furniture Today, February 17, 2002
FALL RIVER, Mass. — Supplier Quaker Fabric reported strong sales increases for the fourth quarter and for 2001 despite the soft economy.
Net sales for the fourth quarter rose 15% to $90.3 million, while net income increased 5% to $3.1 million from the previous year's quarter. For the year ended Dec. 29, net sales were up 9.3% to $331.1 million, although income dropped 12.8% to $9.5 million.
Larry Liebenow, president and chief executive officer, said, "In a down economy, last year represents a clear victory for Quaker's products and strategy, and confirms that we have maintained our hold on the top spot in our industry.
"New orders during the fourth quarter were up 18.5% versus the comparable period in 2000, and we ended the year with a production backlog that, at approximately $43 million, was essentially similar to our backlog position at the end of the third quarter," he said.
Quaker has earmarked $31 million for expansion this year, including a significant number of added looms, further investments in information technology, new yarn and finishing equipment, and the start of construction on a new plant at a 60-acre site in Fall River.
The company plans an aggressive push into the top-of-the-bed market, Liebenow said, and some of the new looms will make fabrics for that category. Quaker also plans to beef up its contract business, expecting to see revenues of $20 million to $40 million from that segment in the next three to five years.
| Quarter ended 12/29 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $90,256,000 | $78,471,000 | 15.0% |
| Operating income | 5,821,000 | 5,609,000 | 3.8% |
| Net income | 3,065,000 | 2,920,000 | 5.0% |
| Earnings per share | 0.19 | 0.18 | 5.6% |
| Year ended 12/29 | 2001 | 2000 | Change |
| Sales | $331,105,000 | $302,985,000 | 9.3% |
| Operating income | 19,827,000 | 21,676,000 | (8.5%) |
| Net income | (a)9,548,000 | 10,945,000 | (12.8%) |
| Earnings per share | 0.58 | 0.68 | (14.7%) |
| (a)Includes an $800,000 pretax non-recurring charge for a terminated acquisition effort. | |||
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