Foamex net income nearly doubles
By Furniture Today Staff -- Furniture Today, November 25, 2001
LINWOOD, Pa. — Foamex, the largest supplier of foam cushioning for furniture and bedding, reported third-quarter net income nearly doubled on a 5.4% rise in sales.
The company said the sales increase was largely due to the July acquisition of certain assets of General Foam Corp., but management also noted that new product sales also were strong in the quarter ended Sept. 30.
"Our investment in proprietary technology and our focus on new product development are reaping benefits for Foamex," said John Televantos, president and chief executive officer. "The two new variable pressure foaming lines installed this year expand our industry technology leadership and provide the base for innovative new products."
Televantos said that two new VPF-based furniture and bedding foams, Reflex and Quiltflex, "have gained rapid acceptance" as have the company's visco-elastic foams.
Sales for the quarter totaled $326.4 million, compared with $309.7 million in last year's third quarter. Net income was $7.45 million, or 29 cents per share, compared with $3.8 million, or 15 cents per share, a year earlier.
| Quarter ended 9/30 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $326,411,000 | $309,666,000 | 5.4% |
| Operating income | 25,709,000 | 27,335,000 | (5.9%) |
| Net income(a) | 7,447,000 | 3,785,000 | 96.8% |
| Earnings per share | 0.29 | 0.15 | 93.3% |
| 9 months ended 9/30 | 2001 | 2000 | Change |
| Sales | $942,579,000 | $961,506,000 | (2.0%) |
| Operating income | 79,388,000 | 80,988,000 | (2.0%) |
| Net income(a) | 24,022,000 | 13,554,000 | 77.2% |
| Earnings per share | 0.95 | 0.54 | 75.9% |
| (a) Includes pretax restructuring and other charges of $252,000 in the 2001 quarter, $2.8 million in the 2000 quarter, $204,000 in the 2001 nine months and $6.1 million in the 2000 nine months and income from equity interest in joint venture of $350,000 in the 2001 quarter, $282,000 in the 2000 quarter, $874,000 in the 2001 nine months and $1 million in the 2000 nine months. | |||
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