Foamex restates 2003 earnings
By Furniture Today Staff -- Furniture Today, January 25, 2004
LINWOOD, Pa. — Foam supplier Foamex International has restated earnings for the first three quarters of 2003, increasing the net loss for the nine months ended Sept. 28 to $18 million from $16.5 million.
The company said the move relates to an error in the calculation of the value of some raw materials inventory, and to the reclassification of some revolving credit from long-term to current.
"This recently discovered inventory adjustment relates to a February 2003 systems conversion to enterprise-wide software," said Douglas Ralph, chief financial officer. "The restatements do not meaningfully impact the trend of our 2003 results, or affect compliance with financial covenants."
The loan reclassification, to comply with an accounting rule, relates to $83.4 million in revolving credit. There has been no change in the maturity of the facility, which remains April 30, 2007.
In 2003's first nine months, the adjusted loss per share is 74 cents. Adjusted results were a loss of $10.4 million or 43 cents per share in the first quarter, and net income of $3.4 million or 13 cents per share in the second. Third-quarter results were essentially unchanged.
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