Cone Mills has 1st profit since '94
By Susan M. Andrews -- Furniture Today, February 16, 2003
Greensboro, N.C. — Cone Mills made money in 2002, its first profitable year since 1994. Net income of $7.2 million reversed a $40.6 million loss in 2001.
In its decorative fabrics businesses, Carlisle commission finishing had a marginal profit as a result of a continued focus on operating efficiencies. The Cone Jacquards decorative fabrics segment had an operating loss of $1.7 million, reflecting poor market conditions, costs to realign the product line and changes in management.
Total sales of $445.6 million for the year were down 1% from 2001. Carlisle and Cone Jacquards had steeper declines, with the commission finishing segment down 23.1% to $52.5 million and jacquards down 23.2% to $32.1 million.
In the fourth quarter, Cone had net income of $2 million, compared with a $3.5 million loss from continuing operations in the same period of 2001. Sales were up 15.5% to $102.3 million, mainly because of strong denim sales.
Outside commission finishing segment sales in the quarter were down 26.3% from a year earlier to $9.5 million, and Cone Jacquards volume was down 33.7% to $6.6 million.
John Bakane, chief executive officer, said a new team is in place at Cone Jacquards and the division is expected to turn a profit by mid-year.
He said Cone was pleased with the company's 2002 results, but hasn't completed the implementation of a turnaround strategy that requires it to obtain capital to fund continued expansions.
| Cone Mills | |||
|---|---|---|---|
| Owns Carlisle Finishing and Cone Jacquards | |||
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Quarter ended 12/29 | 2002 | 2001 | Change |
| (a) After preferred dividends. (b) After preferred dividends; includes income tax benefits of $3.2 million in the 2001 quarter and $12.1 million in the 2001 year and net losses from discontinued operations of $1.1 million in the 2001 quarter and $13.3 million in the 2001 year. The 2001 year also includes a $19.9 million pretax restructuring and asset impairment charge. | |||
| Sales | $102,255,000 | $88,562,000 | 15.5% |
| Operating income | 7,783,000 | 2,376,000 | 227.6% |
| Net income | (a)2,012,000 | (b)(3,505,000) | — |
| Earnings per share | 0.08 | (0.14) | — |
| Year ended 12/29 | 2002 | 2001 | Change |
| Sales | $445,600,000 | $449,908,000 | (1.0%) |
| Operating income | 30,703,000 | 4,674,000 | 556.9% |
| Net income | (a)7,241,000 | (b)(40,596,000) | — |
| Earnings per share | 0.28 | (1.59) | — |
-
Financial results
Apr 20, 2008 -
Pier 1 posts $73.1M loss
Oct 1, 2006 -
La-Z-Boy posts $4.2M loss in 4Q
Jun 22, 2008 -
Cone Mills reports 2Q net loss of $4.6M
Aug 10, 2003 -
Financial results
Aug 13, 2006
Specialty retailer LoveSac introduces new store design
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Omnia Furniture ends relationship with Kathy Ireland Worldwide
Singapore furniture show expecting increased turnout
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
VIEW ALL GALLERIES
