Quaker posts loss; sales dip 1%
By Furniture Today Staff -- Furniture Today, July 25, 2004
Fall River, Mass. — Supplier Quaker Fabric recorded sales of $73.1 million in its second quarter ended July 3, off 1% from sales of $73.9 million in the comparable 2003 quarter.
The company posted a net loss of $482,000 in the quarter, compared with net profits of $165,000 a year ago. Both periods included income tax benefits.
Figures for the latest quarter reflected 13 weeks of operations and fixed costs, compared with 12 weeks last year, due to the difference in timing of the company's annual plant vacation.
President and CEO Larry Liebenow said, "The overall weakness in the domestic demand for upholstered furniture that negatively affected our first-quarter financial results continued to affect our financial performance during the second quarter. In addition, consumer demand for leather and suede furniture coverings remained strong, competing with the jacquard and plain woven fabrics Quaker produces."
Sales for the first six months dipped 4% to $157.5 million from $164.1 million a year ago. Net income of $2 million was down 21.1% from last year's $2.5 million.
Liebenow said, "While our domestic fabric sales for the quarter and first half were down 8% and 10%, respectively, compared to last year, our export sales were essentially the same and our yarn sales were up 180% for the quarter and 133% for the six months as a result of our new initiatives in this area."
Quaker also announced a cash dividend of three cents per common share, payable on Aug. 18 to shareholders of record on Aug. 4.
| Quaker Fabric | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Quarter ended 7/3 | 2004 | 2003 | Change |
| (a) Includes income tax benefits of $324,000 in the 2004 quarter and $82,000 in the 2003 quarter. (b) Based on average shares outstanding of 17.1 million in the 2004 quarter, 17 million in the 2003 quarter, 17.2 million in the 2004 six months and 16.9 million in the 2003 six months. | |||
| Sales | $73,132,000 | $73,886,000 | (1.0%) |
| Operating income | 18,000 | 1,187,000 | (98.5%) |
| Net income (a) | (482,000) | 165,000 | — |
| Earnings per share (b) | (0.03) | 0.01 | — |
| 6 months ended 7/3 | 2004 | 2003 | Change |
| Sales | $157,516,000 | $164,111,000 | (4.0%) |
| Operating income | 4,688,000 | 5,903,000 | (20.6%) |
| Net income | 1,956,000 | 2,478,000 | (21.1%) |
| Earnings per share (b) | 0.11 | 0.15 | (26.7%) |
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