Foamex will revise 3Q results
By Furniture Today Staff -- Furniture Today, April 10, 2005
Linwood, Pa. — Key foam supplier Foamex will revise its third-quarter financial statements to correct a recording error in a valuation allowance established for deferred income tax assets. The company said part of the allowance had been booked directly to shareholder deficiency and should have been included in the provision for income taxes.
The change in the quarter ended Sept. 26 will increase the net loss by $16.7 million to about $131 million, but will have no impact on stockholders' deficiency. As of Jan. 2, the shareholder deficit was $358.3 million, compared with a deficit of $203.1 million a year earlier.
The restatement is one of two material weaknesses in internal controls over financial reporting identified by the company. The other is related to how the company accounts for labor and overhead variances to its standard costs.
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