Foamex sales, earnings decline in third quarter
Sales off 7.1%; charges eat into profits
By Furniture Today Staff -- Furniture Today, November 13, 2007
LINWOOD, Pa. — Foamex International, a supplier of polyurethane foam for furniture and bedding, eked out a $137,000 profit in the third quarter as sales fell 7.1%.
In addition to the sales decline, the company’s profits were hurt by a variety of one-time charges of $7.8 million.
Sales for the quarter ended Sept. 30 totaled $290.8 million, compared with $313.6 million in last year’s third quarter.
The most recent quarter’s net income, which equals 1 cent per share, compares with net income of $7.4 million or 77 cents per share in the same period last year.
Foamex said sales in its foam products division were off 22% in the quarter, while carpet cushion sales tumbled 51%. Sales of automotive product, however, were up 33%.
For the first nine months of 2007, sales were down 8.6% to $905.5 million. The company recorded a nine-month net loss of $9.3 million or 44 cents per share. In the first nine months of 2006, the company had net income of $11.2 million or $1.17 per share.
In heavier-than-normal trading Monday, Foamex’s stock tumbled 44% to close at $4.19, a new 52-week low.
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