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.
-
Foamex's 3Q sales decrease 7.1%
Jan 27, 2008
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Exclusive Research: 2012 Retail Planning Guide
Furniture, mattress sales boost Conn's sales 37.6% in recent quarter
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more

























