Foamex reports 21.1% sales decline, larger loss in first quarter
Restructuring, impairment charges dampen earnings
By Furniture Today Staff -- Furniture Today, May 12, 2008
LINWOOD, Pa. – Polyurethane foam supplier Foamex International said first-quarter sales tumbled 21.1% and its net loss was more than double the amount recorded in last year’s first quarter.
The company said sales in all segments of its business were weak during the quarter.
“While the deterioration of the U.S. economy continues to impact our volumes, we remain focused on our efforts to reduce costs, streamline operations, and develop new products, markets and channels in order to position the company for future growth,” said Jack Johnson, president and CEO.
Sales for the quarter ended March 30 totaled $241.5 million, down from $306.2 million in the first quarter of 2007.
The net loss came to $48.6 million or $2.05 per share. In last year’s first quarter, the net loss was $17.6 million or $1.04 per share.
The most recent quarter included one time charges of $39.4 million for restructuring and goodwill impairment. Without those charges, the net loss would have been $9.13 million.
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