Cleaning & Restoration Breaking News

Foamex International Inc. Reports $10.2 Million Improvement

August 20, 2001
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Foamex reports $10 million quarter

LINWOOD, Pa. -- Foamex International Inc. (NASDAQ:FMXI) a leading North American manufacturer of flexible polyurethane and advanced polymer foam products used in furniture and carpet cushion, announced gross profits of $49.5 million, an increase of 3.5 percent over $47.8 million in the second quarter of 2000, for its second quarter, which ended June 30.

Net sales for the quarter were $314.3 million, a decrease of 2.6 percent from $322.7 million reported in the prior-year period. Foamex reported the decrease in net sales reflects an increase in Automotive Products sales, offset by declines in Foam Products, Carpet Cushion and Technical Products.

Operating income was $53.7 million, an hike of 6.5 percent over the $50.4 million reported for the same period in 2000. "We continue to pay down debt, with a reduction of $11.5 million in the second quarter, and a total reduction of $25.7 million for the first half of 2001," said John Televantos, president and CEO. "We are maintaining our focus on cost and expense control to maximize our performance in the current economy.''

Operating income was $28.5 million, a decrease of 2.3 percent from the $29.1 million reported in the second quarter of last year. However, interest and debt issuance expense for the quarter was $16.2 million, a 13.4 percent decrease from $18.8 million in the second quarter of last year, due to a combination of reduced debt levels and lower interest rates.

Net income grew to $10.2 million or 41-cents per diluted share, compared with $8 million, or 32-cents per diluted share, for the second quarter of 2000.

In July, Foamex announced the acquisition of certain assets of General Foam Corporation, a manufacturer of polyurethane foam products for the automotive, industrial and home furnishings markets.

Foamex also manufactures high-performance polymers for filtration and acoustical applications for the home. Revenues for 2000 were $1.3 billion. For more information visit the Foamex web site at www.foamex.com.

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