Home / Knowledge / News / Textiles / Quaker Fabric reports fiscal 2006 financial results

Quaker Fabric reports fiscal 2006 financial results

27
Feb '07
QUAKER FABRIC CORPORATION reported net sales of $32.2 million, a net loss of ($12.9 million), and diluted and basic losses per share of ($0.77) for the three-month period ended December 30, 2006; compared to net sales of $50.1 million, a net loss of ($5.7 million), and diluted and basic losses per share of ($0.34) for the corresponding period of fiscal 2005.

Quaker's financial results for the fourth quarter of fiscal year 2006 include after-tax restructuring, including asset impairment and related charges of $6.1 million, as well as approximately $1.3 million of after-tax expenses related to the early extinguishment of debt and inventory and deferred financing cost write-offs. Excluding these charges and expenses, net loss for the fourth fiscal quarter of 2006 was ($5.5 million), or ($0.32) per diluted share.

Net sales for the 52-week fiscal year ended December 30, 2006 were $151.7 million, with a net loss of ($37.6 million), and diluted and basic losses per share of ($2.23); compared to net sales of $224.7 million, a net loss of ($26.3 million), and diluted and basic losses per share of ($1.56) for the 52-week fiscal year ended December 31, 2005.

Quaker's 2006 financial results reflect significant one-time charges related to the Company's ongoing restructuring plan, including after-tax asset impairment and associated charges of $18.4 million, as well as approximately $1.9 million of after-tax expenses related to the early extinguishment of debt and inventory and deferred financing cost write-offs. Excluding these charges, net loss for fiscal 2006 was ($17.4 million), or ($1.03) per share.


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