Quaker President pleased by performance of import programs

19 Apr '07

2 min read

Quaker Fabric Corporation reported net sales of $32.6 million, an operating loss of ($3.8 million), a loss before taxes of ($5.0 million), a net loss of ($5.1 million), and diluted and basic losses per share of ($0.30) for the three-month period ended March 31, 2007; compared to net sales of $46.3 million, an operating loss of ($5.2 million), a loss before taxes of ($6.4 million), a net loss of ($4.1 million), and diluted and basic losses per share of ($0.25) for the corresponding period of fiscal 2006.

Quaker's financial results for the first quarter of fiscal year 2007 include after-tax restructuring charges of $0.3 million. Excluding these charges, net loss for the first fiscal quarter of 2007 was ($4.8 million) or ($0.29) per diluted share.

"While we are making progress with our efforts to restructure the company, we clearly still have a lot of work to do - with primary emphasis on our ongoing efforts to manage the company back to profitability by increasing our overall sales, striking the right balance between domestic production and global sourcing, achieving costs consistent with our sales, and generating adequate cash flows."

"We are encouraged by the stability that can be seen in our sales over the past three quarters - and by the sequential improvement in our margins over that same time period. More specifically, net sales during the second half of last year and the first quarter of this year have been steady - and our first quarter operating loss before restructuring and asset impairment charges decreased significantly versus the fourth quarter of last year."

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