Foamex expects third quarter net loss
LINWOOD, Pa. -- Foamex International Inc. recently
announced that the company expects to report a net loss for the third quarter ended
September 29, 2002, primarily as a result of previously disclosed price increases from its raw material suppliers,
combined with higher than expected SG&A expenses related to one-time fees.
The company expects to report EBITDA in the range of $7 to $9 million for the same period, excluding any restructuring charges or credits.
In light of these results, Foamex has obtained a waiver from its bank lenders of its financial covenants for the period ended September 29, 2002. This waiver will be effective until November 30, 2002.
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