WARREN, N.J. -- Formica Corp. today announced that its net sales for the quarter ending March 31 increased $47.8 million, or 32.7%, to $194.1 million vs. $146.3 million for the same prior year period. The increase is primarily due to the inclusion of PSM sales in 2001, the company said, but partially offset by reduced volumes and the impact of unfavorable foreign exchange translation.

After taking into account restructuring and acquisition related charges in 2001 as well as restructuring and terminated acquisition costs in 2000, adjusted EBITDA was $18.5 million in 2001, compared to $12.6 million in 2000, for an increase of $5.9 million or 46.8%. This increase is primarily due to the inclusion of PSM results in 2001. On an unadjusted basis, EBITDA was $18.0 million in 2001 compared to $6.2 million in 2000.

Formica's results of operations include the results of Perstorp Surface Materials AB (PSM) for all periods beginning April 1, 2000 and thereafter. PSM is a worldwide manufacturer of decorative and industrial laminates, finished foils, printed paper and other surfacing materials.