Foamex net sales increase
Net sales for the quarter were $326.4 million, an increase of 5.4% from $309.7 million reported in the prior-year quarter. Gross profit for the quarter was $46.1 million, an increase of 3% over $44.7 million for the third quarter of 2000.
SG&A expenses for the quarter increased to $20.4 million, from $17.4 million in the prior-year quarter. The company recorded additional restructuring expenses of $0.3 million in the third quarter of 2001, compared with a charge of $2.8 million in the third quarter of 2000.
Operating income was $25.5 million. Excluding restructuring charges in both periods, operating income decreased 5.9% from the third quarter in 2000.
Interest and debt issuance expense for the quarter was $15.4 million, a 19.9% decrease from $19.3 million in the third quarter of last year, due to a combination of reduced debt levels and lower interest rates.
Net income grew to $7.4 million or $0.29 per diluted share.
The company is in the process of launching Performance, a new anti-microbial carpet cushion.