Formica announces second quarter results, waiver from bank syndicate
Net sales for the quarter decreased $26.7 million, or 12.1 percent, to $194.4 million compared with $221.1 million for the same period in 2000. For the six months net sales increased $21.1 million to $388.5 million from $367.4 million.
The company also announced that it had received a waiver from its bank syndicate related to certain financial covenants under its $345 million credit facility. This waiver is effective through November 9, 2001.
The Company will incur a waiver fee and additional interest during the waiver period and be under additional limitations including its ability to incur debt.