WARREN, N.J.-- Formica Corporation recently announced its results for the quarter that ended June 30. The report includes the results of Perstorp Surface Materials AB ("PSM") for all periods beginning April 1, 2000 and thereafter.

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.