For the second quarter of 2001, the company reported net income of $1.3 million, or $0.03 per diluted share, and sales of $287.3 million, compared with second quarter 2000 net income of $7.0 million, or $0.14 per diluted share, and sales of $323.7 million.
Operating income for the second quarter of 2001 was $11.4 million versus $21.4 million in the same period a year ago.
Sales volumes prevented the complete absorption of fixed manufacturing and operating costs and affected second quarter results. Decreased demand across the majority of the company's businesses, including the interior fabrics and broadloom segments, yielded lower revenue levels.
The modular business remained stable, in part because carpet tile continued to gain market share in the commercial floor coverings market.