Formica reports third quarter results, extends waiver
Net sales for the quarter decreased $17.4 million, or 8.5%, to $188.4 million compared to $205.8 million for the same prior year period. This decrease is primarily due to lower volume, which was exacerbated late in the quarter by a drop-off in shipments related to the post-Sept. 11th slowdown and a $6.7 million unfavorable foreign exchange impact on sales.
For the nine months, net sales were $576.9 million, an increase of $3.7 million compared to same period in 2002. This increase was primarily due to the inclusion of PSM sales in 2001, partially offset by lower laminate volume and a $26.6 million unfavorable foreign exchange impact on sales.
On Nov. 9, Formica received a waiver extension, which expires on Feb. 9, 2002. This extension was requested due to further global economic uncertainty caused by the events of Sept. 11.
The company will hold a conference call on Nov. 26 at 11 a.m. EST.