Formica reports third quarter results, extends waiver
WARREN, N.J. -- Formica Corp. announced its results for the third quarter that ended Sept. 30 and its extension of an existing waiver from its bank syndicate related to certain financial covenants under its $345 million credit facility.
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.