Foamex International announces first quarter 2003 results

Foamex International Inc. announced its 2003 first quarter results. Net sales for the first quarter were $327.8 million, up 4 percent from $314.1 million in the first quarter of 2002. Gross profit was $31.3 million in 2003, down 17 percent from $37.7 million in 2002.

Sequentially, first quarter gross margin of 9.5 percent was higher than the 8.5 percent reported in the fourth quarter of 2002, primarily reflecting the implementation of selling price increases. Net loss for the quarter was $8.1 million, or $0.33 per diluted share, compared with a net loss of $67.5 million, or $2.56 per diluted share in the first quarter of 2002. The 2002 first quarter included a $70.6 million charge for the cumulative effect of accounting changes related to goodwill.