Standard & Poor's has lowered its corporate credit rating for The Dixie Group Inc. to single-'B' from single-'B'-plus. At the same time, the subordinated debt rating was lowered to triple-'C'-plus from single-'B'-minus.
Resilient sheet and tile manufacturer Congoleum Corp. reported declining sales and a widening net loss for the first quarter ended March 31, 2001 and announced that it had fired 150 employees to save the company $1 million per month.
Polyurethane and advanced polymer foam product manufacturer Foamex International Inc. reported 2001 first quarter net sales of $301.9 million, a decrease of 8.3% over the $329.1 million reported in the prior year period.
Armstrong Holdings Inc. reported that first quarter 2001 net sales of $716.5 million from continuing operations were 2.6% lower than in the first quarter of 2000.
The Dixie Group Inc. reported a net loss of $2.7 million, or 24 cents per diluted share, for the first quarter ended March 31, compared with a net loss of $1.2 million, or 10 cents per diluted share, for the first quarter of 2000.
U.S. construction spending rose in March for the fifth consecutive month, led by increases in non-residential building activity, according to a report released by the Commerce Department.
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