WestPoint sales sag in June
Home & Textiles Today Staff -- Home Textiles Today, September 11, 2003
West Point, GA — WestPoint Stevens, operating in bankruptcy since early in June, reported a loss for the month ended June 30 of $30.0 million, according to a filing with the federal Securities and Exchange Commission.
On an operating basis, the textiles giant actually recorded a modest operating profit of $3.4 million for the month. But tipping the balance sheet were $39.6 million in restructuring and goodwill impairment charges; $4.7 million in interest expense; Chapter 11 expenses of $6.5 million; and net miscellaneous expenses of $1.2 million.
Acting as a partial offset was an income-tax benefit of $16.8 million stemming from earlier losses.
Average gross margin for the month totaled 14.8 percent, weakening from the prior two months. For the entire second quarter, the company recorded a stronger 15.8 percent margin.
Now reporting results on a monthly basis while in bankruptcy, the major mill is expected to report July results later this month.
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