WestPoint sales sag in June
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.
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.
Related Content By Author
The Countdown to the ICON Honors Continues featuring Christophe Pourny