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Thomas Russell

Quaker triples profit in 4Q

FALL RIVER, MA -With sales and margins both climbing sharply higher and costs and interest expense both coming down, fourth-quarter profits at Quaker Fabric Corp. more than tripled, rising by 248.4 percent, to $2.9 million from $838,000 a year ago.

Driving the strong recovery, sales climbed higher at a double-digit pace, improving by 13.6 percent, to $78.5 million from $69.1 million.

Driven by fatter margins and lower costs, operating profits more than doubled, rising 113.8 percent, to $5.6 million from $2.6 million last year. Average gross margin widened by 320 basis points, to 22.8 percent from 19.6 percent. Gross profit increased by almost one-third, climbing by 31.9 percent, to $17.9 million from $13.6 million. Leveraging the stronger sales, costs were whittled down by 20 basis points, to 15.7 percent of sales from 15.9 percent.

Quaker Fabric Corp.


Qtr. 12/30 (x000) 2000 1999 %CHG

Sales

$78,471

$69,067

13.6

Oper. Income (EBIT)

5,609

2,623

113.8

Net income

2,920

838

248.4

Per share (diluted)

0.18

0.05

260.0

Average gross margin

22.8%

19.6%

-

SG & A expenses

15.7%

15.9%

-

12 months

2000

1999

%CHG

Sales

$302,985

$251,364

20.5

Oper. income (EBIT)

21,676

8,270

162.1

Net income

10,945

2,073

428.0

Per share (diluted)

0.68

0.13

423.1

Average gross margin

22.5%

19.4%

-

SG & A expenses

15.3%

16.1%

-


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