Quaker goes from black to red
April 21, 2005,
FALL RIVER, Mass. -- Hammered by falling sales and weakening demand for its woven fabrics, which put margins under pressure, Quaker Fabrics Corp. recorded a first quarter loss of $3.1 million, reversing a year-before profit of $2.4 million.
In a drive to contain losses, Quaker slashed its operating costs 13.4 percent, to $12.1 million from $14 million, generating a cash savings of $1.9 million. But when measured as a percentage of falling sales, costs climbed 390 basis points, or 3.9 percentage points, to 20.5 percent from 16.6 percent a year ago.
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