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Cone confirms 3Q earnings forecast

Fabric producer Cone Mills Corp., in the midst of a turnaround and earnings comeback following a sweeping restructuring, said that despite a soft economy it's sticking with its forecast for a profit of $0.08 to $0.10 a share for the third fiscal quarter.

Cone said it's also reaffirming its earlier forecast for a profit of $0.20 to $0.25 per share for all of 2002. Additionally, Cone said it's standing by its earlier forecast for $50 million of EBITDA (earnings before interest, taxes, depreciation and amortization). Including its share of a Mexican joint venture, Cone reaffirmed its forecast for $56 million to $59 million in EBITDA.

The textiles producer is trying to distance itself from companies with highly publicized problems of other companies and said it was issuing the earnings guidance "in view of the recent uncertainty in capital markets and the large number of negative pre-announcements."