WestPoint Home narrowed loss in 2013
March 3, 2014-- Home Textiles Today,
New York - WestPoint Home narrowed its net loss for the year and eked out some positive EBITDA despite a 19% decline in sales, parent company Icahn Enterprises reported this morning.
For the fiscal year ended Dec. 31, 2013, net loss shrank to $16 million compared to a net loss of $27 million in 2012. Adjusted EBITDA was $1 million vs. a loss of $3 million in the previous year. Gross margin as a percentage of net sales was 12% for 2013 as compared to 10% for 2012.
Sales were $187 million, $44 million off the 2012 figure.
WestPoint ended the year with $16 million of unrestricted cash, executives said during the quarterly presentation this morning.
For the fourth quarter, the net loss of $11 million was flat to the year-ago performance. Adjusted EBITDA was break-even compared to a loss of $1 million in 2012. Sales for the quarter fell 22% to $43 million.
The parent company said WestPoint is focusing on core profitable programs and is seeing some traction in developing new brands.
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