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Quaker Fabric Reports FY 2006 Financial Results

Fall River, Mass.-based upholstery fabric manufacturer Quaker Fabric Corp. reported net sales of $32.2 million for the fourth quarter (Q4) of 2006, for a net loss of $12.9 million, or 77 cents per share; compared with Q4 2005 net sales of $50.1 million, for a net loss of $5.7 million, or 34 cents per share. Excluding after-tax restructuring charges totaling $7.4 million, the company’s Q4 2006 net loss was $5.5 million, or 32 cents per share.

Quaker Fabrics reported fiscal year (FY) 2006 net sales of $151.7 million, for a net loss of $37.6 million, or $2.23 per share; compared with FY 2005 net sales of $224.7 million, for a net loss of $26.3 million, or $1.56 per share. Excluding after-tax restructuring charges totaling 20.3 million, the net loss was $17.4 million, or $1.03 per share.

“The market for upholstery fabric in the United States is continuing to experience unprecedented change, with imports, in a variety of forms, now representing a very large percentage of total consumption,” said Larry A. Liebenow, president and CEO, Quaker Fabrics. “Continued implementation of our restructuring plan is intended to bring our cost structure in line with projected revenues, and we believe that the steps we took last year to reshape and restructure the company represent progress toward returning the company to profitability.”

Liebenow said actions the company has implemented to improve its financial position include introducing new contract, outdoor and jobber products; and partnering with a textile producer in China to source fabrics designed in-house at Quaker Fabrics. Other actions include the sale of idled US facilities, machinery and equipment, reduction of inventory and debt, and establishment of new financing arrangements.

Looking ahead, Liebenow said, “This is a very important transition year for us, with much work behind us; a clear, focused strategy in place for the future; and much work still to be done.”

  February 27, 2007