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BFGoodrich Co., Richfield, Ohio, reported that its first quarter net income of $65.8 million, or $0.88 per diluted share, excluding special items, increased 21 percent compared with $54.2 million, or $0.72 per diluted share in the first quarter of 1998.Results in the first quarter of 1999 exclude an after-tax charge of $16.5 million, or $0.22 per diluted share, related to restructuring costs, primarily involving the Performance Materials Segment.Results from the first quarter of 1998 excluded a $1.6 million after-tax charge ($0.02 per diluted share) related to discontinued operations. Including these special items, net income as reported in the 1999 first quarter was $49.3 million, or $0.66 per diluted share. This is compared with $52.6 million, or $0.70 per diluted share in 1998. Sales for the first quarter of 1999 were $1,035.6 million, compared with $937.7 million in the first quarter 1998.Ciba Specialty Chemicals Inc., Switzerland, posted sales of CHF 2.104 billion for the first three months of 1999, an increase of 6 percent in Swiss francs and 10 percent in local currencies over the first quarter of 1998.A substantial contribution was made by the former Allied Colloids, which was included in the first quarter sales for the first time since being consolidated in April 1998.Excluding that business, sales totalled CHF 1.827 billion, which represents a decrease of 8 percent in Swiss francs and 5 percent in local currencies.Additives recorded first-quarter sales of CHF 803 million, of which CHF 244 million was attributable to Water Treatments (part of the former Allied Colloids).The Colors division posted sales of CHF 560 million, which marks a 9-percent decrease in Swiss francs and a 6-percent decrease in local currencies. Pillowtex Corp., Dallas, announced that the board of directors authorized the repurchase of up to one million of its outstanding shares of common stock in the open market or in privately negotiated transactions.The one million shares would represent approximately 7 percent of the companys 14,184,447 million outstanding shares of common stock.The company expects that the repurchase will be made using available cash or funds borrowed under its senior credit facility.Pillowtex also announced it expects to be short of street earnings for the first half of 1999. According to the company, earnings will be approximately $0.40 per share on a diluted basis for the first quarter, and improve to approximately $0.50 per diluted share in the second.The shortfall is primarily attributable to inefficiencies incurred during the installation of new computer systems in several plants, certain manufacturing cost overruns experienced during the production ramp up of several new product introductions and certain consolidation costs incurred in the shut down of the Lesher spinning and weaving operations in Opelika, Ala.Ridgeview Inc., Newton, N.C., announced a net loss for the fourth quarter of 1998 of $3.1 million, or $1.04 per share.The loss was the result of lower than expected revenues during the quarter, a charge of approximately $1.6 million resulting from the impairment of long-lived assets at Ridgeviews sock manufacturing operation in Seneca Falls, N.Y., and a one-time write-off at year end of approximately $350,000 of accumulated customer chargebacks in excess of normal reserves.Rieter Group, Switzerland, succeeded in maintaining sales and net profit for 1998 at much the same levels as in the previous year. At CHF 2,643 million, sales by the Rieter Group were slightly higher than in 1997. The operating result before interest and taxes declined by 10.3 percent to CHF 165.7 million, equivalent to 6.5 percent of corporate output. Net profit amounted to CHF 129.4 million, equivalent to 5.1 percent of corporate output, thus almost equalling the previous years figures.Cash flow was 7.9-percent lower at CHF 233.2 million, equivalent to 9.2 percent of corporate output.Springs Industries Inc., Fort Mill, S.C., recently reported first-quarter sales at a record level and earnings significantly higher than in the same period last year.Springs sales for the first quarter were $584 million, up approximately 5 percent from the first quarter of 1998. Net income for the three-month period was $15.2 million, or $0.84 per diluted share, compared to last years net loss of $3.1 million, or $0.16 per diluted share. First-quarter income before unusual items was $15.5 million, or $0.86 per diluted share. The comparable income figures for the first quarter of 1998 were $13.2 million, or $0.66 per diluted share.WestPoint Stevens Inc., West Point, Ga., reported results for the first quarter ended March 31, 1999.Net sales for the first quarter of 1999 increased $42.8 million, or 10.7 percent, to $441.5 million, compared with $398.7 million for the first quarter of 1998. Net income for the first quarter of 1999 increased to $15.6 million, or $0.27 per share diluted (a 42-percent earnings per share increase), compared with net income of $11.7 million, or $0.19 per share diluted for the first quarter of 1998. Operating earnings for the first quarter of 1999 increased 10.9 percent to $49.3 million, compared with $44.4 million in 1998.

May 1999




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