Fall River, Mass.-based Quaker Fabric Corp., reported net sales of $84.4 million, net income of $2.4 million, and diluted earnings per share of $0.14 for the first quarter of 2004; compared to net sales of $90.2 million, net income of $2.3 million, and diluted earnings per share of $0.14 for the corresponding period of fiscal 2003.
“While overall domestic demand for furniture covered with plain and Jacquard upholstery fabrics appears to be somewhat weaker than it is for case goods and residential furniture covered with leather and suede products, Quaker’s first quarter financial performance was solid. Our net income was up slightly from last year, despite lower overall sales,” said Larry Liebenow, Quaker’s president and CEO in a release distributed by Business Wire. He added that while fabric sales were down more than 11 percent from last year, the company’s yarn business had doubled.
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Quaker Fabric Corporation is a leading manufacturer of woven upholstery fabrics for furniture markets in the United States and abroad, and the largest producer of Jacquard upholstery fabric in the world.
