Fall River-based Quaker Fabric Corp. reported declines in sales, income and earnings for the quarter that ended July 5.
Sales were $73.9 million, compared to $101.9 million last year; its net income was $165,000 compared to last year’s $4.5 million; and the company’s diluted earnings per share for the quarter were 1 cent, compared to 26 cents per share during the same period last year. Basic earnings for the second quarters of 2003 and 2002 were 1 cent and 28 cents, respectively.
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Larry Liebenow, Quaker’s president and CEO, attributed the decline in profits and earnings to weakness in the domestic and international markets as a result of the economy in both sectors. Also, this year’s second quarter represents only 12 weeks instead of 13, because of the company’s annual shutdown for scheduled maintenance, said Liebenow.
The company announced a dividend of $.025 per share payable on August 22. Quaker Fabric sales for the year that ended Jan. 4 reached $365.4 million, net income was $11.6 million, diluted earnings were 69 cents per share and basic earnings were 72 cents a share.
