Fall River-based Quaker Fabric Corp., a manufacturer of woven upholstery fabrics for furniture in the United States and abroad, reported decreased third-quarter net sales, from $80.8 million in 2003 to $63.6 million this year.
Quaker reported a net loss of $2.1 million in this third quarter and diluted and basic losses of 13 cents per share for the quarter, compared to a net income of $2.2 million, and the same earnings per share for the corresponding period of fiscal 2003.
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For the year-to-date, net sales were $221.1 million, a net loss of $200,000, and diluted and basic losses per share of 1 cent; compared to net sales of $244.9 million, net income of $4.7 million, and diluted and basic earnings at 28 cents per share for the same time in 2003, the company said.
“This was a difficult and disappointing quarter for us,” said Larry Liebenow, Quaker’s president and CEO. “Total revenues for the quarter of $63.6 million were off 21.3 percent compared to last year, significantly lower than we would have expected to see.”
