Fall River-based Quaker Fabric Corp., a manufacturer of woven upholstery fabrics for furniture markets in the U.S. and abroad, reported Wednesday net sales of $59.2 million, a net loss of $3.1 million, and diluted and basic losses per share of 18 cents for the three-month period ended April 2, 2005; compared to net sales of $84.4 million, net income of $2.4 million, and diluted and basic earnings per share of 14 cents and 15 cents, respectively, for the corresponding period of fiscal 2004.
“Weakness at the revenue line continues to be our biggest issue, with net sales for the quarter down 29.8 percent. Domestic and international fabric sales of $46.3 million and $7.2 million, respectively, were off 33.2 percent and 21.1 percent, respectively, versus last year – largely because of the continued strength of imported leather and faux suede products in the U.S. market, which has reduced demand for the woven fabrics we make, and general economic weakness in a number of the export markets we serve, particularly Europe and Mexico. Yarn sales, primarily into the craft yarn segment, remained very strong, however, with first-quarter sales of $5.7 million,” said Larry Liebenow, Quaker’s president and CEO, in a release.
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“We have been working diligently to reduce our costs, and our monthly financial performance so far this year reflects sequential improvement, however, most of the benefits associated with our cost-cutting efforts are not yet evident in our financials,” he added.
For the year ended Jan. 1, 2005, the company had net sales of $289.1 million, a net loss of $2.0 million, and diluted and basic losses per share of 12 cents.
