TROY, Mich. (Aug. 6)—Collins & Aikman Corp. posted a net loss of $20.3 million for the second quarter ended June 30 on sales of $1.09 billion, vs. net income of $9.2 million on sales of $457.6 million during the same period of last year, prior to its acquisition of the Trim Division of Textron Automotive Inc. The interior automotive parts maker has a non-cash charge to its shareholders' equity of $36.3 million because of the accounting impact of its previously announced repurchase of 133 million shares of Series "A" preferred stock and the benefit of $9.5 million from discontinued operation proceeds. The company's credit statistics and balance sheet continue to improve as it focuses on its planned restructuring and evaluating potential acquisitions, said newly appointed CEO Jerry Mosingo.
Collins & Aikman posts second-quarter loss
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].