Collins & Aikman net loss widens in 2002 on restructuring charges

TROY, Mich. (Feb. 20)—Collins & Aikman Corp. reported a net loss of $53.5 million for 2002 as it took restructuring and impairment charges of $56.9 million. The flooring, cockpit module and acoustic systems supplier more than doubled its sales during the year to $3.9 billion as a result of acquisitions completed during 2001 and increased vehicle sales levels. Operating income rose 370 percent to $167.7 million on higher margins because of manufacturing efficiencies, new program launches and additional volume, the company said. For the fourth quarter, Collins & Aikman reported a net loss of $3.1 million vs. a loss of $35.6 million during the same period of 2001. Net sales during the fourth quarter nearly doubled year over year to $963.2 million, primarily because of the December 2001 acquisition of Textron Automotive Co. Inc.'s trim division.