Foamex's earnings fall, sales rise in 2002

LINWOOD, Pa. (March 31)—Foamex International Inc. is struggling to offset rising raw material costs by raising selling prices for its own products. However, the company expects to meet its recently restructured debt terms, president and CEO Thomas Chorman said in an end-of-year financial statement. Foamex's income from operations fell 34 percent to $41.9 million because of raw materials costs and higher operating, selling, general and administrative costs. The net loss was $9.7 million or 73 percent larger than in 2001. Sales grew 6 percent to $1.33 billion. Foamex's chemical suppliers are implementing additional price increases of about 10 to 12 percent, prompting Foamex to raise prices as well.