Collins & Aikman Corporation has reported a loss of US67 cents per share in the third quarter of 2004, which included after-tax charges for restructuring and long-lived asset impairments and loss on early extinguishment of debt of $25.1 million (or 30 cents per share).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


In the comparable 2003 quarter, the company made a loss of 38 cents per share, which included after-tax charges for restructuring and long-lived asset impairments of $16.0 million (or 19 cents per share).


Third quarter 2004 net sales were $864.8 million.


C&A chairman and CEO David Stockman said in a statement: “For the fifth consecutive quarter our EBITDA performance, excluding restructuring and impairment charges, was up from the prior year on a comparable basis.


“This was achieved despite the headwinds from increased commodity costs and OEM production cuts. The savings from the restructuring programme that began in the third quarter of 2003 has generated significant fixed cost reductions.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The third quarter 2004 pre-tax restructuring charge of $9.0 million included costs associated with additional actions to reduce overheads, further reduce salaried staff and streamline the senior management team world-wide.


This restructuring is expected to further reduce the company’s costs by approximately $20 million when fully implemented.


For the nine months ended September 30, 2004, the company reported sales of $2,968 million compared to $2,971 million for the comparable period of 2003 and a net loss of $108.6 million or $1.30 per share, which included $61.7 million (or 74 cents per share) of after-tax charges for restructuring and long-lived asset impairments and loss on early extinguishment of debt.


For the comparable 2003 period, the net loss was $47.6 million or 57 cents per share, which included after-tax charges for restructuring and long-lived asset impairments of $33.1 million (or 40 cents per share).


During the third quarter of 2004, the company completed the refinancing of its senior subordinated debt and senior credit facilities.


Primarily due to lower third and fourth quarter Big Three NAFTA production, C&A now expects full year 2004 sales to be approximately $3,875 million, reflecting a $25 million decline from plan in the third quarter and an approximate $100 million reduction in fourth quarter revenue.


Earnings per share before restructuring and impairment charges and loss on early extinguishment of debt is now projected at a loss of $0.60 to $0.65 per share. Full year 2004 capital spending levels are now projected at approximately $155 million.