Collins & Aikman's Reports Record 4th Quarter Sales.(Brief Article)

Collins & Aikman reported a fourth-quarter net loss of $3.1 million, or 4 cents a share, compared with a net loss of $35.6 million, or 72 cents, a year ago. Excluding restructuring and asset impairment charges, the company posted a profit of $9.9 million, or 12 cents a share, compared with a loss of $23.7 million, or 48 cents. Charges of $14.1 million in the quarter were primarily for consolidating its European operations, the company said.

The company reported record fourth-quarter sales of $963.2 million, up 100 percent from $482.1 million the year before, attributable primarily to the December 2001 TAC-Trim acquisition. On a comparable basis, sales for the quarter were up approximately $135 million or 16 percent due to additional content and increased volumes when compared with its 2001 pro forma sales for the quarter (after giving effect to acquisitions completed in 2001) of $828.0 million, far exceeding the North American auto build rate, which rose just 2 percent in the quarter.

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