Foamex Reports Lower 2Q Sales, Higher Net Income

August 12, 2007  by in UnCategorized   

By Home Furnishings Business in Bedding on August 2007 Foamex, Linwood, Pa., a producer of foam for bedding, furniture, carpet cushion and automotive products, reported Friday that net sales in its second quarter declined 7 percent to $320.8 million, but its net income of $7.6 million increased dramatically from a $13.2 million net loss a year ago.

“Despite the soft market demand, Foamex was able to reduce net debt by $11 million,” said CEO John Johnson. “We anticipate continued debt paydown going forward. In addition, we continue to focus on reducing costs while increasing operating efficiencies throughout the company.”

The company recently reported plans to combine two factories to produce $5 million in annual savings. It also said it would sell its majority interest in Foamex Asia to a joint venture partner.