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BULLETIN: Collins & Aikman Corp. Reports Fiscal 2001 Loss Feb 02
Standard & Poors, Feb 2002
Abstract
Standard & Poor's said today that Collins & Aikman Corp.'s (BB-/Stable/--) announcement that it lost $46 million during fiscal 2001 has no effect on the company's credit rating or outlook at this time. The company's reported loss incorporates various special items including restructuring, integration, and financing charges. Excluding these and other items, the company lost $26 million for the year. Although Collins & Aikman's earnings and EBITDA (pro forma for recent acquisitions and special charges) were below previously expected levels due to several operational issues and weak automotive production, Standard & Poor's expects the company's strong new business backlog and benefits from cost reduction actions would result in improved operating performance during 2002....
Companies mentioned in this report are: Collins & Aikman Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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