BULLETIN: Collins & Aikman Corp. Lowers Earnings Guidance; Ratings Unchanged Nov 04
Standard & Poors, November 2004
Abstract
NEW YORK (Standard & Poor's) Nov. 9, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Collins & Aikman Corp. (B+/Negative/--) will not be affected by the company's announcement of a higher third-quarter loss than in the year-earlier period, a reduction of its full-year 2004 earnings guidance, and continued negative cash flow. The $55.6 million third-quarter loss was partially due to $25 million of charges related to asset impairments, early extinguishment of debt, and restructuring actions. The company expects the restructuring actions to result in $20 million of annual cost savings, and no future restructuring charges are anticipated. Despite the loss, the company's EBITDA, adjusted for special charges, increased by a modest 3%. Collins & Aikman...
Companies mentioned in this report are: Collins & Aikman Corp.
Action: Bulletin
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.
Collins & Aikman Corp.
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