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BULLETIN: Collins & Aikman Corp. Lowers Earnings Guidance; Ratings Unchanged Nov 04
Standard & Poors, November 2004
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.
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Collins & Aikman Corp.