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BULLETIN: Collins & Aikman Corp. Reports Second-Quarter 2002 Earnings Aug 02
Standard & Poors, Aug 2002
Abstract
Standard & Poor's said today that Collins & Aikman Corp.'s (BB-/Stable/--) announcement that second quarter earnings were $16 million, and $6.5 million or 9 cents per diluted share, excluding one time adjustments, has no effect on the company's credit rating or outlook. Although earnings performance was well below analysts' expected 26 cents per share, the company remains focused on improving its financial profile. Planned synergies and cost reductions, and a book of new business should result in improved earnings and cash flow generation and reduced debt usage. Over time, Standard & Poor's expects EBITDA interest coverage to average 2.5 times (x), and total debt to EBITDA to average between 4.0x and 4.5x, satisfactory levels for the ratings....
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.
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