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Quaker
Fabric Corporation
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Nasdaq:
QFAB
Quaker
Fabric Corporation is a designer, manufacturer and worldwide marketer of
woven upholstery fabrics for residential furniture, and a producer of Jacquard
upholstery fabrics.applications
Quaker
Fabric Corporation est un concepteur, un fabricant et un acheteur mondial
de tissus tissés de tapisserie d'ameublement pour les meubles résidentiels,
et un producteur de la tapisserie d'ameublement fabrics.applications de
jacquard
Quaker
Fabric Reports First Quarter Financial Results
FALL
RIVER, Mass.--(BUSINESS WIRE)--April 18, 2007--QUAKER FABRIC CORPORATION
(NASDAQ Symbol: QFAB) today reported net sales of $32.6 million, an operating
loss of ($3.8 million), a loss before taxes of ($5.0 million), a net loss
of ($5.1 million), and diluted and basic losses per share of ($0.30) for
the three-month period ended March 31, 2007; compared to net sales of $46.3
million, an operating loss of ($5.2 million), a loss before taxes of ($6.4
million), a net loss of ($4.1 million), and diluted and basic losses per
share of ($0.25) for the corresponding period of fiscal 2006. Quaker's
financial results for the first quarter of fiscal year 2007 include after-tax
restructuring charges of $0.3 million. Excluding these charges, net loss
for the first fiscal quarter of 2007 was ($4.8 million) or ($0.29) per
diluted share.
"While
we are making progress with our efforts to restructure the company, we
clearly still have a lot of work to do - with primary emphasis on our ongoing
efforts to manage the company back to profitability by increasing our overall
sales, striking the right balance between domestic production and global
sourcing, achieving costs consistent with our sales, and generating adequate
cash flows. We are encouraged by the stability that can be seen in our
sales over the past three quarters - and by the sequential improvement
in our margins over that same time period. More specifically, net sales
during the second half of last year and the first quarter of this year
have been steady - and our first quarter operating loss before restructuring
and asset impairment charges decreased significantly versus the fourth
quarter of last year. We are pleased by the performance of our import programs
over the past several quarters, by our continued penetration of the contract
furniture market and the upper-end of the residential market and by the
response we have seen to our relatively new line of outdoor fabrics. In
addition, during the first quarter we reduced debt by approximately $1.0
million," commented Larry A. Liebenow, Quaker's President and CEO.
Quaker
Fabric Conference Call Announcement
FALL
RIVER, Mass.--(BUSINESS WIRE)--April 17, 2007--QUAKER FABRIC CORPORATION
(NASDAQ Symbol: QFAB) plans to announce first quarter financial results
after the market closes on Wednesday, April 18, 2007. The company also
plans to discuss its first quarter financial results during a conference
call on Thursday, April 19, 2007 at 9:00 a.m. Eastern. This event will
be available, free of charge, through Quaker's website, located at www.quakerfabric.com.
Listeners should go to the website at least fifteen minutes before the
call to register and to download and install any necessary audio software.
For those unable to listen to the live broadcast, a replay will be available
beginning approximately two hours after the event.
Quaker
Fabric Reports Fiscal 2006 Financial Results
FALL
RIVER, Mass.--(BUSINESS WIRE)--Feb. 26, 2007--QUAKER FABRIC CORPORATION
(NASDAQ Symbol: QFAB) today reported net sales of $32.2 million, a net
loss of ($12.9 million), and diluted and basic losses per share of ($0.77)
for the three-month period ended December 30, 2006; compared to net sales
of $50.1 million, a net loss of ($5.7 million), and diluted and basic losses
per share of ($0.34) for the corresponding period of fiscal 2005. Quaker's
financial results for the fourth quarter of fiscal year 2006 include after-tax
restructuring, including asset impairment and related charges of $6.1 million,
as well as approximately $1.3 million of after-tax expenses related to
the early extinguishment of debt and inventory and deferred financing cost
write-offs. Excluding these charges and expenses, net loss for the fourth
fiscal quarter of 2006 was ($5.5 million), or ($0.32) per diluted share.
Net
sales for the 52-week fiscal year ended December 30, 2006 were $151.7 million,
with a net loss of ($37.6 million), and diluted and basic losses per share
of ($2.23); compared to net sales of $224.7 million, a net loss of ($26.3
million), and diluted and basic losses per share of ($1.56) for the 52-week
fiscal year ended December 31, 2005.
Quaker's
2006 financial results reflect significant one-time charges related to
the Company's ongoing restructuring plan, including after-tax asset impairment
and associated charges of $18.4 million, as well as approximately $1.9
million of after-tax expenses related to the early extinguishment of debt
and inventory and deferred financing cost write-offs. Excluding these charges,
net loss for fiscal 2006 was ($17.4 million), or ($1.03) per share.
"Pre-tax
restructuring and asset impairment charges related to the execution of
our restructuring plan accounted for $26.5 million, or more than half,
of last year's $48.5 million operating loss. These charges are primarily
non-cash and include the write-down to estimated realizable value of assets,
including manufacturing plants and machinery and equipment, that we have
put up for sale as part of our consolidation strategy," commented Larry
A. Liebenow, Quaker's President and CEO.
Quaker
Fabric Conference Call Announcement
FALL
RIVER, Mass.--(BUSINESS WIRE)--Feb. 23, 2007--Quaker Fabric Corporation
(NASDAQ Symbol: QFAB) plans to announce fiscal 2006 financial results after
the market closes on Monday, February 26, 2007. The company also plans
to discuss its 2006 financial results during a conference call on Tuesday,
February 27, 2007 at 9:00 a.m. Eastern. This event will be available, free
of charge, through Quaker's website, located at www.quakerfabric.com. Listeners
should go to the website at least fifteen minutes before the call to register
and to download and install any necessary audio software. For those unable
to listen to the live broadcast, a replay will be available beginning approximately
two hours after the event.
Quaker
Fabric Signs Davol Street Building Deal
FALL
RIVER, Mass.--(BUSINESS WIRE)--Feb. 20, 2007--QUAKER FABRIC CORPORATION
(NASDAQ Symbol: QFAB) today reported that it had entered into an agreement
to sell its corporate headquarters building located at 1082 Davol Street
in Fall River to Rosewood Management Associates, Inc. for $4.7 million.
Quaker also reported that, after the sale, its administrative staff and
certain other operations would continue to occupy approximately 127,000
of the 245,000 square feet of space at this site pursuant to a related
leaseback transaction
Quaker
Fabric Reports Amendment to Bank Deal and Intent to Seek Financing on a
Private Placement Basis
FALL
RIVER, Mass., Jun 06, 2006 (BUSINESS WIRE) -- QUAKER FABRIC CORPORATION
(NASDAQ Symbol: QFAB) today announced an amendment to its five year, senior
secured credit facility.
"We
have reached agreement with our lenders on certain changes to our loan
documents. These changes, including certain changes in the financial covenants
in the documents, are intended to continue to provide the company with
access to the capital resources needed to support its business operations
and ongoing restructuring and repositioning initiatives," commented Larry
A. Liebenow, Quaker's President and CEO.
Quaker
also announced the retention of Alvarez & Marsal Securities, LLC (A&M),
a part of Alvarez & Marsal, LLC, a New York-based global professional
services firm, to advise the company in connection with a proposed refinancing,
the proceeds of which would be used to provide the company with additional
working capital and to repay all or a portion of the company's existing
indebtedness under its senior secured credit facility.
"We
remain grateful for the ongoing support of our workforce, our suppliers
and our customers, as we continue to pursue our business development objectives,"
Mr. Liebenow added.
Quaker
officials noted that the company would be making a Form 8-K filing with
the U.S. Securities and Exchange Commission later this week with respect
to this most recent amendment to its loan documents and its retention of
A&M.
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