Business Services Industry
Greensboro, N.C., Fabric Maker Cone Mills Corp. Reports Loss for 2001.
Knight Ridder/Tribune Business News, February, 2002
By Fran Daniel, Winston-Salem Journal, N.C. Knight Ridder/Tribune Business News
Feb. 6--Cone Mills Corp. of Greensboro reported a loss for the fourth quarter and year ended Dec. 30, blaming a restructuring plan and the weak economy, especially in pricing and volumes during the second half of the year.
"We saw a soft economy from our sector all year long," Gary L. Smith, an executive vice president and the chief financial officer for Cone, said yesterday.
The fabric manufacturer had a loss of $2.5 million, or 14 cents a share, for the fourth quarter of 2001, compared with a loss of $28 million, or $1.14 share for the same period in 2000. Sales were $88.6 million, down from $136.1 million for the fourth quarter a year ago.
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