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Foamex restates earnings

By Patrick Raleigh UT On-line/news editor

Linwood, Pennsylvania-Foamex International Inc. is to restate its earnings for the first three quarters of last year. The firm linked the restatement to a calculation error, which, it said, had overstated inventories by $2.4 million.

The restatement increases Foamex’s net loss for the three quarters to 28 Sept, 2003, to $18.0 million, from the previously reported $16.5 million, according to a 22 Jan Foamex statement.

The Linwood-based foamer also misclassified $83.4 million of revolving credit borrowings at 28 Sept as long-term debt, its statement added. However, the reclassification of this loan amount to current debt does not affect its credit position, Foamex said. “

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