USA: Thomaston Mills, Inc Reports Fiscal Year 2000 Results
For its fiscal year ended July 1, 2000, Thomaston Mills (Nasdaq: TMSTA) reported sales from continuing operations of $167,133,000, down slightly from sales of $168,353,000 for the previous year. Consumer products sales increased $5,042,000 for the year and apparel fabric sales were down $6,282,000. The Company reported a net loss of $14,642,000 or $2.24 per basic and diluted share for fiscal year 2000 which includes a loss of $3,971,000 relating to the denim and industrial yarn operations which were discontinued in 1999. This compares to a net loss of $41,770,000 or $6.39 per basic and diluted share for fiscal year 1999 which includes a loss of $24,469,000 relating to the denim and industrial yarn operations.In the fourth quarter of fiscal 1999, the company began a comprehensive restructuring of its operations and businesses with a view towards enhancing and focusing on the company's operations which present the best future profitability and growth potential. As a result of completing the assessment, the company decided to discontinue its denim and industrial yarn operations, which had been unprofitable in recent years. The company will focus on the manufacturing and marketing of home furnishings as well as dyeing and finishing fabrics for casual and career apparel. The company completed a personnel and operational realignment of these businesses to improve future profit margins. As a result, gross profit increased from continuing operations to $13,620,000 for fiscal year 2000 as compared to $2,093,000 for fiscal year 1999. Neil H. Hightower, president and CEO, said "There is still much work to be done, but we are moving in the right direction."
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