USA: Delta Woodside Suffers Heavy Losses

Delta Woodside Industries, Inc. (NYSE: news) reported net sales of $37.0m for the quarter ended September 29, 2001 compared to net sales of $63.2m for the quarter ended September 30, 2000. Excluding impairment and restructuring charges of $8.7m associated with closing the Furman Plant, as announced August 22, 2001, the Company's operating loss would have been $1.5m and the Company's net loss would have been $2.5m or $0.11 per common share. Including impairment and restructuring charges, the Company reported an operating loss of $10.2m and a net loss of $8.2m or $0.35 per common share. This compares to $6.3m operating profit and net income of $2.9m or $.12 per common share for the quarter ended September 30, 2000. The Company's net income for September 30, 2000 included an after tax extraordinary gain of $639,000 or $0.02 per common share.