15555 Thu, 11/06/2008 - 1:11pm
NEW YORK–WestPoint Home posted a third-quarter operating loss of $10.5 million, less than one-third of its operating loss from the third quarter of last year.
According to a filing with the U.S. Securities and Exchange Commission by Icahn Enterprises, WestPoint’s parent company, the company’s operating loss for the 2007 third quarter was $35 million. WestPoint has continued to cut the cost of goods sold through the restructuring of its operations, which includes boosting production in facilities located abroad, sourcing more goods from overseas manufacturers, and the continued consolidation of its U.S. warehousing and distribution operations in its facilities in Wagram, N.C. Thanks to these efforts, WestPoint reported total expenses of $126.8 million in the third quarter, compared with $220.5 million last year.
Third-quarter revenues fell 37.3 percent to $116.3 million. In the SEC filing, Icahn Enterprises said WestPoint anticipates that it will incur further costs and charges in its restructuring efforts through the rest of this fiscal year.