WPS: good news and bad
Staff -- Home Textiles Today, 1/27/2003
WEST POINT, GA — WestPoint Stevens Inc. said late Friday that its stock will be delisted from the New York Stock Exchange on Jan. 30 — then said sales and operating profits for the fourth quarter of 2002 came in higher than expected.
With its stock trading at less than $1.00 per share, WestPoint was threatened with delisting six months ago, After Jan. 30, its shares will trade on the OTC Bulletin Board.
In good news, the mill said fourth-quarter sales grew by roughly eight percent, rebounding from a third-quarter shortfall caused by Kmart store closings. Operating profits are now expected at $55 to $57 million, up from an earlier forecast of $50 to $55 million.
