CHICAGO -- Collins & Aikman Corp. on Thursday reported a wider quarterly loss, saying certain underperforming operations hurt results.
"We have a dozen plants that are generating operating losses from operations and are dragging down our overall financial performance," Jerry Mosingo, the company's CEO, said in a statement.
Those facilities account for about 11 percent of the company's worldwide sales.
Collins & Aikman also said significant development spending increases contributed to its profit decline.
Collins & Aikman, a maker of instrument panels, plastic trim, fabrics, carpeting and convertible tops, reported a first-quarter net loss from continuing operations of $28.7 million, or 34 cents a share, compared with a loss of $18.4 million, or 27 cents a share, a year ago.
Sales rose to $1.04 billion from $914.8 million.
The company predicted it would post a loss of 60 cents to 70 cents a share for 2003.
It forecast full-year net sales of $3.9 billion to $4.0 billion for the full year, with operating income in the $135 million to $145 million range.