Foamex Income Down From 2007

Linwood, PA, Aug. 8, 2008--Foamex International Inc. reported net income of $15.4 million, or $0.18 per diluted share for the second quarter, down from  $7.1 million, or $0.30 per diluted share, a year ago.

Net sales for the second quarter were $241 million, down from $308 million in the second quarter of 2007.

“We continue to take measures to offset the impact of the current economic environment, which is marked by higher raw material costs and more cautious spending by consumers," said CEO Jack Johnson.

"As a result of our cost reduction efforts, we began to see positive bottom line results at the end of the second quarter. We expect that the full impact of these efforts will be realized over the balance of 2008 and 2009. We are pleased with new business we have secured as a result of our VPF technology and will continue to exploit our technological advantage. We remain confident in our ability to manage the business through these challenging times.”

Gross profit was $20.6 million, or 9%, compared to $37.4 million, or 12%, in the second quarter of 2007.