Spinnaker Industries Reports Fourth Quarter Financial Results.

Publication: Business Wire

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COPYRIGHT 2001 Business Wire

Business Editors

TROY, Ohio--(BUSINESS WIRE)--March 30, 2001

Spinnaker Industries, Inc. (AMEX: SKK and SKK.A) today announced a loss from continuing operations for the 2000 fourth quarter of $12.3 million, or $1.67 per share, compared to a loss of $2.4 million, or $0.33 per share, a year earlier. The 2000 quarter includes restructuring charges of $2.4 million and a $2.8 million write-down of an equity investment. For the quarters ended December 31, 2000 and 1999, net sales from continuing operations were $38.1 and $40.6 million, respectively. The net loss for the 2000 fourth quarter was $12.3 million, or $1.67 per share, compared to a net loss of $1.9 million, or $.26 per share, for the corresponding 1999 period.

For the full year ended December 31, 2000, the loss from continuing operations totaled $17.7 million, or $2.40 per share, compared to a loss of $5.2 million, or $0.71 per share, in 1999. Net sales from continuing operations totaled $155.7 million...

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