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Published on Tuesday, 14 April 2015

Crailar announces US$8 million loss

Written by John Mowbray

Source: Wiki

VICTORIA – Crailar, the North American-based flax fibre manufacturer, has announced a net loss of US $8.2 million on sales of US $1.9m for the fourth quarter of 2014. The loss is said to be mainly due to costs associated with the idling of its South Carolina facility. The company, whose CEO Ken Barker resigned late last year, said that the fourth quarter loss was an improvement on the corresponding period in 2013 when it made a net loss of US $3.2 million on sales of US $0.4 million. Crailar has seen its share price plummet in the past 18 months as it looks to iron out production and operational issues at its European manufacturing facility in Belgium. Companies using Crailar Flax include HanesBrands and Target Corp.