DALTON, Ga., May 2 /PRNewswire/ -- Tandus Group, Inc., which includes Collins & Aikman Floorcoverings, Inc., and subsidiaries, today reports earnings for the quarter and year ended January 26, 2002.

Revenues for the year ended January 26, 2002 were $322.0 million compared to $341.3 million for the prior year. EBITDA for the year ended January 26, 2002 was $60.1 million compared to $63.1 million for the prior year. As a percentage of sales, EBITDA margin for the year ended January 26, 2002 was 18.7% compared to 18.5% for the prior year. The decline in revenues relates to the softness in the economy during the last six months of the year. The EBITDA decline relates to the revenue shortfall offset by lower spending and cost control initiatives.

At January 26, 2002, the company had total debt of $ 190.0 million, of which $4.8 million was current, total cash and equivalents of $6.2 million and revolver borrowing availability of $46.6 million. Despite the lower revenue and EBITDA results for the year, the company retired $22.0 million of term debt including prepayments of $17.1 million and scheduled payments of $4.9 million.

Revenues for the quarter ended January 26, 2002 were $76.7 million compared to $93.9 million for the prior year. EBITDA for the quarter ended January 26, 2002 was $10.4 million compared to $13.2 million for the prior year. As a percentage of sales, EBITDA margin for the quarter ended January 26, 2002 was 13.5% compared to 14.1% for the prior year. The decline in revenues relates to the general softness in the economy and particularly the corporate office end market. The EBITDA decline relates to the revenue shortfall offset by lower spending and cost control initiatives.

Additionally, the company announced it has executed a definitive purchase agreement to acquire an extrusion manufacturing facility in Calhoun, Ga. from The Dixie Group, Inc. The transaction will include a three-year supply agreement with the seller. The purchase of the facility, which is scheduled to close in May 2002, is subject to certain customary conditions.

"We view this acquisition as an incremental strategy for our growth. New technologies such as this enable us to penetrate new markets," said Mac Bridger, president and CEO of Tandus.