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international textile group (ITXN) Snapshot

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03/19/14 - $0.50
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international textile group (ITXN) Details

International Textile Group, Inc. operates as a diversified textile manufacturing company. The company’s Bottom-Weight Woven Fabrics segment offers apparel fabrics, including denim under the Cone Denim brand for jeans wear market; synthetic and worsted fabrics under the Burlington WorldWide and Raeford Uniform brands for use in the production of men’s and women’s apparel, performance active wear, and uniform career apparel, as well as for the military dress uniform business; and cotton fabrics. This segment also produces technical and value added fabrics used in various niche industrial and commercial applications, such as engineered materials used in fire service apparel, ballistics materials, filtration, military fabrics, and outdoor awnings and covers; and automotive airbag fabrics, which are components of airbag modules, as well as exports airbag fabric to Europe. International Textile Group, Inc.’s Commission Finishing segment manufactures and sells fabrics for battle dress uniforms primarily to the United States government and government contractors; and military prints for the United States government, as well as for other governments and commercial interests. This segment also provides textile dyeing, printing, and finishing services for decorative fabrics and specialty prints. The company also provides transportation services. The company markets and sells its products to customer base in the bottom-weight woven fabric, government uniform fabric, decorative fabric, automotive safety, and specialty fabric and services markets primarily in the United States, Mexico, and China. International Textile Group, Inc. was founded in 2004 and is headquartered in Greensboro, North Carolina.

4,800 Employees
Last Reported Date: 03/26/14
Founded in 2004

international textile group (ITXN) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $726.3K
President of Burlington Worldwide Group
Total Annual Compensation: $419.2K
Compensation as of Fiscal Year 2013.

international textile group (ITXN) Key Developments

International Textile Group, Inc. Appoints Kenneth T. Kunberger as Director

On October 1, 2014, the Board of Directors of International Textile Group, Inc. appointed Kenneth T. Kunberger, the company's current President and Chief Executive Officer, as a Director.

International Textile Group, Inc. Announces Earnings Results for the Six Months Ended June 30, 2014

International Textile Group, Inc. announced earnings results for the six months ended June 30, 2014. For the six months, the company reported net sales of $312,047 against $309,506 a year ago. Loss from continuing operations was $15,294 against $8,784 a year ago. Net loss attributable to common stock was $33,336 or $1.90 basic and diluted per share against $29,179 or $1.67 basic and diluted per share a year ago. On pro forma basis, the company reported net sales of $300,680, loss from continuing operations of $9,502, net loss attributable to common stock of $27,544 or $1.58 basic and diluted per share against net sales of $297,186, loss from continuing operations of $5,041, net loss attributable to common stock of $25,436 or $1.46 basic and diluted per share a year ago.

International Textile Group, Inc. Announces Amendment to Note Purchase Agreement

On June 30, 2014, International Textile Group, Inc. and the holders of the company's Tranche B Senior Subordinated Notes issued by the company pursuant to that certain note purchase agreement, originally dated as of June 6, 2007, entered into Amendment No. 8 to the note purchase agreement. Pursuant to the Note Purchase Agreement Amendment, the maturity date of $150.2 million of Tranche B Notes outstanding as of June 30, 2014 has been extended to June 30, 2019. The note purchase agreement amendment does not affect any other provision of the Tranche B Notes, nor does it apply to the Tranche B Notes expected to be cancelled upon final approval by the court of a previously announced stipulation and settlement agreement entered into by the company in February 2014. As of June 30, 2014, the outstanding balance of such Tranche B Notes expected to be cancelled under the stipulation and settlement agreement, together with interest that accrued on such notes since December 31, 2013, was $23.3 million. The company currently expects that the final approval of the Stipulation and Settlement Agreement will be received, and that the related settlement will be effected, in the third quarter of 2014, although no assurances thereof can be provided. The Tranche B Notes are held by certain entities affiliated with the Company's chairman of the board and are classified as senior subordinated notes related party on the company's consolidated balance sheet.


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