WARREN, N.J. -- Formica Corp. announced its results for the third quarter that ended Sept. 30 and its extension of an existing waiver from its bank syndicate related to certain financial covenants under its $345 million credit facility.

Net sales for the quarter decreased $17.4 million, or 8.5%, to $188.4 million compared to $205.8 million for the same prior year period. This decrease is primarily due to lower volume, which was exacerbated late in the quarter by a drop-off in shipments related to the post-Sept. 11th slowdown and a $6.7 million unfavorable foreign exchange impact on sales.

For the nine months, net sales were $576.9 million, an increase of $3.7 million compared to same period in 2002. This increase was primarily due to the inclusion of PSM sales in 2001, partially offset by lower laminate volume and a $26.6 million unfavorable foreign exchange impact on sales.

On Nov. 9, Formica received a waiver extension, which expires on Feb. 9, 2002. This extension was requested due to further global economic uncertainty caused by the events of Sept. 11.

The company will hold a conference call on Nov. 26 at 11 a.m. EST.