Because of the restructuring effort, the Boca Raton company expects to accrue about $2.4 million in costs this year attributed to the elimination of duplicate manufacturing facilities, fixed overhead and labor expenses. Terminated leasing contracts would account for about $1.1 million of the estimated total restructuring charge.
The building products manufacturer and recycling company reported a net loss of $12.5 million, or 39 cents a share on total revenue of $174 million for 2000, compared with a net gain of $3.1 million, or nine cents a share on total revenue of $139 million in 1999.
As part of the restructuring effort, the company disclosed it retained Bank of America Securities last November to explore and evaluate strategic alternatives. That could include the possible sale of the company's environment services division, Clean Earth Inc.
Although no deals are in the works, company officials acknowledged they are in discussions with possible suitors. Any proceeds from such a sale would be used to pay down the company's senior credit facility and other debt.
U.S. Plastic Lumber reported total debt of $78.2 million for the year ended Dec. 31, up from $52.7 million for the same period the prior year, according to the financial report.
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