FOAMEX INTERNATIONAL INC.REPORTS FIRST QUARTER 2000 RESULTS _________________________________________________ EBDAIT On Par with Prior Year Higher Raw Material Costs Offset Cost Savings Initiatives LINWOOD, PENNSYLVANIA, May 9, 2000 - Foamex International Inc. (Nasdaq: FMXI), the leading manufacturer of flexible polyurethane and advanced polymer foam products, today announced results for its first quarter, which ended March 31, 2000. Net sales for the quarter were $325.9 million, an increase of nearly 1% over the $322.9 million reported in the prior year period. Gross profit was $43.3 million, or 13.3% of sales, compared with $43.6 million, or 13.5% of sales, in the first quarter of 1999. The company's raw materials are primarily petroleum derivatives, and the gross profit decline reflects the impact of increases in petroleum prices over the past few months. First quarter 2000 SG&A expenses of $18.8 million were essentially flat with the prior year quarter. The company reported a restructuring charge of $3.2 million in the quarter, primarily for severance and other costs related to plant closures and consolidations. This compares with a $3.5 million restructuring charge recorded in the first quarter of 1999. Operating income was $21.3 million, equal to the amount reported in the prior-year quarter. Interest and debt issuance expense for the quarter was $18.6 million, a 5.3% increase over $17.7 million in the first quarter of last year. The company's reduced debt levels were offset by higher interest rates and debt amortization costs. Other expense in the quarter was $0.6 million, principally related to terminated merger activities. This compares with other income of $3.4 million in the prior-year quarter, primarily from the gain on the sale of the company's airplane. The provision for income taxes was $0.2 million, compared with $1.0 million in the same quarter of 1999. The effective tax rate remains relatively low as a result of the partial reversal of the deferred income tax asset valuation allowance originally established in 1998. Net income for the quarter was $1.8 million or $0.07 per diluted share, compared with $6.0 million or $0.24 per diluted share for the first quarter of 1999. Earnings before depreciation, amortization, interest and taxes (EBDAIT) was $33.5 million, compared with $33.4 million in the first quarter of last year. Commenting on the company's results, President and Chief Executive Officer John G. Johnson, Jr. said, "Raw material cost increases offset our cost savings initiatives, limiting our first quarter 2000 performance. However, we were still able to achieve EBDAIT on a par with the first quarter of 1999. We maintained our focus on cost control and cash generation," he continued, "and we remain current with our debt service and in compliance with all of our financial covenants. "We are entering the traditionally stronger second and third quarters of our business cycle," Johnson noted, "and we expect to pass through higher raw material costs to our customers through the implementation of price increases in the current quarter. As we continue to turn in improving performance, quarter after quarter, we will build the confidence and trust of the investment community and our shareholders," he concluded. The company also announced a reorganization of its Foam Products Group, which had been comprised of three regions. "In order to maximize synergies and speed up implementation of new initiatives, we are consolidating into two regions," said John Televantos, Chief Operating Officer and President, Foam Business Group. "The former Northeastern and Southeastern Regions of Foam Products have been combined as the Eastern Region, under the direction of Pete Wallace, EVP of the former Southeastern Region," Televantos said. "The Western Region will remain unchanged under the leadership of Darrell Nance." Foamex, headquartered in Linwood, Pennsylvania, is the world's leading producer of comfort cushioning for bedding, furniture, carpet cushion and automotive markets. The company also manufactures high-performance polymers for diverse applications in the industrial, aerospace, electronics and computer industries as well as filtration and acoustical applications for the home.  This press release contains forward-looking information, and actual results may materially vary from those expressed or implied herein. Factors that could affect these results include those mentioned in the Company's 10-K and 10-Qs filed with the Securities and Exchange Commission. Financial Tables