FOAMEX INTERNATIONAL INC. REPORTS FIRST QUARTER 2001 RESULTS
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EBDAIT is $33.8 Million

Debt Reduced to $698 Million

LINWOOD, PENNSYLVANIA, May 3, 2001 - Foamex International Inc. (Nasdaq: FMXI), the leading manufacturer of flexible polyurethane and advanced polymer foam products in North America, today announced financial results for its first quarter, which ended March 31, 2001.

President and Chief Executive Officer John Televantos said, "Our successful efforts in several critical areas enabled us to achieve stable operating results for the quarter despite a difficult economic environment. Our gross profit was sustained by an improved business mix, cost reductions, and higher selling prices which partially offset earlier raw material cost increases. Continuing expense reduction programs further enhanced operating income, while lower debt levels reduced interest expense."

Foamex reported net sales for the quarter of $301.9 million, a decrease of 8.3% over the $329.1 million reported in the prior year period.

Gross profit was $42.2 million, or 14.0% of sales, compared with $42.9 million, or 13.0% of sales, in the first quarter of 2000.

SG&A expense was $16.9 million, a decrease of 8.1% from $18.4 million in the prior year quarter.

Excluding restructuring and other charges, operating income for the quarter increased 3.1%, to $25.3 million from $24.5 million in the first quarter of last year. Foamex posted restructuring and other charges of $0.03 million in the first quarter of 2001, consisting of severance expenses partially offset by adjustments to prior year restructuring estimates for lease runout costs. Restructuring and other charges in the first quarter of 2000 were $3.2 million, primarily for costs related to plant closings and consolidations. Including those charges, operating income was $25.3 million in the first quarter of this year and $21.3 million in the prior year quarter.

Interest and debt issuance expense for the quarter was $17.7 million, a 5.0% decrease from $18.6 million in the first quarter of last year, primarily because of reduced debt levels.

The provision for income taxes was $1.3 million, compared with $0.2 million in the same quarter of 2000. The effective tax rate increased over the prior year period primarily because of the tax impact of foreign operations.

Net income for the quarter was $6.3 million or $0.25 per diluted share, compared with $1.8 million or $0.07 per diluted share for the first quarter of 2000.

EBDAIT increased to $33.8 million, compared with $33.5 million in the first quarter of last year.

"This is our ninth consecutive quarter of stable EBDAIT levels in spite of a weak economy," Televantos noted. "We reduced debt by $14 million during the quarter, taking it below the $700 million level. We are maintaining our intense focus on cost reduction, expense control and cash generation to further strengthen our financial structure."

Foamex Chairman Marshall S. Cogan said, "We believe our strategy, combined with innovative new products and our proprietary manufacturing capability, will enable us to maximize our performance in a challenging economy and to achieve differential growth in sales and earnings over the longer term. However, if the economic environment remains soft, we will have a difficult time showing earnings growth for the year."

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. Revenues for 2000 were $1.3 billion.

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company believes the assumptions underlying the forward-looking statements, including those relating to debt reduction, cost reduction, cash generation, interest rates, foreign taxes, new products, and the overall economy are reasonable. However, any of the assumptions could be inaccurate, and therefore there can be no assurance that the forward-looking statements contained in this release will prove to be accurate. Additional information that could cause actual results to vary materially from the results anticipated may be found in the Company's most recent Form 10-K and other reports filed with the Securities and Exchange Commission. Furthermore, the Company disclaims any obligation or intent to update any such factors or forward-looking statements to disclaim future events and developments.

Financial Tables

 Martha A. Buckley