Sealy Expects Lower 2nd-quarter Sales

TRINITY, N.C. (AP) — Bedding maker Sealy Corp. said Thursday said it expects revenue to fall in the second quarter, but shares rose after the market closed as the company said its refinancing is nearly complete.

The company predicts sales between $294 million to $301 million, from sales of $375.4 million in the second quarter a year ago.

Analysts polled by Thomson Financial, on average, predict revenue of $296.8 million.

It also expects lower gross profit, of between $119 million to $123 million from $148.4 million last year.

Sealy added that it expects its refinancing to be complete in July. Without the refinancing, announced in May, Sealy would have been facing impending debt payments.

Shares rose 41 cents, or 23 percent, to $2.21 in aftermarket electronic trading after the stock fell 16 cents to close at $1.80 in the regular session.