Collins & Aikman Announces Fourth Quarter Update

    TROY, Mich.--Feb. 7, 2001--Collins & Aikman Corporation today reported a postponement of its February 8th earnings announcement pending completion of its year-end financial statements. The Company, reflecting in part, its current outlook for even tougher industry conditions, anticipates incurring additional one-time costs and write-offs primarily related to various commercial issues, as well as certain year-end inventory adjustments in both Europe and Mexico. Collectively, these items are expected to reduce fourth quarter operating income below the Company's prior guidance.
    Collins & Aikman, with annual sales approaching $2 billion, is the global leader in automotive floor and acoustic systems and is a leading supplier of automotive fabric, interior trim and convertible top systems. The Company's operations span the globe through 63 facilities, 13 countries and over 15,000 employees who are committed to achieving total excellence. Collins & Aikman's high-quality products combine industry-leading design and styling capabilities, superior manufacturing capabilities and the industry's most effective NVH "quiet" technologies. Information about Collins & Aikman is available on the Internet at www.collinsaikman.com.

    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Collins & Aikman operates, fluctuations in the production of vehicles for which the Company is a supplier, changes in the popularity of particular car models or particular interior trim packages, the loss of programs on particular car models, labor disputes involving the Company or its significant customers, changes in consumer preferences, dependence on significant automotive customers, the level of competition in the automotive supply industry, pricing pressure from automotive customers, the substantial leverage of the Company and its subsidiaries, limitations imposed by the Company's debt facilities, charges made in connection with the integration of operations acquired by the Company, the implementation of the reorganization plan, risks associated with conducting business in foreign countries and other risks detailed from time-to-time in the Company's Securities and Exchange Commission filings including without limitation, in Items 1 and 7 of the Company's Annual Report on Form 10-K for the year-ended December 25, 1999, and Item 1 in the Company's Quarterly Reports on Form 10-Q for the periods ended April 1, 2000, July 1, 2000, and September 30, 2000.