Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Stanley Works' 1Q Net Fell
Apr 30, 2003
 Printable format
 Email this Article
 Search
Stanley Works said first-quarter net income plunged 61 percent as it incurred the costs of cutting jobs, closing plants and exiting a business. The supplier of tools, hardware and door systems turned in net income of U.S. $19.2 million, or $0.22 a share, compared with $48.9 million, or $0.56 a share, a year earlier.

The results for the latest quarter included $3.1 million in severance costs for about 150 terminated employees and $14 million in impairment and other costs related to its exit from the Mac Direct direct-distribution business.

Stanley announced earlier this month that it is eliminating more than 1,000 jobs, or about 6.7 percent of its 15,000-person work force, as it closes four manufacturing plants and five warehouses. Stanley is exiting Mac Direct as part of a reconfiguration of its Mac Tools subsidiary. Without the restructuring costs, which are part of ordinary operations under generally accepted accounting principles, Stanley said it earned $0.35 a share. That is in line with its April 9 projection for earnings excluding items of $0.33 to $0.36 a share, revised from a previous forecast of $0.44 to $0.46 a share.

Tool sales fell 2.3 percent to $467.1 million on weak demand for industrial and Mac tools, while sales of door systems climbed 44 percent to $199.1 million.

Back to Daily News

 

Daily News

...........................................................

Oct 31, 2014: Whirlpool Completes Acquisition of Majority Stake In Hefei Sanyo

Oct 30, 2014: Whirlpool Corp. reports strong third-quarter

Oct 30, 2014: Statistical Portrait of the European Appliance Industry Released by Appliance Magazine

Oct 30, 2014: New Whirlpool acquisition Indesit reports profit for year so far

Oct 30, 2014: Consumer Confidence Index rebounds in October

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows