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Water Pik Reports Q1 Operating Results
Apr 17, 2003
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Water Pik Technologies, Inc., a manufacturer of personal health care products, pool products, and water-heating systems sold under the Water Pik(R), Jandy(R), and Laars(R) brand names, announced sales for first quarter 2003 of U.S. $55.4 million compared with sales of $57.0 million for 2002. The loss from continuing operations was $1.8 million or $0.15 per share for first quarter 2003 as compared with income of $0.4 million or $0.03 per share for first quarter 2002. The net loss was $1.8 million or $0.15 per share for first quarter 2003 as compared with the net loss of $0.3 million or $0.02 per share for first quarter 2002. "The first quarter proved to be as challenging as we had expected," said Water Pik Technologies' CEO Michael P. Hoopis. "Our sales and earnings were only slightly below plan for the quarter and included a $1.2 million incremental investment in advertising and R&D. We are encouraged by our retail distribution gains and the markets' acceptance of our new products like the Jandy(R) Stealth(TM) pump and the Laars(R) Pennant(TM) commercial boiler. We maintain our previous 2003 Outlook for sales and earnings per share growth in the mid single-digit range. Growth beginning in the second half of 2003 will be driven by new product introductions and retail distribution gains." Business Segment Performance Personal Health Care Sales for the Personal Health Care segment were $27.8 million for first quarter 2003 compared to $28.5 million for the same period in 2002. Sales for the Oral Health products category were $10.9 million, a decrease of $0.6 million compared to the same period last year due primarily to decreased sales of professional products. The Oral Health category also included an increase in sales of consumer products such as the new SynchroSonic(TM) toothbrush. Sales for the Shower products category were $15.4 million, an increase of $0.5 million compared to $14.9 million for the same period in 2002, due primarily to increased sales of New Visions(R) and Cascadia(R) showerheads. Sales for the "other" products category were $1.5 million, a decrease of $0.6 million due primarily to decreased sales of water filtration products. The gross profit from continuing operations for the segment decreased to $11.1 million or 40.1 percent of sales for first quarter 2003 compared to $11.6 million or 40.8 percent of sales for the same period last year. The decrease in gross profit during first quarter 2003 is due primarily to a product mix. Operating income from continuing operations for the segment was $1.4 million for first quarter 2003 compared to $2.5 million for 2002. The decrease in operating income from continuing operations is due primarily to lower gross profit and to an increase in advertising and promotional selling expenses. Pool Products and Heating Systems Sales for the Pool Products and Heating Systems segment were $27.6 million for first quarter 2003 compared to sales of $28.5 million for first quarter 2002. Sales for the Pool products category were $19.5 million compared to $20.3 million for the same period last year due primarily to a decrease in electronic controls and valves. The Pool products category also included an increase in sales of new filters and the new Stealth(TM) pump. Pumps and filters represent the largest segment within the North America pool equipment market. Sales for the Water-heating systems category were $8.1 million for first quarter 2003 compared to $8.2 million for first quarter 2002. The gross profit percentage for the Pool Products and Heating Systems segment decreased to 15.0 percent for first quarter 2003 from 20.4 percent for the same period last year due primarily to a product mix. Operating loss for the segment was $3.8 million for first quarter 2003 compared to operating loss of $1.5 million for the same period last year. The change was primarily due to lower gross profit and to increased research and development expenses. R&D spending for the Pool Products and Heating Systems segment increased to 3.6 percent of sales for first quarter 2003 compared to 1.8 percent of sales for first quarter 2002 due primarily to the efforts to comprehensively revamp the Water-heating systems product lines with the 2003 launch of two new commercial boilers, the Laars(R) Rheos(TM) and the Laars(R) Pennant(TM). These new products compete in the larger and growing middle and high-end commercial water-heating markets. A conference call to discuss the first quarter 2003 operating results will be held today with Mike Hoopis, Water Pik Technologies' president and CEO, and Vic Streufert, vice president, Finance and CFO.

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