Salton Inc., maker of the George Foreman grill and other products, said its quarterly profit fell sharply as advertising and promotional expenses as well as legal fees rose. The company in September said it agreed to pay U.S. $8.2 million to settle a national lawsuit alleging anti-competitive pricing on George Foreman grills.
The company posted a first-quarter profit of $3.9 million, or $0.26 a share, compared with $7.4 million, or $0.49 a share, a year ago. Sales rose to $200.1 million from $198.4 million. Selling, general, and administrative expenses rose to $49.2 million in the fiscal quarter ended Sept. 28 from $44.6 million a year ago.
Salton also forecast a profit of $1.40 to $1.80 in the second quarter on sales of $300 million to $330 million, though it said it was too early to tell the impact of the West Coast dock shutdown in October.
to Daily News