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Jacuzzi Brands, Inc. announced that it is providing the following guidance for fiscal 2003.
On a consolidated basis, the company expects to generate net sales and adjusted EBITDA (as defined through the reconciliation below) of U.S. $1.2 billion and $130.0 million, respectively. It also expects to make capital expenditures of $28 million for that period.
As previously announced, the company entered into an agreement to be the primary supplier of whirlpool baths to Lowe's in March 2003. Start-up costs related to the agreement are expected to be $3.5 million in fiscal 2003. In fiscal 2003, Jacuzzi expects to spend approximately $3.6 million related to the start-up of its new whirlpool bath plant in Chino, CA, U.S., and $1.0 million related to hiring and training new management employees. The company expects the Lowe's agreement to generate significant sales in fiscal 2004.
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