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Water Pik Technologies Reports 2Q Operating Results
Jul 18, 2003
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Water Pik Technologies, Inc. announced sales for second quarter 2003 of U.S. $76.5 million, an increase of 5.7 percent compared to sales of $72.4 million for the same period of 2002. Income from continuing operations was $3.9 million or $0.31 per diluted share for second quarter 2003 as compared to income of $4.2 million or $0.33 per diluted share for second quarter 2002. Net income was $3.8 million or $0.31 per diluted share for second quarter 2003 as compared to net income of $3.8 million or $0.31 per diluted share for the same period of 2002.

Sales for the first 6 months of 2003 were $131.9 million, an increase of 1.9 percent as compared to sales of $129.4 million for the same period in 2002. Income from continuing operations was $2.1 million or $0.16 per diluted share for the first 6 months of 2003 as compared to $4.6 million or $0.37 per diluted share for the same period of 2002. Net income was $2.0 million or $0.16 per diluted share for the first 6 months of 2003 as compared to net income of $3.6 million or $0.29 per diluted share for the same period in 2002.

"We are encouraged by our sales growth during the quarter despite the challenging economic conditions," said Water Pik Technologies' Chief Executive Officer Michael P. Hoopis. "New products and retail distribution gains continue to drive the sales growth for our personal health care business and we exceeded our year-to-date profit objective while increasing advertising. New products and retail sell-through will be key for growth during the second half of 2003."
"Customer acceptance of new pool products is evidenced by the success of our pool builder conversion program," he continued. "Enhanced product offerings, including the acquisition of Air Energy Heat Pumps, Inc., contributed to the sales growth of our pool business. Additionally, we are encouraged by the customer acceptance of our two new commercial boiler lines."

Sales for the Personal Health Care segment were $29.8 million for second quarter 2003, an increase of 4.9 percent compared to sales of $28.4 million for the same period in 2002. Sales for the Oral Health products category were $12.6 million, an increase of $0.4 million compared to the same period last year due primarily to increased sales of the Waterpik® flosser and to sales of the new SynchroSonic(TM) toothbrush. Sales for the Shower products category were $14.3 million, an increase of 5.9 percent compared to $13.5 million for the same period in 2002, due primarily to increased sales of New Visions® and AquaFall® showerheads. Sales for the Other products category were $2.9 million, an increase of 7.4 percent, due primarily to increased sales of foot spas. The gross profit from continuing operations for the segment was $12.3 million or 41.2 percent of sales for second quarter 2003 compared to $11.0 million or 38.8 percent of sales for the same period last year. The improvement in gross profit and gross profit as a percent of sales was due primarily to increased sales, to lower sales allowances and to cost reduction programs. Operating income for the segment increased $0.6 million to $2.3 million for the second quarter 2003 from operating income of $1.7 million for second quarter 2002. The increase in operating income was due primarily to higher gross profit partially offset by increased advertising expense. (Reuters)

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