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Applica Reports 2003 Second-Quarter and First-Half Financial Results
Jul 31, 2003
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Applica Incorporated announced that second-quarter sales for 2003 were U.S. $136.8 million, a decrease of 18.6 percent from the second quarter of 2002. For the first six months of 2003, net sales declined 17.0 percent to $258.1 million. According to the company, the decreases were largely the result of lower sales to key retailers and planned lower contract manufacturing sales.

The company reported a net loss for the 2003 second quarter of $2.8 million, or $0.12 per diluted share, compared with a loss of $2.1 million, or $0.09 per diluted share, for the 2002 second quarter. The second-quarter 2003 earnings included $1.5 million of equity in the net earnings of a joint venture in which Applica owns a 50-percent interest. For the first half of 2003, Applica reported net income of $16.8 million, or $0.67 per diluted share, as compared to a loss of $84.1 million, or $3.59 per share for the same period last year. The 2003 first-half earnings included $39.0 million of equity in the net earnings of a joint venture. The company said the equity in net earnings resulted primarily from an unrealized gain in the fair value of an investment held by the joint venture.

According to the company, its gross profit margin was 28.7 percent in the second quarter as compared to 31.8 percent in the second quarter of 2002. The company attributed the decrease primarily to higher plastic resin prices and unabsorbed overhead related to lower production levels. The gross margin for the first half of 2003 was 30.0 percent as compared to 30.5 percent in the first half of 2002.

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