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Small appliance maker Applica Incorporated announced that it anticipates sales for the quarter ending Sept. 30, 2003 to fall short of management's earlier estimates. Management now expects sales to be approximately U.S. $175 million for the third quarter.
Applica also reported that it had received a cash distribution of $51.4 million related to the sale by its joint venture company, Anasazi Partners, of its equity interest in ZonePerfect Nutrition Company. Applica will use a portion of the proceeds to repurchase an additional $25 million of its 10 percent notes in October 2003. The small appliance maker repurchased $30 million of such notes in July 2003.
Applica also announced that it is considering the payment of bonuses to two members of senior management involved in the transaction, which could partially offset the gain from the joint venture in the third quarter.
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