Whirlpool pool bath maker Jacuzzi Brands, Inc. announced financial results for the fourth quarter and fiscal year ended Sept. 30, 2003.
Net sales for fiscal 2003 increased 11.6 percent to U.S. $1.19 billion from $1.07 billion last year. Net sales for the fourth quarter of fiscal 2003 rose 14.4 percent to $327.4 million from $286.2 million in the fourth quarter of fiscal 2002.
Jacuzzi said increased net sales for these periods reflect higher sales at each of its operating businesses, with the most notable increases reported by the Bath Products segment. In particular, sales of Jacuzzi® whirlpool baths increased as a result of the availability of this product line at approximately 900 Lowe's retail outlets across the country, beginning in the fourth quarter of fiscal 2003, the company said.
Fiscal 2003 operating income declined to $81.2 million from $94.4 million last year. Operating income for the fourth quarter of fiscal 2003 was $12.7 million versus operating income of $25.5 million in the fourth quarter of fiscal 2002. Fiscal 2003 included cash and non-cash impairment, restructuring, and other charges of $19.9 million, or $0.16 per diluted share, as compared to impairment, restructuring, and other charges of $7.2 million, or $0.06 per diluted share, in 2002. For fourth quarter of fiscal 2003, these charges totaled $11.6 million, or $0.09 per diluted share, as compared to $0.8 million, or $0.01 per diluted share, for the same period last year.
"During fiscal 2003, we created a solid foundation for growth by substantially completing an operating and financial restructuring, increasing sales and market share, and decreasing outstanding net debt," noted David H. Clarke, chairman and CEO of Jacuzzi Brands, Inc. "Many of the costs and charges associated with our restructuring efforts have been incurred in fiscal 2003. We currently expect in fiscal 2004 to incur costs in the range of $0.07 per diluted share associated with our plant closures and other initiatives we announced in fiscal 2003.
"We are reviewing additional possibilities to further improve our Eljer sanitary ware division and depending on the outcome of this review, we may incur additional non-operating charges in fiscal 2004," he continued. "While our fall quarter is our smallest in terms of sales and profits, we appear to be off to a good start in October and November. Excluding the non-operating charges mentioned above, we can confirm that we are comfortable with achieving our previous guidance of $0.50 per share earnings for fiscal 2004."
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