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Applica Reports Q4, Year-End Results
Mar 9, 2006
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Applica Incorporated said fourth-quarter 2005 sales were U.S. $187.6 million, compared to sales of $243.6 million in the same period in 2004. Sales decreased primarily as the result of the elimination of certain products, lower sales of promotional items during the holiday season, lower sales of the Home Cafe(TM) single cup coffee makers. and inventory management by significant customers. Applica reported a 2005 fourth quarter profit of $0.4 million, or $0.02 per diluted share, compared to earnings of $5.3 million, or $0.22 per diluted share, for the 2004 fourth quarter.

Applica's gross profit margin was 26.1 percent for the 3-month period ended Dec. 31, 2005, compared to 26.7 percent for the same period in 2004. Gross margins in the fourth quarter of 2005 were impacted by $6.0 million of losses in the Mexico manufacturing operations related to Applica's transition from manufacturing to sourcing from third parties in China. Applica ceased operations in Mexico facility in Oct. 2005. Gross margins in the fourth quarter of 2004 were negatively impacted by restructuring charges of $8.3 million related to Mexico manufacturing.

For the year ended Dec. 31, 2005, sales were $556.1 million, compared to sales of $709.8 million in 2004. The gross profit margin for the year ended Dec. 31, 2005 was 22.3 percent as compared to 27.3 percent for 2004. Gross margins for the year ended Dec. 31, 2005 were negatively impacted by losses in the Mexico manufacturing operations, inventory write-downs and higher product warranty returns and related expenses.

For the year ended Dec. 31, 2005, Applica reported a net loss of $49.3 million, or $2.04 per diluted share, compared to a net loss of $133.0 million, or $5.55 per diluted share, for 2004.

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