Salton, Inc. announced today fiscal results for its first quarter ended Sept. 30, 2006. The company reported net sales of U.S. $138.3 million in the first quarter of fiscal 2007 and a loss of $10.0 million, or $0.70 per share, versus net sales of $148.4 million in the first quarter of fiscal 2006 and net income of $29.7 million, or $1.83 per diluted share. The net income reported in fiscal 2006 included a pretax gain of $21.7 million resulting from the early settlement of debt associated with the company's private debt exchange offer and a $27.8 million gain associated with the sale of its 52.6 percent ownership interest in the South African subsidiary, AMAP.
Foreign sales increased by $6.5 million, of which $2.5 million was a result of favorable foreign exchange rate fluctuations.
Gross profit for the first quarter of fiscal 2007 increased from $29.5 million (19.9 percent) in 2006 to $34.4 million (24.9 percent) in 2007. Additional improvements of $0.9 million resulted from a domestic decline in distribution expenses primarily as a result of the company's U.S. cost reduction programs.
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