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Hamilton Beach Reports 4Q Loss Mar 16, 2009 |
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Hamilton-Beach reported a 48% loss for 4Q 2008. Revenues for the quarter were U.S.$ $6.6 million. It also reported a 7% decline in revenues to $186.5 million, rising product and freight costs, lower unit volumes, and reduced sales of higher-margin products. Unit sales suffered from "a significant drop" in consumer spending throughout the world, according to NACCO, the parent company of Hamilton-Beach.
For the full year, Hamilton Beach’s net income was $7.4 million (a $73.3 million net loss with the above-mentioned charge), down 62% from fiscal 2007. Revenues totaled $528.7 million, 2.2% less than the prior year. The outlook for 2009 includes an expected drop-off in revenues for the brand, with consumer spending expected to decline due to the global economic troubles, NACCO said.