Royal Appliance Mfg. Co., maker of Dirt Devil(R) floor care products and the Telezapper(R), had net income of U.S. $9.6 million, or $0.69 per share for the year ended Dec. 31, 2002, compared to $9.3 million or $0.65 per share for the year ended Dec. 31, 2001. Net sales for the year ended Dec. 31, 2002 were $389.7 million, down 7.5 percent from last year's $421.3 million.
Net income increased for the fourth quarter ended December 31, 2002, to $7.7 million, or $0.56 per share, from $3.8 million, or $0.27 per share for the comparable 2001 period. Net sales for the fourth quarter ended December 31, 2002 decreased 7.6 percent to $117.5 million from $127.2 million for the comparable 2001 period.
The Company recorded earnings of $0.31 per share in the fourth quarter of 2002 from the settlement of litigation and revenues from various licensing agreements of the Company's intellectual property, including the TeleZapper(R) and the Company's bagless upright vacuum technology.
As previously announced, Royal has entered into a definitive agreement for its acquisition by TechTronic Industries. The
agreement provides for Royal Appliance shareholders to receive $7.37 per share in cash, or a total purchase price of approximately $105 million.
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