Jacuzzi Brands, Inc. announced financial results for the first quarter ended Dec. 31, 2003. Net sales for the first quarter of fiscal 2004 increased 14.3 percent to U.S. $303.8 million from $265.9 million in the same period in 2003.
Bath products sales rose 18.2 percent, to $32.7 million, and plumbing products sales were up 10.9 percent, to $6.6 million. Net sales benefited from favorable fluctuations in currency exchange rates of $9.9 million, the company said. Net sales were up 10.7 percent year-over-year.
Operating income increased 7.7 percent to $19.7 million in the first quarter of fiscal 2004 from $18.3 million in the first quarter of fiscal 2003. Operating income for the first quarter of fiscal 2004 included $2.7 million, or $0.02 per diluted share, of previously announced restructuring charges versus no such charges in the fiscal 2003 first quarter. Excluding the $2.7 million restructuring charge, operating income increased 22.5 percent from prior year. The restructuring charges were due to the company closing its Salem, OH, U.S. plant, relocating and consolidating its headquarters in Walnut Creek, CA, U.S. plant to West Palm Beach, FL, U.S., and opening a new shared services center in Dallas, TX, U.S.
Net income for the first quarter of fiscal 2004 was $3.4 million, or $0.04 per diluted share, compared to $13.5 million, or $0.18 per diluted share, in the same period of fiscal 2003. Results for the first quarter of fiscal 2004 also included a loss from discontinued operations of $0.6 million, or $0.01 per diluted share, versus a loss from discontinued operations of $0.8 million, or $0.01 per diluted share, in the same period in 2003.
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