Small appliance maker Applica Incorporated announced that third-quarter sales for 2004 were U.S. $187.8 million, an increase of 8.2 percent from the same period in 2003. For the first 9 months of 2004, sales were $479.2 million, an increase of 11 percent over the first 9 months of 2003.
According to the company, the increases in sales in the third quarter and 9-month period resulted primarily from sales of new products and increased sales of core Black & Decker(R) branded products, offset by a decline in contract manufacturing sales.
Applica reported a net loss for the 2004 third quarter of $9.9 million, or $0.41 per share, compared with earnings of $4.9 million, or $0.20 per diluted share, for the 2003 third quarter. The loss included expenses of $9.2 million related to termination benefits and $0.8 million on the sale of Applica's Chinese manufacturing operations.
For the first 9 months of 2004, Applica reported a net loss of $138.2 million, or $5.78 per share, as compared to net income of $21.7 million, or $0.91 per diluted share, for the same period last year. As previously announced, Applica incurred a non-cash tax expense in the second quarter of 2004 of approximately $24.0 million related to the U.S. taxes on previously undistributed foreign earnings.
"We have gone through significant changes over the last few months, including the sale of our Chinese manufacturing operations, the renewal of the Black & Decker license, the move of our executive offices and other matters, Harry D. Schulman, president and CEO said. "Additionally, this past week, we sold our Jerdon division. We believe that these are profound changes that will have a lasting positive effect on the company, and we intend to continue to transform Applica to create long-term shareholder value."
Back to Breaking News