Salton, Inc., known for its Salton(R), George Foreman(R), Westinghouse(TM), Toastmaster(R), Melitta(R), and Farberware(R) brands, reported net sales of U.S. $377.0 million for the quarter versus $397.1 million for the same period in fiscal 2004.
Salton said the decrease in net sales was due primarily to a $49 million decline in U.S. sales, which was attributed to product shortages.
The company also reported net income of $2.8 million, or $0.18 per diluted share, versus net income of $12.3 million, or $0.81 per diluted share, for the second quarter of fiscal 2004.
For the 6-month period ended Jan. 1, 2005, Salton reported net sales of $651.1 million versus $635.6 million for the same period in fiscal 2004. Salton reported a net loss of $0.4 million, or $0.04 per diluted share, versus net income of $13.1 million, or $0.86 per diluted share for the first 6 months of fiscal 2004.
Salton said the quarter reflected its earlier restructuring efforts and the company experienced strong growth in new markets such as Brazil and Mexico.
"We have increased prices on many of our products, reflecting our desire to pass on higher raw material and energy costs," said Leonhard Dreimann, CEO of Salton, Inc. "Our international business continues to grow. We continue to see strong results in South Africa, Europe, Australia, and Brazil. We will continue to selectively invest internationally, to capitalize on opportunities available in many of these growth markets."
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