Summer Infant names Stebenne president, releases 4Q, ’14 results

WOONSOCKET – Summer Infant Inc. has named board member Robert Stebenne president and chief operating officer.
Stebenne has more than 30 years of juvenile product development and marketing experience, including 20 years at Hasbro Inc.
“His steady leadership, wealth of experience and passion for juvenile marketing come at an important time for Summer Infant, and we are excited to welcome him to the management team. As a longtime member of our board of directors, Bob has a deep understanding of Summer Infant and the strategies we are now pursuing, which will be invaluable as we look to drive new revenue opportunities, expand into additional markets and improve bottom-line results,” Dan Almagor, board chairman, said in a statement.
Stebenne, who became a member of the company’s board of directors in 2007, said he is excited to join the management team. Stebenne also owns and manages Bob Stebenne Associates, a consulting firm specializing in brand and product development and strategic planning.
Summer Infant, a seller of juvenile products for the new born to 3 year old age group, also released financial results for the fourth quarter and year that ended Jan. 3, showing that it narrowed its loss for both periods.
A $611,000 loss, or 3 cents per diluted share, was reported for the fourth quarter, compared with a net loss of $1.7 million, or 9 cents per diluted share, during the prior-year period.
A net loss of $245,000, or 1 cent per diluted share, was reported for the year, a 91 percent improvement over the $2.8 million loss, or 16 cents per diluted share, reported during the year-ago period. The company said the loss narrowed due to higher gross profit, lower expenses and lower interest expenses year over year.

While fourth quarter sales increased 14 percent to $51 million, fiscal year sales dropped 13.5 percent to $205.4 million.
Excluding the impact of the company’s exit from the Disney and Carter’s licensing arrangements, Summer Infant CEO Carol Bramson said sales climbed 5.3 percent year over year.

“Summer Infant ended 2014 as a leaner, more nimble and focused organization better equipped to build its brands and achieve superior financial results,” Bramson said in a statement.

“We also saw substantially higher revenue in Latin America and across our e-commerce channels – both areas being targeted to accelerate our top-line going forward. We are pleased with our accomplishments in 2014 but know we have more work ahead of us to take Summer Infant to a higher level of operating performance,” Bramson said.

- Advertisement -

Bramson said new safety, feeding and nursery products will be introduced this year.

“Overall, we believe Summer Infant is in much better shape than a year ago and are committed to building our brands, supporting our core product categories, and investing in consumer-driven innovation to drive expansion. We will also target new channels, international growth and increased e-commerce – all with the aim of ensuring higher returns for our shareholders going forward,” Bramson said.

No posts to display