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By PBN Staff
WOONSOCKET – Juvenile health, safety and wellness product maker Summer Infant Inc. posted a net loss of $424,000, or 2 cents per diluted share, for the three months ended June 30, compared to a $921,000, or 5 cents per diluted share, gain during the same period in 2011.
During the quarter, the company’s revenue grew 1.2 percent to $61.7 million during the second quarter 2012 compared to $61 million during the second quarter 2011.
According to a release, the lower than expected revenue growth resulted from a drop in shipments to a major customer and delayed purchases by major retail customers in the monitor category.
Purchases were delayed in anticipation of a July release on the company’s new monitor products.
Gross profit for the quarter increased 3 percent to $20.8 million from $20.2 million during the same period in 2011.
The company’s gross margin improved slightly to 33.7 percent from 33.2 percent during the second quarter of 2011.
Selling, general and administrative expenses were $18.6 million during the quarter compared to $16.8 million during the same period in 2011.
The company attributed the increase in SG&A expenses to higher selling costs associated with customer cooperative advertising, consumer ad placement, higher licensing costs, increased salary costs and higher costs related to outside services.
Year-to-date, Summer Infant reported a net income of $898,000, or 5 cents per diluted share, down 57 percent from the reported $2.08 million, or 12 cents per diluted share, during the first six months of 2011.