Business Excellence Awards
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By Kimberley Donoghue
PBN Web Editor
WOONSOCKET - Summer Infant Inc., maker of infant and toddler products, said its profit was unchanged in the third quarter, at $2.079 million.
Earnings per diluted share for the period totaled 11 cents, down from 13 cents in the 2010 third quarter.
Nevertheless, revenue increased 27.2 percent to $63.34 million, fueled by “an expanded product offering at existing customers and penetration into a larger number of stores within existing customers’ networks.”
BornFree, a BPA-free baby feeding brand acquired in March, contributed $3.4 million in sales in the third quarter.
“Our more established categories like video monitors, bath and gates continue to build on their leadership positions through innovative new product introductions and increased retail penetration,” said Jason Macari, chairman and CEO of Summer Infant.
He also noted that “while commodity prices have recently stabilized, the retail environment remains very promotional, which did impact our earnings power during the third quarter.”
The Prodigy travel system – including the first infant car seat – debuted during the third quarter and received the Juvenile Products Manufacturers Association Innovation Award, a news release said.
The three months ended Sept. 30, 2011, also included a $300,000 charge related to Hurricane Irene, and a $500,000 charge related to warehouse closure.