PROVIDENCE — Nortek, a manufacturer and distributor of building, remodeling and indoor environmental control products, posted a $2.4 million — or 22 cents per diluted share — loss for the first quarter of 2001, compared to earnings of $4 million — or 35 cents per diluted share — during the first quarter of 2000.
In a statement accompanying the earnings release, Richard L. Bready, Nortek’s chairman and CEO, said Nortek’s operating results typically are lower during the first quarter, due to the seasonal nature of its business. He added that the general economic slowdown, continued decline in the manufactured housing industry, and unseasonably cold and wet weather contributed to the quarter’s poor results.
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Bready also stated that Nortek plans to implement “a number of cost-reduction programs, which, we believe, will eventually save approximately $20 million on an annual basis.” Details on the nature of those cost-cutting measures were unavailable.
Shares of Nortek closed at $28.10 yesterday, and were trading down slightly mid-morning today at $27.99.
